february 23, 2021 | 5 MIN READ

Have you ever wondered how the pawnshop determines the offer on your pawns or the items you're selling? Well, wonder no more! Pawnbrokers do not just pull a number out of thin air when they make you an offer. There are a few processes and things that are taken into account on every item to ensure that the customer and the shop are benefiting from the deal. Let’s take a look…

market value

The first, (and most obvious...in my opinion) factor any pawn broker is going to consider is the market value of the item. They will look at similar items that have sold in the past, and research the used sale price for that particular item. Let me repeat that one more time. The used sale price. The shop doesn’t take new items so expecting a slightly less than retail price offer should not be expected.

But...Thats My Grandma’s Ring!

I get it…

We all have items that mean a lot to us and may have some monetary value to them. Let’s say you walk into the shop with a shiny sterling silver ring with maybe a ½ carat diamond. You have fallen on hard times and really need some cash. It’s your grandma’s ring and you don’t want to sell it but you need to pay that light bill.

The pawnbroker asks you how much you want for it.

You say, “$600”.

I mean, it’s a special ring and it means a lot to you. You think, “that's a fair deal”.

The pawnbroker comes back with an offer of $100!

$100? That’s my grandma’s ring? It’s gotta be worth more than that!

Everyone understands that items like grandma’s ring have sentimental value. The reality of it is, (and this might sound mean) that will not be taken into account when making a deal.

Sentiment cannot be resold, so the pawnbrokers counter offer will be based on the value of the diamond and the silver.

technology - isn’t it great?

Another way the shop can determine the value of an item is by utilizing tech. There are programs out there that take all things into consideration for the shop and place values on items accordingly.

Have you ever researched the value of your car before selling it?

Most people go to a site like Kelley Blue Book or CARFAX. Pawn shops use programs just like that to research the value of items all the time.

It’s quick, it’s accurate, and it leaves both parties feeling confident when the transaction is made.

the online marketplace

No. A good pawnbroker won’t just Google an item to see what it's selling for.

But they will utilize online marketplaces such as eBay to see what an item is actually selling for. This is another easy and fair way to determine the value of your items.

mind if i call a buddy…?

Maybe you're bringing in an antique item, some historical memorabilia, or just something the shop doesn’t see every day.

Pawnbrokers may try and consult an expert on the item to determine what it may be worth. (Yep… just like on Pawn Stars)

Sometimes it takes a little more time and effort to make sure you're getting the most bang for your buck so be patient. It’s well worth it for everybody.

what’s good for the goose…

When all is said and done, we all want to leave the shop feeling good about the deals we make. The customer doesn’t want to get ripped off and neither does the pawnshop.

That is why we will go above and beyond, and use all the tools necessary to ensure that you, the customer, and the shop are benefiting from the sale or pawn of your items.

Whether that means researching the fair, used, market value of the item based on prior sales at the shop, what the item is selling for on an online marketplace, utilizing one of the many incredible programs that exist to take the guesswork out of it, or phoning a friend. The shop is going to give you a fair price, every time.

Have an item you have been thinking about pawning or selling? Bring it down to the shop and let one of our knowledgeable staff see what thay can do for you!