The Skill of Haggling with a Pawn Shop
Whether you are after good quality items at a good price or need some quick money yourself, pawn shops are a great place to go. At a pawn shop, you will either be able to quickly sell your items for that shop to sell on at profit or agree on a ‘pawn’ deal that will see you give money for your item but with the premise that this item becomes theirs to sell if you do not return the money with interest at an agreed time.
However, some people do not realize that you do not have to accept the prices that they are offering as many of them will certainly allow a little room for haggling on the price. If you do plan on visiting pawnbrokers in London or any other city, you are certainly going to want to make sure you heed the two tips we are going to give you when you do decide to sell an item.
Know Your Item
Before you even step foot in your chosen pawn shop in London, you will need to be armed with knowledge about the item you are selling or pawning. Learn how much it is roughly worth by using online auction sites as a guide.
Learn more about its history if it is an antique and just put yourself in a better position to haggle due to your knowledge of the item. A pawnbroker will be able to see quite quickly if you do not know much about your item and will be quick to capitalize on this.
It is common practice for a pawnbroker to start with a bid that is worth about 50% of the value of your item which is quite acceptable in most cases as they then need to sell that item on for a profit at around 70%. What this means is that you should not expect much more than this and at a push another 5-10% by haggling your price.
You should not be shocked to hear a price of 50% of value either, they are a business at the end of the day and need to make money. If you think you can find somebody who will pay you 100% of your items value, then do so by all means.
The best way to negotiate is to add another 15% on top of their offer and expect that to be refused but hopefully countered with a bid a bit higher than what they originally offered.
Haggling for a price when selling at a pawnbroker is not rocket science by any means but starting with the two tips above as basics is a good place to start when looking for the best possible price for your items.