Is It Better to Pawn or Sell My Phone?

January 15, 2020 - Electronics

78% of Americans live paycheck to paycheck.

So if you find yourself in a bind financially, you are not alone.

But before you take out costly personal loans you may have opportunities for quick cash closer than you think.

In fact, that smartphone you’re staring at is one of the top 3 items to pawn! You have extra income right there in the palm of your hand.

Make sure you make the right choice between a loan or a sale. Here’s how to decide whether to pawn or sell phones.

Are You Done With The Phone?

One of the first questions to ask when deciding between pawn vs sell is if you are done with your phone. The answer might surprise you.

With smartphones becoming obsolete approximately every 2 years, you may be ready for an upgrade in devices sooner than you think. In that case, it is time to sell.

But if you just want a quick loan and are in love with your phone, pawning is the way to go. You should make sure you bring the charger and accessories along to get the best loan price.

Reasonable Expectations

Before you consider selling or pawning your phone it is important to set some realistic expectations. Some phones are so outdated you may be better off donating them instead of selling.

Since smartphones upgrade so often, you may find that a device you have had for a short period of time isn’t as valuable as you thought. Like everything else, the price you get will boil down to demand.

An easy way to get an idea about the value of your phone is to call your local pawn shop. You can tell them over the phone the condition and the model.

Selling To A Pawn Shop

Even if you decide to sell rather than simply pawning, a pawn shop may be your best bet for cash.

If you’ve ever tried to sell anything on the Facebook marketplace or Craigslist, you already know that you have to handle multiple inquiries, questions, and offers.

With pawnshops, you cut out the troublesome work of haggling with multiple buyers who may or may not be serious about their offers.

How To Pawn or Sell Phones

Once you know if you want to pawn or sell phones, there is more to do to prepare yourself. For instance, you will want to get a good idea of the worth of your phone before your head over to your trusted pawnbroker.

Like all other items, it makes sense to research a bit before starting your negotiation, That way you can set a baseline value and get the best dollar for your phone.

But that’s not the only way to prepare. You’ll want to spend some time cleaning the exterior of your phone, as well as your data.

If you have an iPhone you are in luck. Find out more now about pawning or selling your iPhone.

David Stiebel

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.

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