All You Need To Know About Pawning Items

All You Need To Know About Pawning Items

Pawn shops have a terrible reputation when it comes to the average joe. It can be quite confusing and intimidating at the same time especially if you aren't used to haggling. 

Don't fret, pawning off items isn't so hard when you're consulting a reliable pawnshop. Make friends with your Pawnbroker and maintain a good relationship with them to make the future process easier. 

It's understandable though to have specific questions, especially when pawning off gadgets and other electronic devices. 

Here, we walk you through some of the most asked questions about pawning off the most common electronics in the market today. 

How much do pawn shops loan?

As a general rule, pawn shops do not give you the actual retail value of your item. Instead, they give you a percentage of that. 

Keep in mind that they are a business as well and need to turn a profit in the event you no longer want to come back for your item. 

The average a pawn shop will give you for a reasonably good conditioned item is 50% of the retail value at the time of the deal. But be ready to receive a range of 20% to 60%. 

Although it does not sound worth the trouble, the cash you receive from the pawnshop is instant. You don't need to go through any loan applications, for example. All deals are upfront and done by the hour! 

If you change your mind, you can even get your item back once you've paid them back. 

How to pawn a phone or a smartphone?

Your regular pawnshop will accept and purchase smartphones. 

The concern is not so much as the acceptance rate of smartphones, but instead the value you can get for them. Phones and the rest of technology usually phases-out by its second year of creation.

What does that mean for your phone? 

The earlier you pawn your phone off, the higher the price will be. But when the 2nd year mark is reached, expect the price you can get for it will go down. 

Another factor is condition. Any dent, scratch or mark will decrease the profitability of the phone, therefore lowering the price you can get for it. As a preemptive fix, make sure to take good care of your gadgets as soon as you get them. 

Pro tip: Pawn shops do not purchase any stolen merchandise, including phones! The moment a broker suspects anything sly, they will most likely turn the customer away. 

How much would I get if I pawn my laptop?

The amount of money you can get for your laptop is dependent on three main things: brand, model or series, and condition. 

These three things will be looked at from the get-go so make sure you know all the details of your laptop when you decide to pawn it! 

How to sell a laptop to a pawn shop? 

It's best to come prepared. 

Here are ways to get the best deal out of your laptop. 

  1. Clean out the internals of your laptop by transferring the files onto a hard drive or a new laptop. All personal data should be cleared. 
  2. Clean the outer part of your laptop. From the screen to the keyboard, try not to leave any speck of dirt. Remove any stickers as well, if you've stuck any on.
  3. Take note of every little detail about your laptop. Scratches, bumps, and other issues as well as RAM, screen size, and when it was made/purchased. 

Pro tip: Factory reset your laptop before getting an appraisal. Besides boosting the price, it also ensures your safety. 

Laptop brands that will get a higher price than most include: 

  • Apple (1st generation models cost a fortune nowadays!)
  • Sony
  • Dell
  • Alienware
  • Toshiba 

With this information, you can get the most out of your sale. Haggle to get a better price, especially if you know the value of your item - gadget or not. 

We bid you the best of luck!