When you visit a pawn shop Brick to sell an item outright or use it for collateral for a loan, you know that you are not going to get the full market value. The reason is that a pawn shop is a business, and they have to make money on the items in order to stay in business. Visiting a pawn shop is a great way to get some quick cash but you need to remember if you use the item as collateral when you repay the loan you will also have to pay interest on the loan. The interest can be very high. And if you do not repay it, then the pawn shop can sell what you borrowed on to recoup the amount of the loan.
There are several ways in which a pawn shop Freehold can determine how much an item is worth and what they will give or loan you for the item.
- Check against their existing inventory—when you bring in an item, whether it is jewelry, television, computer, etc., they will check their existing inventory to see if they have that item or something like it and how many they have. If it is not an item that they are selling, the value they offer you might be that much. If they have sold several of that item, they can see what they have sold it for to get an idea of what to offer.
- Workmanship, materials, and condition—with jewelry, they look at all three because they all have different market values. You would get more for gold jewelry than you would for platinum or silver. If it is an older television it would not be worth as much as a smart television or a flat-screen. With jewelry, if the finish is worn it would not make it as valuable. If it is a musical instrument and it is missing strings or has scratches, it takes away from the value.
- Check the database—these contain information about different items and what their estimated value is. When the pawn shop Brick uses these databases it helps them estimate the value, especially with jewelry,
- The demand—this helps the pawn shop know how much money can be made from the item if they resell it. For example, if someone brought in a watch worth $400 and there are plenty of the same watch in places nearby, they might only make $40 profit so they would not offer as much.
If it is something collectible, bring it into the pawn shop Freehold in its original box or packaging along with any documentation to prove it is authentic and is a collectible.
One thing that helps with getting the most out of your items is to not be afraid to negotiate but don’t ask for a high price or more than what it might be worth. You will not be able to get the full value but if you negotiate, you might get more. Also, make sure all the parts are there and it is cleaned up.