When you need quick cash, pawning items you no longer use can be a great way to pad your pockets. But if you’re navigating the pawning process for the first time, it can feel intimidating. Fortunately, other people have been exactly where you are today — and they’ve made all the mistakes, so you don’t have to! Here are the top mistakes people make when pawning and how you can avoid them.
Being Overly Sentimental
As human beings, it’s in our nature to grow attached to the items we’ve worked hard for and kept close by. Depending on the item and its history, this sentimentality will either increase or diminish with time. If you try to pawn an item you are overly emotional about, you will find that no offer a pawnshop can give you will be satisfactory. You will almost always overprice the item in your mind. If you doubt your ability to part with the item in question, do not pawn it. Instead, choose an item that has less sentimental value.
Failing to Understand the Market Price for Precious Metals
Many people do not understand how the price of gold, platinum, and silver is determined and often feel that pawnbrokers are cheating them out of money. In reality, reputable pawn shops like The Jewelers & Loan Co. carefully evaluate the value of gold and silver pieces based on the current market prices.
They will take the metal’s karat and physical weight and compare it to the day’s market price to determine the value of your item. Market prices fluctuate often, so you’ll want to keep an eye on them before trying to sell your silver flatware, for example. Remember, when the price for precious metals is high, you’ll get more for your item.
Relying Too Heavily on Negotiating
One of the biggest mistakes people make when pawning is believing they can haggle the price they want. When they walk into the store with this mindset, they often leave disappointed, discouraged, and angry. The reality is that there is usually some wiggle room for negotiating (depending on the item). Still, most of the time, the amount you are offered is a price our professionals have determined is fair for all parties. After all, we’re running a business as well as making it possible for people to purchase luxury and high-quality items and collectibles at an affordable price. With that said, we never underpay our patrons. You will always receive a fair amount for the item you’re pawning.
Selling Collectibles Individually
Another common mistake people make when pawning is trying to sell their collectible sets as individual parts. They believe if they sell each item separately, they will make more money in the end. However, they fail to realize that many people are willing to pay more for the convenience of getting an entire set at once.
Start Pawning Your Unused Items Today
Now that you know people’s common mistakes when pawning, you’re ready to take your expertise to the pawn shop! Make sure to do research on your particular item to know what it’s worth, and you’ll never be disappointed with a transaction with your local pawnbroker.
Whether you’re looking to sell engagement rings or buy loose diamonds from reputable local diamond buyers, you can trust The Jewelers & Loan Co. to deliver. We offer top-dollar for all items pawned and treat you with the respect you deserve, whether you’re buying or selling within our shop. Drop by our store today!