Chain of Pawn Shops Serving Delmarva Over 30 Years (2024)

FAQs

What's the most a pawn shop will pay? ›

The loan amount that a pawnbroker offers will be based on the item's assessed resale value, often much lower than its original purchase price. If the item is approved, a lender will typically offer 25% – 60% of the resale value.

Across the board, jewelry (authentic, real jewelry - not costume jewelry) generally yields the most amount of cash. This is because jewelry is made from precious metals, such as gold and platinum, and often incorporates diamonds and other precious gemstones. Jewelry also tends to hold its value over long periods.

It depends on your situation. If you want your item back, and can afford to pay back the interest, pawning may be a good option for you. But if you need cash in a hurry, and want the highest offer, selling is the way to go. If you're considering selling to a pawn shop, we caution you.

The pawnbroker is here to get a good price for the shop, too, and if you ask for an extreme discount, they might think you are not serious about the purchase. Try to be reasonable about the discount you're asking for; it's highly unlikely they'll sell the item to you for less than half of its price.

Pawn shops that buy TVs will also pay more for a bigger screen. If your TV's screen is less than 26 inches, you'd be lucky to get over $50 for it. If your screen is greater than 42 inches, though, a pawnbroker like GEM might offer you over $200, provided the TV is one of the brands mentioned above.

Most pawnshops try to maintain a 38-50 percent profit margin, which means they want to earn that much compared to what they offer you. So, they'll assess your item's market value, then reduce it by their profit margin.

You could get a few hundred dollars for a newer laptop, with a good processor, and that is in good condition. Or you might have a pawn shop tell you that they can only give you around $50 if the laptop is in poor condition, old, or not that powerful.

Exorbitant Interest and Fees

Although you borrow money for only a few months, paying an average of 10% a month interest means that you're paying an annual interest rate of 120%. Interest rates may vary from 12% to 240% or more, depending on whether state law restricts rates pawn shops can charge.

Is it better to pawn or sell jewelry? ›

If you are in a position to wait for the maximum payout, then selling may be more beneficial than pawning. On the other hand, if you need cash quickly with no long-term commitment, then pawning may be the better option.

Pawn shops use factors like market value, resale value, current supply and demand of their local market, profit margin, and condition of the item to determine value. Pawn shops are businesses that loan money to customers when they bring valuable items used as collateral; they also buy things outright.

Listen more than you speak

Unless they ask directly, your pawnbroker does not need (or want) to know where you found your item, how long you've had it, or how much you originally paid for it. In fact, disclosing too much information like this may only hurt you.

Pawn stores usually pay the most for jewelry like diamonds and gold, timepieces, coins, vintage sneakers, designer purses, and handbags. However, every pawn shop can buy high-ticket items, including vehicles, real estate, and jewelry.

They make money by selling what they buy from you for 3–4 times more than what they offer. There may not be a demand for what you're selling and having to hold onto it for 1–3 months while you decide you don't want it back may depreciate the value of the item.

What percentage of an item's value do pawn shops pay? Most of these shops will pay around 25-60% of the value of your item. Note: If you choose to pawn your stuff, you may be interested to know what things pawn shops always buy and what items the pawn stores pay the most for, right?

It really depends on the pawn shop, but typically you can expect anywhere from $100 to $200 for a PS4, assuming it's in good condition and comes with all the cables and a controller. Win official PlayStation gift cards by playing games on Playbite!

It depends on the condition and the pawn shop, but generally, you can expect around $300-$500 for a PS5. It's always a good idea to shop around and get a few quotes!