Whether you're looking to pawn a few items for an unexpected expense, sell some older things you don't need, or buy something special, it's important to come to Cash Express Pawn Shop prepared to do business. We not only want your business, but we also want you to be happy with the experience you had. So, here's what you should know about negotiating at a pawn shop (here or anywhere else).
Is It Okay to Haggle at a Pawn Shop?
The short answer is yes. The long answer: it's part of the pawn shop culture. Pawn shops want you to come in prepared to haggle because it tells them something very important: the items you're pawning or selling have value. Remember, a pawn shop is a business. That means if you're bringing in items to pawn or sell, they must look at their potential to recoup their investment (in reselling the item if you are selling it directly to them or if you default on your pawn loan).
What to Know Before You Come into the Pawn Shop
Before you come into the pawn shop, it's important that you're prepared. When you decide to come in to sell or pawn your items,
- Decide ahead of time if you're pawning or selling your items. Sometimes you can get more for selling items because you save the pawn shop on paperwork (for the loan) and time (in having to hold items or follow up with you).
- Know the regulations that affect pawn shops. Knowing these laws will help you get a good deal and know that you're dealing with a reputable shop. You can also check with your state and the Better Business Bureau to ensure that your pawn shop is up to date and doesn't have complaints against it.
- Research the value of items you're selling. Know what your items are worth before you come in to negotiate prices effectively.
- Know what the pawn shop is likely to buy. Pawn shops will vary what they sell by location because local demand differs from place to place. However, most pawn shops usually prefer,
- Precious metals, such as coins and jewelry
- Musical instruments and gear
- Small appliances
- Sports equipment
- Contact your local pawn shops ahead of time to find out what they specialize in and ensure that you know what they'll need when you come in.
- Visit the pawn shops you're considering selling to. Ensure that the prices are fair and that staff are attentive and listen to and answer questions.
- Prepare your items and yourself to come in.
- Clean, polish, and, if needed, repair any items before you come in.
- Make sure that you bring in your valid, state-issued identification.
- If you have documentation that proves ownership of items, brings that in with you.
Negotiating with a Pawn Shop
Once you're ready to enter the pawn shop, you must know how to negotiate effectively. You've prepared yourself and your items. Now it's time to get a good deal.
- Remember that pawn shops expect you to haggle.
- Introduce yourself and make a good impression. Don't be aggressive or standoffish. A friendly demeanor goes a long way in negotiations.
- Consider visiting more than one shop. Remember, pawn shops often specialize in certain items. If you want the best price for items, that may mean going into more than one shop and dividing your items and shops by specialty.
- Don't expect full value. How much of the value a pawn shop is willing to pay will vary by the shop and type of item. 40% is a reasonable expectation. If you want 50% of the value, give them a reason to pay it (excellent condition, fast sellers, etc.).
- Don't volunteer information. The pawn shop will ask you questions about the items to establish that they're yours and determine their true condition. It's important that you establish your ownership of the items (otherwise, they can't buy from you). However, don't offer information that will give them an advantage in negotiations, like where you bought the item or how much you paid for it.
- Let the pawn shop make the first offer. Never name your price first. Let them make the offer, then counter with something higher. Remember, don't counter with the true value. Instead, counter with something higher than what you’re willing to sell the item.
- You get more from a win-win. Remember, a pawn shop is a business, so they need to be able to make money from items you sell to them. If you want more than half the value for an item, make sure that it's something that is in high demand and that it's in ready-to-sell condition.
- Be ready to walk away. If a pawn shop isn't willing to give you what you want for your items (setting honest expectations for what you can get when selling), then be ready to walk away. A pawn shop may have any number of reasons for not being willing to buy an item at a certain price. Maybe they're overstocked or know the item doesn't sell well in the area. You can always try another shop.
Do You Need Fast Cash in Philadelphia?
Cash Express is here to meet your fast cash needs. Contact us today or stop by with the items you want to pawn or sell.