What do Pawn Shops Pay?
When you need a little bit (or a lot) of cash quickly, you might consider selling a valuable or two to your local pawn shop. If you are considering pawning some of your valuable items, you might be wondering, “how much do pawn shops pay?” There are several factors that affect how much pawn shops will pay for various valuable items. In this article, we will tell you how much pawn shops like Chicago Super Pawn might pay you for certain items. Consider this your pawn shop price guide!
Price Based on Value
When you need quick cash, pawn shops are the answer. If you don’t know how pawn shops work, you might not know how much pawn shops pay. There is no set price for how much a pawn shop will pay for any particular item. The price a pawn shop will pay depends on what the item is, the item’s condition, how old the item is, and how much the pawn shop employee thinks they can sell the item for. Unlike a personal loan, pawning an item doesn’t hurt your credit score.
A pawnbroker bases how much they pay on the value of the item. For example, a pawn shop will pay you more for a diamond ring than it will for a DVD player. And no two diamond rings or DVD players will fetch the same price. The amount a pawn shop pays depends on the condition of the item and other factors.
While some pawn shops will tell you with an online calculator how much money you can expect to get for an item, we do not resort to this tactic. At Chicago Super Pawn, we are the local pawn shop that you can trust. We do not tell you how much you will get for an item until we get the chance to inspect it in person. That is why we do not give a quote for your item over the phone.
What Affects How Much a Pawn Shop Will Pay For an Item?
We base pawn loan amounts based on what you bring in and the condition that the value is in. The condition of the item is always taken into account during the appraisal process for a pawn loan. If an item is damaged, we will not be able to pay you as much for it.
Difference Between Pawning and Selling
Before you bring in an item, you might have questions about the differences between pawning and selling. When you sell your valuables, they are gone forever. Unlike selling, pawning is more similar to taking out a loan with a pawn shop. Your items serve as collateral for your loan.
While you might be able to get more money for an item by selling it, if you pawn it, you can get the money you need and still get to possibly keep your item.
High-Demand Pawn Items
If you are wondering what pawn shops will pay most for, these are a few of the best items that are most in-demand by pawn shops:
- Jewelry
- High-end watches
- Designer purses
- Musical instruments
- Power tools
- Game consoles
Pawn Shop Price Guide
So, how much will a pawn shop pay you for your valuable items? While we can’t tell you exactly what any pawn shop will pay for your items, we can give you a basic idea. However, keep in mind that pawn shops also offer prices based on the condition, age, and value of the items you bring in.
Jewelry
Are you wondering how much your diamond is really worth? Jewelry is one of the most valuable items a pawn shop will pay you for. You can bring jewelry of all shapes and styles to a pawn shop, from rings to bracelets, necklaces and earrings, and even watches. Generally, a pawn shop will offer about 50% of jewelry’s resale value.
For example, if a pawn shop estimates that it can resell a genuine diamond necklace for $500, you will walk out the door with a $250 cash loan. The value of jewelry can range from a few hundred to upwards of a few thousand dollars. When you bring in jewelry, we test the precious metals and diamonds to determine their worth. The diamond testing includes a visual inspection using a jeweler’s loupe, weighing the item, determining the carat weight of any stones, and noting the cut, clarity, and color of each.
Electronics
Some electronics that might fetch a good price from a pawn shop include TVs, radios, video game consoles, computers, or cameras. If you have a vintage video game console you haven’t used in years, you might be able to make a quick buck! The price you are offered for your electronics varies widely depending on the item’s availability and its resale value.
Apparel and Accessories
Do you have any designer bags sitting in the back of your closet gathering dust? Or what about those trendy Gucci loafers you bought last year that are already out of style? Bring in your designer purses, clothing, and accessories. Anything from high-end designer brands like Christain Dior, Louis Vuitton, and Yves Saint Laurent can fetch a good amount of cash. Designer purses can go for a lot of money in Chicago. Of course, the amount you receive will depend on how well the item has been cared for and its condition.
Gold and Silver
Pawn shops will pay the most for rare precious metals, like gold and silver. That is because these are highly sought-after items that retain their value, even during a recession. In fact, the value of gold and silver can even increase during a recession. The price of gold is based on market values. The price of gold can also vary greatly. For example, a pawn shop will pay more for 24k gold than for 14k gold.
We Pay Excellent Prices at Chicago Super Pawn
Now, you have all the information you need about how much pawn shops pay for various items. When you conduct business in Logan Square with Chicago Super Pawn, you can be sure you are getting a great deal. We are proud to offer the best prices. We offer immediate payments and collateral loans for items that are just sitting around your home, gathering dust. Bring your items to Chicago Super Pawn today!
