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How to Negotiate with Your Local Pawn Shop

Do you want to sell your valuables to a local pawn shop? If so, you might feel intimidated about negotiating with the pawnbroker to get the best offer for your used jewelry, designer purses, rare coins, or musical instruments. However, in order to get the best deal possible, it’s important to learn a bit about the art of negotiation.

To help you feel confident, the knowledgeable pawnbrokers at Maxferd are here to help. Here are three tips for efficiently negotiating with your local Los Angeles pawn shop.

1. Do Your Homework

Before visiting a pawn shop, it’s important to do your research and prepare the items you want to sell. Do some investigative work to determine the market value of your possessions. You can do this by looking at classified ads or online auctions. Take a close look at what people are asking—and receiving—for items that are similar to yours. You should also learn about the unique history of your items, including where and when they were made, who made them, and any other information that boosts their desirability.

It’s also important to prepare your items to ensure they’re in the best condition possible. This will help you get the highest offer you can. Spruce up your valuables, gather any important paperwork that goes with the item, and make all the necessary repairs necessary to improve its condition.

2. Don’t Have Unrealistic Expectations 

If you walk into a pawn shop thinking you’ll receive $5,000 for your old guitar, you’re going about things the wrong way. Pawn shops are businesses and the staff needs to make a living. Don’t get offended or take it personally when a pawnbroker offers you less than what you think your items are worth.

At Maxferd, we provide free walk-in evaluations. Our experts will give you an accurate quote for the fair market value of your used possessions and help you understand how much cash you’ll get for them.

3. Gently Haggle

After the pawnbroker inspects your items, let them be the one to make the first offer. Even if they initially ask you how much you want for your valuables, insist that they make an offer first. After the pawnbroker makes an offer, don’t be afraid to ask for a higher price. However, be careful not to overdo it. While it’s perfectly fine to be assertive and confident, you should also know when to back down. Chances are, you and the pawnbroker will meet somewhere in the middle. 

How to Negotiate When Buying

Rather than selling your items to a pawn shop, you might be interested in making a purchase from them. When buying from a pawn shop, it’s still a smart idea to negotiate for a reasonable price.

A few tips to keep in mind include:

  • Bring cash: This is always the preferred method of payment at pawn shops
  • Know your items: Like selling, it’s important to learn about the items you want to buy. While most pawnbrokers fairly price their items, it’s still wise to do some research beforehand
  • Make a reasonable offer: After carefully inspecting an item for any damages, make the pawnbroker a reasonable offer. For more valuable items, offer about 80% of the asking price. While there is no guarantee that the pawnbroker will accept, it shows that you’re serious, which can work in your favor.

Trustworthy Pawn Shops in Los Angeles 

Whether you’re thinking about buying or selling items at a local pawn shop, Maxferd is an excellent choice for all your pawn-related needs. For over 100 years, we’ve provided our customers with reasonable prices and offers. If you want fast cash for your unwanted items or need a collateral loan, we’ve got you covered.

Visit us at one of our stores in Beverly Hills, Lawndale, Van Nuys, Woodland Hills, and San Francisco. To learn more, call us today at (800) 888-PAWN (7296).

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