Selling your designer handbag is probably not an easy decision. And the last thing you want is to be ripped off by an unscrupulous buyer or scammer. That is why we put together this ultimate guide to selling your luxury handbag to a pawn shop.
As you’ll discover, selling your bag to a pawn shop is one of the best ways to sell it.
For this article, we will use the words “handbag” and “purse” interchangeably, although a handbag is typically roomier than a purse. Think of it this way – you can put your purse inside your bag, but you cannot put your bag inside your purse.
Read on to learn:
- Why a pawn shop is a great place to sell your designer handbag.
- The step-by-step process of selling your bag to a pawn shop.
- What you can do to get the best deal.
Why Sell Your Designer Handbag to a Pawn Shop?
The top reasons for selling your high-end handbag to a pawn shop include:
1. Transactions Are Confidential
Besides reporting transactions to law enforcement, as required by law, pawn shops treat the identities of their customers as confidential. None of your friends, family, and acquaintances will know you have sold your bag unless you tell them.
2. Safe From Unscrupulous Buyers or Scammers
There are many pawn shop myths, but they have been debunked many times. The fact is that pawn shops are one of the most regulated industries in the United States.
You are way more likely to encounter unscrupulous buyers or scammers on online marketplaces and Craigslist than at a pawn shop. Most pawn shops spend years building their reputation and customer base and have no interest in scamming their customers for short-term gains.
3. Free No-Strings-Attached Evaluations
Pawn shops typically have years of experience buying and selling luxury handbags. They know and understand the designer handbag market. And, in the unlikely event they are not sure about the value of your purse, they know what to do and will come up with a fair evaluation.
Pawn shops often have in-house experts who know the ins and outs of the luxury handbag market.
If you don’t know the value of your purse, you might leave money on the table when selling it privately. Getting a free no-strings-attached evaluation from a pawn shop is a clever way to get an expert’s opinion on the value of your handbag.
4. Don’t Worry About Insurance, Shipping, and Handling
With sites like eBay, sellers typically have to take care of insurance, shipping, and handling fees. Listing an item and fulfilling an order can be a pain!
Selling your handbag to a pawn shop is easy and saves you time. You don’t have to deal with the typical headaches associated with selling it directly to an end-user.
5. You Can Negotiate Face to Face
It’s much easier to negotiate face to face with a helpful and friendly person in a pawn shop than with a faceless stranger online. And you are more likely to reach an agreement faster.
6. Get Paid Fast
If you need money in a hurry or don’t have time to waste, selling your luxury handbag to a pawn shop is your best bet.
Selling it on an online marketplace takes time. There is no guarantee it will sell or fetch a fair price. And you never know in advance how long it will take to find the right buyer.
With a pawn shop, you can walk in with your purse and walk out with cash in your pocket!
How to Sell Your Purse to a Pawn Shop
Selling your designer handbag to a pawn shop is a simple 4-step process:
Step 1. Get a quick over-the-counter evaluation of your bag.
Step 2. Receive your verbal quote in minutes.
Step 3. Provide valid identification, i.e. driver’s license or ID card.
Step 4. Get paid.
Note: California pawn shops will require your signature and thumbprint as they have to comply with CAPSS (California Pawn & SecondhandDealer System) requirements.
How Much Will a Pawn Shop Pay For Your Luxury Purse?
Pawn shops base their purchase price of an item on what they can sell it for.
Pawn shops always do their best to determine the market value of any high-end handbag. The market value is the price at which it would typically sell in a competitive auction.
Bear in mind that a pawn shop cannot pay you market value as they also need to make money.
Factors that determine the value of your designer handbag include:
Experience – The #1 method pawn shops use is their experience. They know how much designer handbags typically sell for and how long they usually take to sell.
What Similar Handbags Sell for at Auction – Sites like eBay are often referenced to determine what other bags (same brand and model) in similar condition sell for.
Condition – The condition of your designer purse plays an important role in how much you can expect for it. Pawn shops know their customers do not want to buy a bag in poor condition that everyone can see is second hand.
Completeness – Pawn shops may pay a premium for your handbag if it comes with its original packaging and paperwork that helps to prove its authenticity. And it typically makes buyers feel more comfortable as well.
Talking about authenticity, counterfeit handbags are a huge problem. Pawn shops often use a service like Entrupy.com to help authenticate handbags.
As mentioned on their website: “Entrupy certifies the authenticity of luxury products using an objective, scientifically-proven approach that better protects buyers and sellers of frequently-counterfeited, high-value items.”
What Are the Top Designer Handbag Brands?
The top designer handbag brands include:
- Gucci
- Chanel
- Bottega Veneta
- Prada
- Saint Laurent
- Loewe
- Paco Rabanne
- Hermès
- Celine
- Christian Dior
- Louis Vuitton
- Valentino
- Balenciaga
- Jacquemus
- Fendi
- Givenchy
Which Handbag Brands Best Retain Their Value?
While the resale value of luxury handbags fluctuates over time, three designer brands that have withstood the test of time are Chanel, Hermès, and Louis Vuitton.
The following bags, in particular, are known to have a good resale value:
- Chanel Classic Flap Bag
- Chanel Boy Bag
- Hermès Birkin
- Hermès Kelly
- Hermès Evelyne Bag
- Louis Vuitton Neverfull
- Louis Vuitton OnTheGo Tote
Tips for Selling Your Purse to a Pawn Shop
Here are our top tips that might help you get more money for your luxury handbag:
#1. Consider Selling It on Consignment
If you are not in a hurry to sell your bag, you might want to sell it on a consignment basis – you will only be paid once the pawn shop sells it.
Although the pawn shop will charge you a commission, you might get a better price if you do not need the money right away and are willing to wait for the pawn shop to sell your bag.
#2. Clean Your Bag
A clean designer bag presents better and looks well looked after.
Cleaning your bag, inside and outside, may increase its value. However, be careful not to damage it by using abrasive detergents!
#3. Include All Accessories
You might get a better price if you still have the original packaging and papers, such as the warranty and receipt. And remember to include all accessories, such as your bag strap.
#4. Try to Determine How Much Your Bag Is Worth
Having an idea of the market value of your purse can help you negotiate a better price. But remember that a pawn shop cannot pay you market value as they also need to make money. And your bag might tie up a lot of cash if it takes long to sell.
Here are two ways to help you determine the value of your luxury handbag:
Sold Listings on eBay
Search for your handbag on eBay. Find the “Show only” heading and tick the “Sold Items” block. It will show you recent sales and how much they fetched.
LiveAuctioneers.com
LiveAuctioneers.com has a database with more than 29 million results of what items, including luxury handbags, sold for on auctions all over the world.
For example, LiveAuctioneers.com shows 5,125 price results for Chanel Boy Bag.
#5. Choose the Right Pawn Shop
Not all pawn shops specialize in designer handbags or have customers who want to buy luxury purses. If you want to sell your handbag, make sure the pawn shop you want to sell it to sells the same brand.
Note: All Maxferd pawn shops specialize in luxury handbags.
#6. Negotiate
Pawn shops are usually a bit flexible and willing to negotiate. If you feel you are not being offered a fair price for your handbag, feel free to negotiate.
Selling vs Pawning Your High-End Handbag
If you are attached to your handbag and do not want to sell it but need cash in a hurry, you have the option of pawning instead of selling it. This way, you can reclaim it once you have settled your pawn shop loan.
If you are unsure of whether you should sell or pawn your bag, most good pawn shops will be more than willing to give you expert advice.
That's a Wrap
After reading this ultimate guide to selling your luxury handbag to a pawn shop, you should have a good idea of:
- Why a pawn shop is a great place to sell your designer handbag.
- The step-by-step process of selling your bag to a pawn shop.
- What you can do to get the best deal.
And if you’re not ready to let go of your purse but need a fast and convenient collateral loan, there is no better place to approach than a pawn shop.
All Maxferd pawn shops specialize in luxury handbags. We’re good at determining the value of designer bags and have a reputation for offering customers fair prices. Visit us at one of our California locations to receive a fair offer on your designer handbag today:
- Beverly Hills
- Lawndale
- Woodland Hills
- San Francisco
If you have questions about a handbag you want to sell, pawn, or have evaluated, don’t hesitate to contact Maxferd.
Call us at (800) 888-7296 or visit one of our Los Angeles pawn shops or our San Francisco pawn shop to find out how we can assist you.