January 15, 2020 - Electronics
In fact, electronics are among the most wanted items in pawn shops, meaning your old laptop could be a hot commodity.
That said, you have an important decision to make: Should you pawn or sell laptops?
If you’re stumped and looking for answers, you’ve come to the right place. Here’s everything you need to know about pawning or selling your laptop.
If you’ve never pawned an item or sold to a pawn shop, the process can be a little confusing. So which is better for you?
Truth be told, both have their own distinct pros and cons.
Pawning is a great option for those who need money on the spot to pay for rent, bills, or medical costs. Unlike selling an item outright, you still own the item.
However, the pawn shop will hold onto your item as collateral. As a result, you’ll likely have to pay interest to retrieve your item, making it a more expensive option in the long term.
Selling, on the other hand, is as simple as it gets. Once you complete the transaction, the item belongs to the store and you get to walk out of the shop with cash in hand.
Moreover, you’ll likely get more money selling a laptop than pawning a laptop and won’t have to worry about making regular payments.
So how much will you get for your laptop?
Well, that depends on a number of factors. Namely, this includes whether you sell or pawn your item.
But aside from that, you’ll need to consider your laptop’s make and model, as well as the condition of your laptop.
Specialty laptops, such as gaming laptops or MacBooks, often fetch a much higher price than a Chromebook or standard laptop.
Should your laptop appear scratched or damaged, you could still get money, but you’ll likely have to sell it instead of pawn it.
There are a few things you can do to ensure you get a great rate for your laptop and have a safe, secure transaction.
First, make sure that you’ve wiped your hard drive before saying goodbye to your laptop.
Most computers have some trace of personal data from a user which can include social security numbers, passwords, and credit card info, each of which can cause identity theft if your laptop gets into the wrong hands.
Next, be sure to bring any cases or charging cables. While some shops require a charging cable, if they don’t, you may be able to sell it alongside your laptop to make a little extra change.
So, this brings us back to our main question: Should you pawn or sell laptops?
If you need money right now, pawning is likely your best option. If you have time to research and sell your item, you may be able to get a better rate selling your laptop.
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