Pawn shops are a quick and easy way to get cash for your valuables. However, just because the process is quick and easy doesn’t mean that you should have to take a financial hit on the value of your item. The key to getting a good deal at your local , or pawn shop, is to know what to say and what not to say during negotiations.
Know the Value Beforehand
Trying to pawn or sell an item without knowing its actual worth is incredibly risky. They might have a good idea of the value while your estimate could be much lower than the actual value. Instead of leaving it in their hands, get the item appraised or do the proper research on your own. If you search online for values, remember to look at the sold values not the asking prices. Keep in mind that pawn shops never offer the full value of an item since they have to resell it for profit, but knowing the actual value will give you a good idea of a reasonable selling price.
Don’t Tell Them Where You Obtained the Item
Some people find little treasures at places like garage or yard sales. They spend little or no money on something and hope to make a lot more at the local pawn shop. While there’s nothing wrong with this, telling a pawn shop employee that you have no sentimental attachment to the item or that you paid little to nothing for it can prompt them to believe that they can offer much less for the item.
When it comes to making the first offer, it’s always a good idea to let them make the first move. Even if they ask you what you want for it first, don’t respond to the question and ask them to make their opening offer. The first offer is key to both getting a good amount for your item and avoiding getting scammed.
When you offer first, they’ll know exactly how much you’re hoping to get out of the item and try to lure you down. When they offer first and you have a good grasp of the item’s value, you can gauge easily whether they want to be reasonable or greedy. If the opening offer is way too low beyond a reasonable range, you can also avoid wasting time on negotiating.
Know When to Walk Away
Just because you want or need money for your item doesn’t mean you have to settle for a really low price. There are other pawn shops to go to. In a worst case scenario, you can sell the item on your own. If you decide to walk away from an offer, be sure of your choice. Going back to them for your sale after you’ve walked away once gives them the opportunity to lower the price since it makes you seem like you really need the money.
When armed with the requisite negotiation skills listed above. pawn shops can be a wonderful place to pick up incredible bargains.