Have you recently gotten hooked on the popular series Pawn Stars? Are you looking to make extra money by selling items you no longer need or want? If so, you may wonder one of two things: what do pawn shops pay the most for, and what will a pawn shop not buy? You’re in luck because we’re answering both questions below!
Pawn Shops: What Are They?
Pawn shops, mostly family-owned businesses, are places where you can bring in an item, and the pawnbroker will provide you with a short-term loan based on its value. Pay off the loan in time, and you’ll get the item back. If you can’t, the pawn shop can sell it. You can also sell your items to them outright.
Pawn shops are better alternatives for those with little or no credit. An average loan is $150, which lasts about 30 days, with most people paying it back and getting their item. While it’s great that pawn shops don’t look at credit, they have fees that can be significantly high. It’s worth it when you need money fast, but it’s definitely worth considering before visiting one.
What Will a Pawn Shop Not Buy?
Pawn Shops will take just about anything, but some items will get you more money if they’re in high demand. What items are in high demand?
- Jewelry and watches
- Precious metals
- Firearms — registered to you
- Power tools
- Musical instruments
- Gaming consoles
At pawn shops, you can make a counteroffer on the price if you feel that it’s too low.
What Do Pawn Shops Pay the Most For?
Pawn shop offers are generally between 25 – 60 percent of an item’s resale vehicle. So, to get $500, your item should be worth between $835 and $2,000.
What Can I Pawn To Get the Most Money?
Since pawn shops typically offer somewhere between 25% and 60% of an item’s resale value, you’ll need to pawn an item worth between $835 and $2,000 to get $500. As mentioned above, to make the most, it’s best to sell items like:
- Gold jewelry
- High-end TVs
- Collectibles (Beanie Babies, vintage band shirts)
- Firearms (must be registered to you)
- Vintage Technology (Macintosh 128K is worth between $1,500 and $3,000)
A pawn shop is an excellent option if you’re looking to make some quick cash and have items you don’t need anymore. The interest rates and finance fees can be extremely high if you’re taking a loan at a pawn shop.