“Should I buy a wedding ring from a pawn shop?” is a question many people ask themselves. And, since you’re reading this, I assume it’s a question you have been pondering, right? Well, you’re at the right place!
There are many myths about pawnshops, and some people are superstitious about buying a pre-owned engagement or wedding ring. Others feel that pawn shops rip you off and that it’s better to buy a wedding ring from a jewelry store. Nothing can be further away from the truth!
Read on to find out why shopping for a wedding ring at a pawn shop is clever and how to find the perfect wedding ring.
Before we continue, let’s put aside the myth that it’s unlucky to buy a pre-owned wedding ring.
Is It Bad Luck to Buy a Pre-owned Wedding Ring?
The belief that buying a pre-owned wedding ring might bring bad luck is only superstition. It also applies to wearing an heirloom that has been in your or your partner’s family for generations.
Buying a pre-owned wedding ring is no different from purchasing a pre-owned car or house. And there is a lot less that could go wrong with a wedding ring when compared to a car or home!
However, just like some people will only buy a new car, your partner may be against wearing a pre-owned wedding ring. For this reason alone, always check with your partner if they are comfortable that you buy their wedding ring from a pawn shop.
Besides, it’s always advisable to shop for wedding rings with your partner so take them with you when you go shopping.
Why Consider Buying a Wedding Ring From a Pawn Shop?
#1. Save Money
Getting married can be very expensive. The last thing you want is to overpay for items and don’t have enough money for other items or get into more debt. Your wedding should be a joyous and special event, but that does not mean you can afford not to be financially responsible.
Have you ever wondered how jewelry stores can have 50% off, 60% off, and even 70% off sales several times a year and still make money?
It’s because jewelry stores have HUGE margins. They pay wholesale prices for their jewelry and typically add a markup of 200% – 400% or more.
You may save up to 50% on a wedding ring if you buy it from a pawn shop!
#2. Layaway Program
Found the perfect wedding ring but don’t have enough money to buy it right away? Whether you’re short of cash, have a poor credit score, or don’t want to get deeper in debt, it doesn’t matter.
Most pawn shops have a layaway program that helps you secure the ring you want today by putting down a deposit. No credit check is required, and you have a couple of months to pay it off. Once paid, you collect it.
Note: At Maxferd, our layaway program allows you to secure a piece of jewelry with only a 20% down payment. You can pay the balance in up to five interest-free monthly installments. And we don’t charge any layaway fees.
#3. Large and Unique Selection
Pawn shops often have an extensive collection of wedding rings to choose from. It ranges from the latest designs to unique, one-of-a-kind vintage rings. And the selection changes constantly.
Most jewelry stores only stock the latest collections and don’t offer the variety you can find at a pawn shop.
Walking into a pawn shop is often like opening a treasure chest. You never know what you’re going to find. Look at our article on pawn shop finds to get an idea of some of the items we come across.
Besides adjusting sizes or adding inscriptions, jewelry stores typically don’t offer much in terms of customizing wedding rings.
Most pawn shops specialize in jewelry, and many (including Maxferd) have jewelers on-site that can fulfill customization requests.
#5. Buy With Confidence
Pawn shops meticulously evaluate all wedding rings and don’t buy or sell fake jewelry. When buying your wedding ring from a pawn shop, rest assured that the quality has been carefully vetted by an expert.
Pawn shops are versatile and can offer services that jewelry stores cannot match.
- Sell an old ring, chain, or bracelet and use the money to buy a wedding ring.
- Sell back your ring one year later if things don’t work out.
- Pawn your wedding ring as collateral for a short-term loan.
Tips for Buying a Wedding Ring at a Pawn Shop
Here are some tips that can help you make the right choice.
- Set a Budget – The price of a wedding ring depends on many factors, such as the purity of the gold, weight, etc. Decide on the maximum amount you are willing to spend before going to the pawn shop.
- Cash Is King – Credit card companies charge all retailers, including pawn shops, a fee. A pawn shop might be able to offer you a better deal if you pay in cash.
- Feel Free to Negotiate – Pawn shops are generally willing to negotiate. If the wedding ring you want is slightly out of your budget, feel free to make an offer. There is no guarantee they will accept it, but you might be able to get it at a better price.
- Know What You Are Looking for – Pawn shops often have a wide range of wedding rings. It is easier to make a choice if you know what you are looking for, and it will save you time. But, keep an open mind.
- Shop in Advance – Don’t wait until the last minute to shop for a wedding ring. Finding the perfect wedding ring might take time. You don’t want to settle on a ring because you have run out of time finding the right one. And when you find the right one, buy it – pawn shops often have unique rings you might never come across again once it’s gone.
That's a Wrap
We trust after reading this article, you have a better understanding of why buying a wedding ring from a pawn shop is clever. And that you’ll be able to put the tips we shared to good use.
If you have any unanswered questions or queries about buying a wedding ring from a pawn shop, don’t hesitate to contact Maxferd. Our in-house jewelry experts stand ready to assist you.