Getting The Most Out of Your Jewelry At A Pawn Shop

There are a lot of different things that you have in your home right now that aren’t being used. One of the many arenas that you are going to want to explore is that of precious metals.

When you look into precious metals, you’ll realize that there’s a lot of things that you are just not using at all. Think about this for a moment. If you aren’t going to utilize your items, what are they going to do? They are going to collect dust, which is not a good thing.

Pawn shop

You need to look into what a pawn shop could do for you. That’s right, these types of establishments are great overall, because they can provide you a great option for gaining the upper hand in your finances. With that in mind, consider the following elements that could help illustrate just how great a pawn option can become for your jewelry overall.

The Initial Cost of Jewelry

First and foremost, consider how much you have spent on jewels in the past. You may have spent hundreds or even thousands. Then you wear the items from time to time, and that’s it. There is going to be a time when you don’t wear them any longer. This happens to everyone. Everyone has experienced the notion of just not using their items from time to time.

The initial cost is one thing, but what about all the times you’re not using your items? Take for instance, a bracelet. If you have a bracelet that you don’t use at all, what are you going to do with it? Seriously, what are you going to do with a gold or silver bracelet that is just sitting in a drawer somewhere? That’s not a good thing, right? The initial cost of jewelry is one thing, but if you are just letting your items sit in a drawer, you’re losing out big time.

The Value of Metals

One thing that you’re going to find out when trying to sell your items through a pawn shop is that your metals are going to be valuable. Sell your items and you’ll end up with a good deal of money in your hand. Precious metals today are valued at more than ever before, especially platinum and gold.

Pawn-shop

These options could net you thousands for just one bracelet or medallion. If you have these items sitting around, why not check out the price that you can get for them? What if the price point is double what you paid? Or in some cases even more than that? Wouldn’t you sell? The value of metals can dip and dive, which means that you can get top dollar today, for what very well may not be worth that much down the line.

Just One Test Will Prove Valuable

If you’re not sure about pawning anything, don’t think of it in terms of traditional solutions. When people think about pawning, they assume that they will have to pay a loan off or something. But that’s not always the case. You can always pursue the option to just sell your items overall. That’s right, you can just sell your items, and see what happens.

Just one test run and you’ll see how great your pocket book can become. Imagine thousands of dollars in your account rather than dust settling on your jewelry. It’s a better trade off that could very well help you out in a bind. Go this route, and don’t let your gold, silver, and other elements collect dust and give you no return on your investment. Just go for it once, see what you can get.

Pawn Shop Negotiation 101

Pawning may not be the best option to get extra cash but for all of us who need quick money, this is one popular way to do it.While we have the option to get extra cash through short term loans or selling an item, pawn stores still find a variety of ways for us not to get the maximum appraisal value of what we sell. This article lists down the tips that will help us in negotiating with pawn stores.

1.    Don’t disclose where we got the items. For instance, we should refrain from telling various pawn stores that we got an item from a garage sale because of two reasons: first, making such claims means that the item doesn’t have any sentimental value to us and second, this shows that we’re likely to agree with whatever amount they will offer us.

Pawn Shop2.    Never tell them how much we paid for that item. Whenever we purchase something at the mall, do we ask the sales staff if how much did they pay for selling that item? Or if we request for a bank loan, do we ever ask the teller if they have funds for all the loan requests? Of course, we don’t. Same thing applies when we sell or pawn our items to a pawn shop. They don’t care about how much we paid for it because they will just offer an appraised value of that item based on their own terms.

3.    Stay away from telling them the cost of an item. All pawn stores are there to make profits out of appraising items. It’s THEIR responsibility to determine the item’s value, not ours. So, if we know that our jewelry is worth $1500, then we have to keep this to ourselves until they figure out its value. If these shops really want to purchase our item, let them spend some energy to appraise it.

4.    Have an estimated appraisal value in mind before stepping inside a pawn shop. Don’t give our all-out trust to the appraisers. For all we know, they are just trying to provide much lesser value for our item than its true value. If we accept it, it’s their gain and that’s our loss. One good way to prevent this is by having an estimated appraisal value of that item with the help of other people.

5.    Wait for them to make that first offer. There is one excellent tip that can be applied whenever we do some negotiations: the first one to make the first offer loses. Whether that’s a proper value of the item or not, sharing that first offer will always benefit the other. For instance, if we want a $1500 for a certain jewelry, let the pawn dealers offer a particular amount first so that we can know if we’re getting somewhere between 70 to 80% of our desired amount. If we make the first move of telling that desired amount, pawn shop dealers might provide an offer that’s about half of the item’s real market value.

6.    Don’t agree to the terms immediately. It’s our right to clarify any loan amount, interest rates, additional fees and payment options before entering into an agreement. Keep in mind that our valuables are on the line and we want to make sure that we can walk away with them once we’re done paying all the charges within the covered period.

7.    Ask if we are required to present necessary documents. We are all required to submit proper identification to all pawn stores to ensure safety and security of our items. If they didn’t ask for any, we’re probably dealing with a fly-by-night shop.

8.    Prepare to walk out their doors. If we feel that they offer shady services, unreasonably low appraisal rates and questionable loan terms, we can walk out their door and look for the next shop. We shouldn’t settle for their offer which is equivalent to 50% less of the item’s real market value. If this is the case, then we can also consider selling the item at auctions or on eBay if this is the case.

By keeping all these tips in mind, we can always prepare ourselves for the worse that could happen when we are about to sell or pawn our items.

We can also check out sites like http://www.majorpawn.com to find a pawn shop that fits our needs.