If you are considering taking something you own of value to a pawn shop, whether you plan to get a pawn loan or sell it, you are probably wondering how the pawnbroker is going determine the value of your collateral.
Most pawnbrokers have knowledge in a wide range of valuable objects including electronics, jewelry, antiques, and musical instruments. They deal regularly in these types of items and have a pretty fair idea of how much those items are worth, what they will be able to resell them for, and whether or not those items are popular on the market. Many pawn shops also have experts on staff for specific items such as gold, jewelry and high-end watches. Braswell & Son specializes in vintage luxury handbags, estate jewelry and luxury accessory items, and we have some of the most knowledgeable staff around.
There is no single formula a pawnbroker uses, but instead she relies on her expertise and experience to quote you a price. Pawnbrokers also rely extensively on the internet to help determine pricing. The internet can help determine the market value for certain items they may not be sure of and can also add valuable insight to items that may fluctuate with some consistency on the market. In order to help you with your pawn shop bargaining you should always check the internet first to make sure you are equipped with all the information you need to bargain your pawn loan.
It’s important that, as a pawn shop customer, you realize you will probably not get the market price for your item whether you are pawning or selling. Your pawnbroker must be able to resell your collateral for profit. Remember your pawnbroker has very specific knowledge that includes more than the internet. She knows what is actually selling and what prices she has been able to get in the past. That doesn’t mean, however, that you aren’t free to bargain. There’s always wiggle room when it comes to pawn shop negotiations.