Top 10 Items Pawn Shops Drool Over (You’ve Been Warned).
You’re in need of some quick cash right? Chances are you’ve explored all your options: you’ve asked your friends, you’ve applied for a bank loan, you’ve even tried selling your soul. Then you realize the one option you haven’t explored yet, the pawn shop. You do some quick research and you learn how pawning works but there’s still one question you keep asking yourself, what do pawn shops buy?
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The answer is simple, pawn shops will buy anything that is in demand locally. That essentially means different pawn shops will buy different things. One pawn shop may be interested in firearms and another may buy anything with Hello Kitty.
Thankfully, there are a few items that most pawnbrokers can’t refuse. In fact, when they sense some of these items coming through their doors, they gravitate towards them like flies to meat. You might even notice them drooling over it, try not to stare.
Best Items to Pawn for $1000 & Up
Precious Metals: “Sell your scrap gold for quick cash now!” It seems like every other commercial on television is promising you some quick cash for your gold. That’s because gold’s value has nearly doubled in the past 10 years (as of April 2017). Gold, like many other precious metals, are increasingly becoming the go-to asset to hedge against inflation. Thanks to investors like Peter Schiff, we’re constantly being reminded that the sky is falling and to buy gold immediately. That makes trading precious metals big business for gold-buyers like pawn shops.
Precious metals such as gold, silver, and platinum are by far the easiest items to pawn for quick cash. They provide pawn shops a unique set of advantages that most items can’t. Precious metals are easily converted into cash, appreciate over time, and are heavily monitored by third parties making it easier to appraise their value in real-time. These three advantages make precious metals especially alluring to pawnbrokers and consequently the best item to pawn.
Diamonds & Gems: If you’ve ever watched an action movie made in the last 50 years, you’ve probably noticed an old and reoccurring movie trope: the bad guy (or girl) lusting over a handful of stolen diamonds. Movie tropes are metaphoric ideas that are instantly recognizable by an audience. That is to say, diamonds are universally admired objects that many people would kill for and that’s no different for a pawn shop (except for the killing part).
Diamonds are one of the most common items purchased by pawnbrokers mainly because of their scarcity and high demand. With diamonds, you don’t have to worry about a factory mass producing them and driving down prices. That makes them an ideal purchase for a pawnbroker.
Jewelry: Buying jewelry is definitely a safe bet for pawnbrokers. Think about it, who doesn’t own a piece of jewelry? Although jewelry is not as liquid as gold or diamonds, their demand is still high. Many people purchase their jewelry from a pawn shop and consider it to be a good alternative to a jewelry store. That makes purchasing jewelry more attractive for pawn shops, especially when they know they can markup the price and still remain extremely competitive.
Best Items to Pawn for $500
Watches: Did you know that one of the first things a woman notices on a man is his watch? It may seem silly at first but a watch is unlike any other piece of jewelry. It has the ability to encapsulate and summarize everything a man (or woman) represents in less than half a pound. The psychological bond between a man and his watch circumvents all logical decision-making skills and allows retailers to charge top dollar for certain watches. It’s no wonder watch commercials seem so majestic.
Pawn shops love these types of items. In addition to the intrinsic value of the watch (cost of labor, materials, etc.), they can exploit the psychological attraction a person may have for a watch. That means you can expect a good amount of money for your watch. Popular watch brands like Breitling, Movado, Omega, and Rado can easily fetch $500 at a pawn shop. Other high-end brands like Rolex, Ulysse Nardin, Hublot, IWC and Panerai can fetch well over $1,000.
Firearms: Pawn shops love to sell guns as much as Americans love buying them. It’s to no one’s surprise that firearms are a best seller in pawn shops. The trading of firearms is so lucrative for pawn shops that some have changed their name to include the word “gun” in it, like Gun & Pawn. Firearms are a representation of what it means to be a “true American” and pawn shops are cashing in on the idea. If you have any firearms accumulating dust in a safe, pawn it quickly!
Best Items to Pawn for $100
Power Tools: The average working man (construction worker, mechanic, handyman, etc.) can’t afford brand new power tools. When a working man is considered as good as his tool collection, any worker with less than 10 power tools is not considered efficient. Unfortunately, a single 5-piece combo kit sold on Amazon can cost $500 and up. Pawn shops offer an alternative to these steep prices. It has become the “Used Depot” for the working man trying to make a living on a tight budget. If you’re looking to pawn your tools, you should have no problem selling them to your local pawnbroker for $50 — $150 a tool.
Electronics: Electronics are a staple of all households in America. Unless the house is abandoned, you can bet you’ll find at least 20 electronics scattered around. From the computers we use to the television we watch, our lives revolve around electronics. Unfortunately, once we buy them they aren’t worth much after. That’s exactly why you shouldn’t expect to get more than $100 for common household electronics at a pawn shop. Although most pawnbrokers won’t have a problem buying them from you, don’t bet your rent on it.
Smartphones: Smartphones have become a necessity of everyday life. Today, it’s not uncommon to see children and seniors with the latest smartphones. However, new smartphones costing upwards of $500 are out of reach for some Americans. As a result, a healthy pre-owned market has emerged and pawn shops are at the center of it. If you’re looking to get $100 — $400, you can sell your used iPhone, Galaxy S, or LG smartphone to a pawnbroker for some quick cash.
Video Games & Consoles: If you’re a gamer and you’re looking for a quick way to make $100 then selling a few games to the pawn shop may be a good option for you. Most pawn shops carry a small to moderate collection of games for XBOX, PlayStation and Nintendo. Unfortunately used games depreciate faster than most electronics due to the abundance of new and used copies. For $100, you should expect to sell more than 5 games (preferably popular titles like Madden, Call of Duty, GTA, Uncharted, Halo, etc.) to a pawn shop. If you don’t mind selling your game console, you can make that $100 much quicker.