A huge market disruptor is making waves in the pawn industry: vape pens.
In 2017, the vaping industry was worth $4 billion, with economic forecasts predicting that by the year 2022 the vaping industry will expand to a whopping $27 billion. Tobacco users are using vape pens as a healthier alternative to cigarette smoking or as a tool to quit tobacco outright. This leaves many wondering: will pawnshops let me take out a pawn loan with a vape pen?
Aside from using PawnGuru to get an offer on your vape right now, knowing definitively a shop will accept this item as collateral—the answer for most shops accepting vape pens is yes! Most typical pawn shops that deal in general commodities—without a specialty—will let you take a pawn loan on a vape pen or buy the device from you. As electronic cigarettes continue to proliferate the market many pawn dealers are eager to get their hands on this valuable collateral.
Why Vape Pens Make Good Collateral?
A market research company is predicting that the traditional cigarette industry will post a $7.7 billion dollar loss from 2018 to 2022. Not only are cigarette companies losing money from the number of smokers opting to use vaporizers instead of smoking but vape pens are an inherent source of collateral.
Most pawn dealers are eager to carry any electronics that have local demand. Of course, since vaping requires a device while cigarettes just turn to ash—vape pens present a clear distinction from tobacco. With vaporizers, there’s a physical product that pawn dealers can buy, sell, or draw up a collateral loan for customers. Vape pens are similar to other gadgets or technology products like a Nintendo Switch. They’re worth pawning because they have huge market value as a tangible product.
The technology behind vaping also diversifies what a pawn dealer can offer. Some vape pen starter packs retail for only $20 while other devices will sell for upwards of $200. There are even luxury vape mods that are worth thousands of dollars. These devices are encrusted with precious stones, fashioned with stained wood or fold, and made with cutting-edge vaping technology. This is why these luxury vape mods are so expensive. The fact that a vape pen can cost as much as a car points toward the market ascension of these products.
How Much Can I get for my Vape Pen at a Pawn Shop?
If you’re looking to get a pawn loan with your vape pen this could be a good commodity to use for collateral. Depending on how much your vape was originally worth will reflect the payout for a collateral loan. This rule of thumb is that the more your vape pen was originally worth, the more money you can get if you pawn or sell the device. Industry experts suggest you can expect anywhere from 75-80% of the original retail value. However, this is not always the case.
The amount of a pawn dealer pays out for either a pawn loan or for buying your items is at their discretion. Meaning, there’s a lot of disparity between pawnshops. You could pawn your vape pen, originally worth $100, and get $30 for it at one shop while a shop down the street will offer $75.
Using PawnGuru can help expedite this research process, ensuring you get the most money for any item you want to take to a pawn shop!
Tip for Getting More Money for You Vape:
- Clean the device thoroughly. Since your mouth goes on it, you’ll want to wipe this down with antibacterial wipes. Make sure all debris is clear of the tank and there’s no residual e-juice still inside.
- Collect all the equipment. Any charging chords, batteries, or parts that came with your pen should be included.
- Assemble in original retail packaging. Place your vape in the original retail box and try to arrange the parts as close as possible to the original packaging.
The Best Way to Pawn Vape Pens: PawnGuru
Whether you’re trying to buy, sell, or get a pawn loan for a vape pen or any other item—the best way to get the most money is with PawnGuru. You can use the site as a platform to create a free listing that will broadcast to every pawn dealer in your area. Minutes later, dealers will email you their offers. Just sift through ‘lowball’ offers and pick the dealers with the most reputability, favorable rates, and highest offer!
To buy, sell, or pawn using PawnGuru click here!