Should you sell your designer handbags to a pawn shop?

Should you sell your designer handbags to a pawn shop?
October 27 14:55 2017 Print This Article

Even those of us who could once afford pricey items, like designer handbags, may need some last-minute cash from the pawn shop. If you would like to pawn your designer handbags, take into consideration multiple factors before going into your local shop.

How fast do you need the money?

It is no secret that pawn shops will offer lower prices than other used goods markets as they will need to make a profit and they offer a quick sale. If you need to pay your bills immediately, then it is probably a good idea to pawn designer handbags for emergency money.

Check Online Prices

If your handbag is in high demand, you can probably sell it for a high price rather quickly but you will have to wait to receive your money. It is also a good idea to know the going rate for your bag so you have some room for negotiation with the pawn shop.  Keep in mind that there may always be issues that arise when selling online so selling to a pawn shop could be a safer option.

Am I Better Off Pawning or Selling?

For those that don’t like the idea of making payments to get an item back, a quick sell to the pawn shop may be what you need. Selling your item may net yourself more money upfront, but don’t count on getting that item back since it will be listed in the shop for a much higher price. Pawning is a good solution if you have a steady source of income and are sure of paying your loan off to get your original item back.

Pawn Shops Are Not The Bad Guys

Some people may get the idea that pawn shops are shady operations but they actually strictly follow the law. If you make your payments according to the contract, you will get your item back without having to pay a lot of interest. People who may have neglected to pay their loans and lost their items may give these shops bad reviews, but it is not the fault of the shop. There are so many federal and local laws that regulate pawn shops so you can rest assured that they are not plotting against you. The NPA and the Better Business Bureau also keep a close watch on pawn shops to make sure that they are clean.

The Condition of your Item

Keep in mind, a shop may reject your item depending on the condition of it. Even if it is a high-class brand, imperfections will scare them away since they fear that it cannot be sold quickly. Pawn shops rely on items quickly selling in order to make a return on their investments.

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Nettie Gordon
Nettie Gordon

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