March 02, 2020 - Equipment and Tools
Today, they’re modern meccas for all kinds of great items at steep, discounted prices.
Items like jewelry, electronics, and firearms get a lot of attention. Yet, selling power tools is one of those opportunities few realize they can make top dollar!
Why go the pawn route for your tools versus options like eBay and FB marketplace? Keep reading and you’ll make the pawn shop the next destination on your list!
Popular brands like Bosch, DeWalt, and Stihl command quality and with the quality is a high price tag. Outside of them breaking, a tool will do its job in 5, 10, even 25 years if cared for. This means they hold or even increase in value as they become collectibles!
Consider the following if you want to sell tools for cash:
Many people assume pawn shop transactions are always a one-and-done deal. They assume a person brings something in and leaves with cash. That’s not always true.
Pawn shops are in the lending business.
You can take power tools in, place them as collateral, and receive a short-term loan for their value. This is the “pawn” in pawn shops. By paying back the loan, you receive the collateral so you’re not out your items if you’re responsible.
Compare pawning versus predatory loans found at cash advance locations. The pawn shop offers fair value and loan terms that won’t further drive you in a hole. That’s why we always recommend folks in need of cash try pawn shops, which offer far better services and terms.
Let’s piggy-back on using power tools as collateral for the short-term loan.
Your tools may go unused for months on end during the off-season like during the winter months. During that time, you need capital to pay bills and get by.
A pawn shop presents an opportunity to get fast cash for items you’re not using. Then, when work picks up, you could return and get items back.
Pawn shops encourage repeat business and will work with known customers. The connection could include better loan terms. Or, higher payouts given they have a history and they know the value items have with the person.
Pawn shops offer an alternative for those who can’t get loans from banks. Likewise, you can walk away from the pawn without a ding to your credit if need be (minus collateral).
Your toolbox, in some ways, becomes your own personal bank. The power tools give you financial options when you’re ready to make a deal.
Selling power tools provides a great income booster during slow times.
A pawn store is likely in your area ready and waiting to see what you bring in. Give them a look and compare their prices to what you find online. What pawn shops offer may surprise you!
What else sells well at pawn shops? What will get you top dollar? See our guides on how pawning works for all the details!