Know what your item is worth and what you are expecting to get for it…
On average, most pawn shops will loan approximately one third the value against any given item or purchase for roughly two thirds of the true value.
There are many factors in determining the value such as demand, existing inventory (of a given broker), and some standard market rates for precious stones and metals. I will delve more deeply into this in a future post.
If you have a good idea of what the item is actually worth, you will know what you can actually expect to get for it. With that knowledge, you can establish a higher baseline to begin your negotiation.
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.