06 Apr Do Pawn Brokers Rip You Off?
Good Question? Everyone reacts a little differently to pawnbrokers .
To some people a pawn broker can be a life saver that offers easy, convenient access to emergency cash when they need it. To others, pawn shops are something else…
Some people view a pawn broker as a place that will rip you off!
But I can tell you that after all the years I’ve been in this business that is just not true. In fact, I’ve found it to be the exact opposite of that perception.
Pawn Brokers aren’t shady places that people have tried to make them out to be over the years.
Trust me when I tell you that I and other pawnbrokers are very aware of the reputation that their businesses can have and because of that, we all work very hard to make sure that nobody thinks that way about their business.
It’s this healthy dose of paranoia at times that will cause pawnbrokers to be a little offended when people accuse them of things and understandably so.
But with all of that in mind, there is a valid disconnect that people have when it comes to pawn shops and what pawn shops will offer you on your used items when the time comes to making a loan on them or selling them outright to a pawn shop.
You Have To Understand That Pawn Brokers Don’t Rip You Off
When you go to a store and buy something, it’s brand new. It’s in a nice box, and more often than not will come with a warranty. It’s complete and there’s not a mark to be found anywhere on it.
After you’ve owned it for a while, you may have lost the box and the instructions that came with it.
You may have scratched it, accidentally. It begins to lose that “New smell look and feel” that it had when you first removed it from the box.
The warranty has long since expired and there may have even been models that have come out since you bought it that made your purchase obsolete or at the very least, less desirable.
And with all of that in mind, the one thing that you will almost always remember is just how much you paid for it when it was new from the store.
It’s that price that people hold onto and think an item is worth. Sadly that is just not the case, not at all.
So when you take that item into The Pawnbroker, you’ve got to understand and appreciate that it is no longer new. It’s now used.
It’s now got a few marks, its older now. It’s simply not as desirable as it once was and therefore is no longer worth what it was when you originally paid for it.
But in determining a value of an item, the pawnbroker will consult specialist sites to see what similar makes and models are selling for in the same condition as yours.
These sites provide valuable insight for pawnbrokers into what someone may be willing to pay for an item like yours if they needed to sell it and will base what the pawnbroker will offer you on those numbers.
Remember the pawnbroker needs to make a profit as well as help you out!
Hope this gives you a clear picture of how pawnbroking works.