In today’s age of the ever-popular “tidying up,” Marie Kondo-style, you might be faced with a pile of stuff you want to get rid of in exchange for some extra cash. If you’re new to selling your things, you might not understand the difference between a pawn shop and a consignment shop. Where is the best place to sell your things?
If you’ve got something you think you could sell at a pawn and gun shop in Olathe, KS, read on to figure out whether that’s the best choice, or whether you should head to a consignment shop. Here are the main differences between the two:
- The general setup differs: When you drop off items at a consignment shop, you are letting that shop take ownership over the items right away. If the items sell, you are entitled to a cut of the profits, and the shop takes the other part of the money. If the items don’t sell within a specified time period, you can take the item back. Pawn shops, however, will take an item from you as collateral and give you cash in exchange. Once you pay off the loan, you can take your item back, but if you don’t repay the loan, you will relinquish ownership of the item at that point, and the pawn shop owner can then sell it to the public.
- When the seller gets the money: As the person who brings in the items to the shop (the “seller”), when you receive money differs depending on whether you take the items to a consignment shop or pawn shop. If you don’t need money right away and simply want to get a bit of cash in exchange for relieving yourself of some items in your home, the consignment shop is often the best choice. With consignment shops ,you receive money when the item sells, if it sells. If you’re in need of some fast cash, however, you would want to take your items to a pawn shop, because you’ll receive cash immediately as an advance on a short-term loan. You must repay this loan, and if not, you give up ownership over the items.
- When the shop gets the money: Consignment shops get money when the item sells, as does the seller themselves. In contrast, pawn shops have more opportunities to make a profit. The first comes through interest. If the seller of the item pays back the loan in full, as is typical, the pawn shop collects the cash via interest. However, if the seller does not pay back the loan, the pawn shop can then sell the actual item and make a profit on that sale.
If you’re looking to collect some cash right away, consider heading to a pawn and gun shop in Olathe, KS. A quality choice is Harrison Street Pawn, which has served the area for over 30 years. Harrison Street Pawn buys, sells, and trades a huge selection of items in our shop. Stop by to see what we have!