Pawnshops are usually owned by a single person or a pair of people and not a large corporation. This means that they create the prices they think are fair and not what someone higher up told them it should be worth. So this leaves the question of what exactly determines pawn shop prices? Well, there are a few things to consider.
A to Z Gun and Pawn has been operating pawn shops in South Florida for years and we want to show you exactly how prices work. A few of the factors that play into pricing are the ranging from appraisals, a big book of numbers, and an online database or the quality and availability of an item.
How an Appraisal Works
In certain instances, an appraisal is what determines pawn shop prices. This is the process where someone takes the item you are selling and looks at the market for it and determines a fair price. An appraisal takes many factors into consideration such as how “sellable” your item is based on how well they’ve sold in the past. They also see what else they have in stock to see if your item would make sense to buy. Overall, an appraisal will determine the price of the item you’re selling based on its quality and how sought-after it is.
What is a Value Database?
A value database is an online database that provides a baseline number for the value of almost any item. For example, Kelley Blue Book is an online database that shows values for cars. Being online means these databases can be updated quickly which is extremely helpful in an ever-changing economy. The prices these value databases give are extremely helpful for pawn shop prices as the information is updated frequently.
Some pawnshops have developed their own value database. These databases help employees at a pawnshop determine prices quickly and easily. The big benefit of these databases is they allow prices to be determined fairly since they give instructions on how to judge the quality and usability of an item.
Specialist Consultations
When a pawnshop wants a certain item but they don’t have the slightest clue about how much it’s worth, they will call in an expert to give a price. This usually only happens with items that are historic or antique. Think of the show “Pawn Stars” where they bring in a specialist to give information and prices.
Sentimental Value
Unfortunately, pawnshops most of the time aren’t going to factor in sentimental value when determining pawnshop prices. A pawn shop is a business like any other and they need to make sales in order to stay in business. Sentimental value doesn’t have a huge advantage, however, when receiving a loan, you may be able to get more cash since you have an attachment to the item and you’re more likely to pay the money back in order to get the item back.
Building a relationship with a pawn shop is a good way of getting better deals. Generally, pawnshop owners will be more willing to give a bigger loan to someone they know and trust. This is because most pawn shops are small businesses and the owners can work under their own discretion.
Pawn or Sell Something Today!
At A to Z Gun and Pawn, we offer the best prices for your items. If you’re looking to make some quick cash, consider bringing your guns, jewelry, antiques, or any unwanted items to our pawnshop. We’ll make sure our pawnshop prices are right! If you’re interested in bringing your items to a pawn shop, or you’re in the market for something, be sure to visit our pawn shop. We have top-quality items at competitive prices. Visit our contact page if you have any further questions.