With nearly 10,000 pawn shops in the U.S. alone, it’s no surprise that so many people use them to get rid of things they don’t want anymore.
But what about your old laptop computer? What’s the best way to use a pawn shop to get money for it?
Should you pawn or sell a laptop?
Each of these choices has distinct advantages and disadvantages that we’re going to take a closer look at.
Selling a Laptop
When you sell a laptop, you’re permanently exchanging that item for an agreed-upon amount of money. In most cases, you won’t be able to go back on the deal.
You can sell a laptop to a pawn shop, but keep in mind you won’t get its full value since they’re buying it with the intention of reselling it. On the other hand, if you sell it yourself, that’s going to take a great deal of your time and work.
Here are some reasons to sell a laptop to a pawn shop:
- Get more money than pawning
- Faster than selling it yourself
- Don’t have to deal with buyers or shipping
Here’s why you may not want to sell your laptop to a pawn shop:
- Can’t get it back
- Won’t earn as much money as if you sold it yourself
Overall, selling a laptop to a pawn shop is a good option if you want some quick cash, and don’t want the hassle of trying to sell it yourself. In fact, the time you save in trying to sell it yourself could make it well worth it.
Pawning a Laptop
When you pawn something, you’re essentially taking out a small loan by putting that item up for collateral. When you want the item back, you have to pay back the loan with some interest.
Many people use this method if they need a small amount of money for a short amount of time. However, if you don’t pay back the loan in a certain amount of time, the lender gets to keep your laptop.
Here’s why you may consider pawning your laptop:
- You can get it back if you change your mind
Here’s why you might choose not to pawn your laptop:
- Don’t get as much money as selling it
- Have to pay extra to get it back
Sometimes, you may not be ready to give up your old laptop. That’s when pawning it might be a good option for you. Plus, if you do decide you don’t want it back, you already have the cash in your pocket.
Pawn or Sell a Laptop: Which is Best?
As you can imagine, this decision depends on you and your situation.
If you already have a new laptop and know for sure you don’t want your old one, selling it will be the best option for you. However, if you don’t have a new laptop yet and think you might change your mind, you may want to pawn it instead.