February 26, 2020 - Electronics
If you have explored all your options including asking a friend or applying for a bank loan, may be you can pawn your TV for scoring a great deal.
By doing some quick research you can easily find out how pawning works. One of the most popular items that pawn shops buy are diamonds, gaming consoles and electronics.
These shops buy used items and resell them to other consumers for making profits. However, there are various pawn shops that hold your items as collateral if you are seeking a small loan.
You can get back your stuff as soon as you pay back the loan.
Do you have a flat screen television that you barely watch? Pawn shop owners can quickly evaluate the value of your old or new television set and tell you how much money you can get or borrow against it.
After making sure your TV is in good condition, he makes a cash offer, keeping in mind his desired profit margin.
The process works because you can get good value for used or new items without the hassle of selling your favorite items or putting an ad for dealing with customers individually.
One of the biggest benefits of this type of loan is that there is no complicated process involved. This is a type of in-house loan that is solely on the basis of the condition of your TV. You don’t need to have a good credit history to get instant funds. The lender is only concerned with the brand and size of TV you’ve got, apart from assessing a few other options.
There is a difference between pawning and selling, even though you can do both at a pawn shop. When you are pawning a TV, you are giving it to a pawn shop as collateral for a loan. The loan amount is the value your TV is appraised at by the pawnbroker.
The loan will need to be paid back by a given date that you and the pawnbroker agree on. When you pay back your loan and by the given date, you should expect to receive your TV back.
Selling a TV at a pawn shop is very straightforward. The TV is appraised and you either agree to sell it to them outright for that amount, or you don’t. You have negotiating power, but do keep in mind pawnbrokers tend to keep a good pulse on the current pricing of electronic devices.
Pawn shops are a reselling business so they need to be able to sell your TV for a profit. It is easier for them to buy it from you than it is for them to issue you a loan. You will get more money if you sell it to them than if you pawn your TV.
Your local pawnbroker is going to offer a price after assessing the quality and features of your TV. A few specific features include:
When you are buying a new TV, the first thing you check is whether it is manufactured by a reputed brand. The same goes for a pawnbroker. Pawn shops prefer taking branded LCDs and LEDs.
A few of the brands that you can easily sell or pawn are:
Other brands such as Vizio and Sharp can also help you receive a decent amount of money.
What’s a TV without a good set of features? A hi-tech TV naturally grabs the attention of a pawnbroker than a conventional set.
Some owners are not familiar with the bells and whistles of their own TV’s.
Here are a few features that can easily help you pawn your TV:
Get to know everything about your TV before you head out to the pawn shop so you can get the best possible offer.
Thanks to rapid advancements in technology, the value of TV sets frequently fluctuate unlike other pawn items like jewelry. Ideally, your TV should not be more than two years old so you can get maximum cash against it.
The bigger, the better. Size matters when it comes to pawning a TV. If you happen to own a large flat screen TV, you can successfully score a great deal. All TV’s over 42 inches are great for giving you the maximum amount of money you can get.
Nothing puts a smile on a pawnbroker’s face than a TV set that has no or few parts missing. It’s great if you have your TV’s original box, HDMI cables, power cords, and above all, its remote control.
You are likely to remove the pedestal or your TV stand when transporting it. However, you must take it along. Although a large number of pawn shops happily accept incomplete TV products with missing cables and stands, a complete package is sure to sweeten the deal for you.
One of the most important parts of a TV set that adds great value to your item is none other than the remote control. If you intend to sell your TV, selling it with a used remote control may end up in a less than tempting offer, since the pawnbroker would have to buy the original remote when reselling your TV.
After you get all the parts together, check the size and brand of your TV, go and clean it. A clean TV will be worth way more than a dirty TV. Even just a quick dusting will make it look significantly better. The best way to get the most money for your TV is to ask yourself what kind of TV you would want to buy. A clean TV with all the components in great working condition will be worth the most money.
The pawnbroker is going to base what he/she offers you on what they have in stock. This might not be surprising, but lots of people pawn TVs, so the price you get will reflect what the pawn shop needs. What you should do to combat this is to shop your TV around to a few different local pawn shops to see where you get the best offer. Unless you’re in a hurry to offload the thing, it’ll be worth the wait to get the best deal.
They’ll also be privy to plasma technology. The LCD TVs of now are much easier to sell than plasma TVs, which haven’t been around in a while.
Lastly, if you have the box, the remote, and all the cables, you’ll get a better offer.
If you are looking to receive a loan against your TV, the size and age of your TV play a big part in deciding the price you can receive. In case you have a newer version of a flat screen TV you can get a reasonably good price from many pawn shops.
If you own a TV that has all the components intact and is less than 26 inches, expect a loan of somewhere around $25-$50. Any missing or defected parts can reduce this price.
In case your TV is in perfect working condition and lies between 26 and 42 inches, then you can easily receive $75 to $200 for it.
All televisions that go beyond the 42-inch mark hold a special place in a pawnshop. The broker evaluates the condition of your TV set and makes an individual offer after verifying its features and parts. Generally, the price starts from $150 and goes up, considering the age and features of your 42” TV.
There are several reasons for this. Firstly, a pawnbroker’s inventory will vary by local demand in their city. Meaning most pawn shops will only deal with items they think their local clientele will buy. For the many that do deal with electronics, it will really depend on your item. Is it very old? Does it work? Will a future customer want to buy it?
Answer: Yes! Once inside, ask to see their inventory of TVs. If you see a TV you like, ask if you could trade in your old one, or get a substantial discount. You will definitely find awesome deals on TVs.
Now that you know how much pawn shops pay for TVs, you have a rough understanding of the least and most money you can get for it. With PawnGuru, you can rest assured you’re going to get the best offer possible from a pawn shop near you.
Although most pawn shops are open for negotiation on the price of an item, the price you receive for a TV hovers within the price range we have mentioned.
A complete set is key to getting the best value for your TV. Make sure you have all the cords, remote control and the original box of your TV. But if you have a TV that has an antenna attached to it, expect to get little or no money for it.
David Stiebel is one of the cofounders of PawnGuru. David was educated at MIT, where he studied Math. He subsequently worked at Bain as a data scientist before starting PawnGuru in 2015. He started PawnGuru to build a better tool for pawn shops and consumers to connect.More Articles