Pawnshops have many things to offer.
- Quick cash
- Affordable – lower prices
- Buying and selling services
- Hard to find items
Pawnshops have been around for many years, and they are found in most communities. Visiting your local pawn shop is a great way to save money and get the quality items you want to purchase at a reasonable price.
How do you find a deal at a pawn shop?
If you have never visited a pawn shop in your area, you may not know how to get the best deal. There is some prep work you can do ahead of time to get you on the right track for a good deal. Knowledge is a tool that can’t be replaced. Therefore, taking some time to gather a few facts that will give you a foundation for negotiation.
First, Find a Pawn Shop
There are about 9259 pawnshops across the United States in 2022. Most communities will have a pawn shop or several, so they aren’t hard to find. But finding one is only half the answer. You want to ensure the pawn shop you plan to do business with is trustworthy.
You don’t want to give away your items away. You want to ensure the journey is worth your time and effort. One way to make a decision is to read how other people experienced the pawn shop. You can do this through Google Reviews and other social media reviews. Do former customers write about having a positive experience at the pawn shop? How did the pawn shop handle any voiced concerns? How many reviews do they have? Do they have an online presence?
Pawn shops must follow state and federal regulations. Look at the certifications in the pawn shop. Are they a member of a pawnbroker association, like the National Pawnbrokers Association? These associations have high standards, hold pawn shops accountable, and provide education for pawnbrokers.
Look at the Better Business Bureau to see if the shop is in good standing. These details will help you decide which shops to visit.
Second, Do Some Homework and Research the Items You Want to Buy, Sell, or Pawn
Pawn shops use current market value to help them price their items or determine an item’s value. You can look up the fair market value of the item you want to buy, sell, or pawn, to find a rough estimate of the value, so you know what it is before you visit the pawn shop you have chosen to visit.
Knowing the value will help you have a base price to begin negotiating with the pawn shop. Look at the pawn shops online store if they have one, and see what they are selling similar products for. Pawn shops who have online and a retail store want to sell their items, so the price they list is set to move their inventory quickly.
Third, barter with the shop. Pawn shops are open to customers negotiating with them. Look at and examine the product you want to buy before you name a price. Look for any imperfections and use these to build your case for a lower price.
Since you did your research before you visited the pawn shop, you know what the items are worth, so that you can make a reasonable offer. If you bring in cash, it shows you are serious and have a certain amount you are willing to spend. Know when to “fold ’em” and walk away.
Visiting a Pawn Shop is like going on a Treasure Hunt
Many communities have pawn shops, and offer pre-owned and slightly used merchandise at affordable prices. Valuable items that would cost a fortune if they were new can be purchased for less without compromising quality.
There are certain items found in pawn shops.
Electronics
A newer, more modern version quickly replaces brand name electronics. This means pawnshops have inventories of gently used electronics waiting for purchase. Technology changes quickly, and new electronics can be expensive. Shopping a previous model in good working order may be the perfect solution, and pawnshops will have a selection.
They have gaming consoles, high definition televisions, mobile phones, computers, laptops, stereos, speakers and more.
Make sure you turn on and inspect the product. Talk to the pawnbroker about their return policy.
Tools
Why pay the price of a new tool when you can purchase a slightly used tool at a pawn shop? Pawn shops are a better alternative. They carry name brand tools like DeWalt, Milwaukee, and Ryobi. They may also have air tools, paint tools and other quality pawned items that were sold outright or defaulted.
Gold, Silver, and Precious Metals
Pawn shops have pawnbrokers who are precious metal experts. They buy, sell, and pawn gold, gold coins, gold bullion, silver coins, silver bullion, and other precious metals. If you are a coin collector or know someone who is, visiting a pawn shop may be the perfect place to find an unusual coin.
If you are an investor and use precious metals as a hedge against inflation, your local pawn shops may have gold bullion that you can add to your portfolio.
Pawn shops will buy scrap gold and silver and pieces that hold no sentimental value. This means you may work with a pawnbroker in the store to get a deal on the precious metals you need to add to your investment savings.
Fine Jewlery and Watches
One thing pawnshops have is fine jewelry. They have inventories that give you the option to find the unusual piece you have been searching for at an affordable price. Take advantage of their pricing and look at what they have in the way of diamonds, gold, silver, opals, sapphires, and more.
Small Applicances
Some pawn shops take in small appliances like Air Fryers, Blenders, and Mixers as collateral for a pawn loan, or they may buy them outright. This means you can find small appliances at a pawnshop without paying higher prices.
Collectibles and Antiques
Pawnshops buy outright and take in collectibles and antiques. Sometimes the shops have a unique piece that you would never expect to find locally. Looking at all the items in a pawn shop is like going on a treasure hunt. It is fun, affordable, and you might just be pleasantly surprised.
Musical Instruments
Pawnshops carry musical instruments, and these instruments are a great way to explore music or upgrade an instrument damaged, out of date, or just because. Musical instruments and sound equipment taken care of and pre-owned are great for the start-up musician. Some prior owners purchased the musical instrument to find it sat in a corner and collected dust. Pawn shops have a vast selection of instruments for the playing.
Luxury Handbags
Different pawn shops will carry different luxury items. Many pawn shops carry designer handbags like Louis Vuitton, Gucci, and others. The gently used merchandise can be purchased at a fraction of the price of a new bag. Pawn shops authenticate and value their luxury items before they go onto the retail floor for sale.
If Cash is Scarce and The Christmas List is Growing – Visit a Pawn Shop
Pawn shops work for the customers in the community they are located. Yes, pawnshops need to make a profit, but they also have a reputation and community to support. They are an alternative financial solution for many people.
Pawn shops work with customers and offer pawn shop loans in various amounts, depending on the value of the collateral being used.
Pawning an item or selling items outright is quick and easy. The pawnbroker will appraise the item based on fair market value. They will test or authenticate it to make sure it is genuine. The broker will then make an offer for cash.
Pawn loans don’t require a credit check or other information, like a bank account number or employment information. The pawnbroker will disclose the interest rates and fees, and you can decide if you want the fast cash offer.
All that is required is a government issued ID and valuable items that will cover the cost of the short-term loan and interest charges. The pawnshop holds the items until the loan is paid in full. Once accomplished, the items are returned.
Goldmine Pawn Shop
Goldmine Pawn is located in Hollywood, FL and is a full service pawnshop. They have gently used merchandise, offer short-term loans, and buy valuable items outright. Working in their community for several years, they are trustworthy and hold a 5.0 Google review out of 316 reviews.
They buy, sell, and pawn things that make noise, gold, silver, jewelry, scrap gold, precious metals, luxury items, designer watches, tools, and more. Stop in and see them for your Christmas shopping.
