Pawn Shops are a great avenue for earning some extra cash.
You can place your property, such as precious metal (including gold, silver or platinum), watches or electronic items including Smartphones, TVs or gaming consoles, as collateral with a pawnbroker. One other electronic item that is quite in demand with buyers at a pawnshop is an electronic speaker.
People are always looking to buy good quality speakers at pawnshops to save themselves some money and get a decent accessory. If you are skeptical about your nearby pawnshops showing interest in your speakers, the best way is to download a list of pawnbrokers near you using Google search and calling them one by one to ask if they buy or pawn your speaker model.
Determine How Much Cash You Need
Before starting your research, you should have a fair idea of how much cash you require and whether you want to sell your item or pawn it. When you answer all these questions, you will be in a better position to negotiate the price of your speakers. You should bear in mind that pawnshops will pay you a relatively lower price for your product even when you are selling rather than pawning the product. The reason is that it is usually an attraction for the local population and they want to gain maximum profit by reselling the product they buy from you.
Understanding Your Product’s Worth
Before reaching out to a pawnbroker for selling or pawning your speakers, you should do your research about how much your speakers are worth. It will help you drive a good bargain with the pawnbroker. You should start off by checking out the nearby stores, asking them the price of speakers identical to yours. You can also visit websites, such as Pawn Guru, to check how much people are bidding on the speakers you own. Through this exercise, you will get a rough idea of how much you can expect a pawnbroker to pay for your product.
How Much Will the Broker Pay
The amount a pawnbroker is willing to pay for your speaker depends on whether you are selling it or pawning it. If you want to get rid of an extra set of speakers, the best way to go would be to sell them off once and for all rather than pawning them. Selling your item at a pawn shop will generate you more cash than pawning it as a broker would not have to worry about you paying them back. Secondly, you would save some space and would not need to worry about paying back the borrowed amount.
The pawnbroker will estimate the value of your speakers based on local market demand and how much the price of similar items is at online auction sites. The price they offer would also depend on the condition and brand of speakers on the table. If the speakers you are willing to pawn or sell are in great shape, the pawnbroker may offer you a relatively higher price. Since they would want to check your item first, it is important you take the necessary steps to make sure your speakers run properly without a glitch when you are at their store.
Gaining Maximum Value from Your Speakers
When you take your speakers to a pawn shop, the first thing the shop owner will do is go on websites, to check the price of the speakers of your type and quality over the internet. Eventually, they may offer you 40% to 60% of the value they determined online. Below are some useful tips that you can use to get a good bargain for pawning or selling your speakers:
- Make sure they look brand new – Pawnbrokers usually arrive at an estimated price based on the condition and quality of the product. It’s a good idea to clean your speakers and shine them up to look as good as new before you take them to a pawn shop. It might raise the value pawnbroker is willing to pay when he compares them to products available online or at his store.
- Make sure they work perfectly fine – The last thing you want is your speakers not working at all or not working as they should when you reach the pawnshop. Before taking your speakers to the store, you should check and confirm they are working properly and producing good quality sound.
- Put it in original packing if possible – If you have the original packaging of the item, you should use it to raise the value of your collateral. Enclose the speakers in their actual box and include any documentation that came with it. This will satisfy the owner that the product is original and in good condition.
How to Get the Best Deal When I Pawn Speakers
The Basics of Pawning
Before you go through with pawning, you’ll need to familiarize yourself with how the system works. When you pawn an item as collateral, you enter a contract between yourself and the pawnshop dealer. You will need a valid state I.D. and the speakers that you want to pawn, or any other valuable item like a Lenovo Laptop.
Your speakers will be used as collateral for a loan. Meaning, you’ll get cash in hand that day for allowing the pawnshop to hold your speakers for the term-length. Depending on state law and the contract agreement, a typical term-length will be around 30-days. You’ll have 30 days to pay your loan back in full and get your speakers back. If you make an interest payment on the loan, the term-length is extended, and you’ll have more time to pay back the full amount to get your speakers back.
To understand more about pawning any item, read our article: How Pawning Works: A Beginner’s Guide.
Using Posting Auction Sites & Classifieds
Many people like using auction sites like eBay, or classified websites like Craiglist to post their speakers—hoping to sell them—attempting to get more money than they would at a pawnshop. This is an alternative to pawning your items however you, of course, can only sell your speakers on sites like these. You cannot pawn them. On top of this, there are two very considerable reasons to opt for a pawnshop over these methods.
No Verified Payment
When you use a pawnshop to get money, that payment is verified, and you are protected by the dealer’s contract. Using a pawnshop is the only way you can be 100% sure that you will be able to get cash in hand that day. When you use classifieds or auctions, often you’re responsible for shipping the speakers or meeting the buyer yourself in person. This can be more expensive than pawning and can even be dangerous.
At a pawnshop, you can be assured that when you can place your items as collateral you’ll receive money the same day. Selling your speakers on a website can take days, or even weeks, as buyers comparison-shop through various postings. To increase your chances, you might have to post your speakers more than once on different sites. Taking the time to register for the sites, write the post, and check your emails can be arduous. With a pawnshop, you’re dealing with a one-time task and often speak with the same dealer each time. This saves you valuable time!
Negotiate the Best Price
Once you do your homework, you are now ready to negotiate the best price with your local pawnbroker. First and foremost, you should be confident about what you are selling and the price at which you want to sell it. Remember that pawnbroker would usually offer you 40% to 60% of what it is worth online. Hence, if you already know the price of your product online, you would get an idea of how much room you have for negotiation. Your major selling point should be the demand and resale value of your item, and this should allow you to gain maximum selling price out of your negotiation with your pawnbroker. You will get a higher price if you sell than if you pawn.
Pawning your speaker is an effective way to earn some extra cash while keeping your item safe with the pawnbroker, provided you return the borrowed amount in time. The most important aspect of pawning speakers is choosing the right broker, who is interested in buying electronic equipment, such as speakers. Secondly, you should do your proper homework regarding how much cash you want to generate out of your transaction and how much your item is worth. Once you have done all your research, you should be in good shape to maximize the pawn value of your speakers.
The Best Way to Pawn or Sell Speakers: PawnGuru
Selling to a pawnshop is an ideal way to get money for your speakers. Instead of using auction sites or posting forums like eBay or Craigslist—that have zero or cursory payment protection and take a long time to get cash—you can sell your items at a pawnshop. With a pawnshop, you can get cash in your hand that day which is under contract. Meaning, the stipulations of the contract protect both you and the dealer. Also, with pawnshops, you can retrieve your items back if you pawn your speakers instead of selling them. In other words, you have options.
The antiquated way of selling speakers meant driving around town, speaking with various dealers for an appraisal. Once you figured out which shop will give you the best deal, you return to that shop to have a contract drawn up. This can take all day. Even ‘Googling’ pawnshops and visiting multiple sites to compare offers is a tedious project.