Know what the item is worth. Once you have a specific item in mind that you want to buy, research what it’s worth new, and more importantly, the value in its existing condition.
To find the current retail price, go to the item’s official website or to any online store that sells it. For its used/existing price, eBay is a great resource. If you can’t find the same item, compare with similar pieces. Keep in mind, sale prices will differ depending on the condition of the item — but this can work in your favor. For example, if a piece of jewelry has a seized or broken clasp, or is engraved, ask the pawn broker if he or she can reduce the price.
Keep in mind, sale prices will differ depending on condition—but this can work in your favor. For example, if a piece of jewelry has a seized or broken clasp, or is engraved, ask the pawn broker if he or she can reduce the price.
However, some items hold their price better than others, such as many precious metals or vintage, in demand items, so negotiating down will be more difficult. Have a good idea what an item is worth and how much you’re willing to spend before you begin asking the seller to reduce the price. Stop by and See Justin @ Garden City Pawn, He’s always ready to make a deal!
Everything is negotiable. Once you know what an item is worth and you have your buy price in mind, remember that everything is negotiable, don’t be afraid to haggle.
Consider the sticker price your starting point. Pawnbrokers will expect some haggling, so it won’t surprise them if you ask, “What’s the best you can do on this?” The worst that can happen is they won’t budge. But more often than not, they’ll be willing to work with you on the price, especially if the item has been in their inventory for a while.
Most pawnbrokers are expert negotiators, so make sure you have a maximum price in mind you’re willing to spend before you start negotiating. That will help you “stick to your guns” and come off with more conviction.
Pay with cash. Remember, cash is king, so you’ll have a better chance of getting the best price if you have cash in hand. Lastly, be willing to leave and come back another day. If the item is still available, the pawnbroker should be willing to drop the price. Remain cordial, thank them, and let them know you’ll be back another day.
Remember to be nice. This sounds like common sense, and it is. Be nice to the pawn shop staff, and you’ll have a much better chance of negotiating the price down on your item. The opposite is true as well: if you get a reputation for being difficult, chances are the shop will be less than willing to work with you. Smile, be patient and respectful.
Read the fine print. Before you pay for an item, make sure you understand the store’s policies on guarantees and returns. Some pawn shops offer guarantees of authenticity, while others do not. Some have lenient return polices, while others state that all sales are final. The policies can range widely, so ask or make sure you read the fine print.