Guitar owners are a special kind of person. Once they start playing, they never seem to have enough guitars or accessories. But, sometimes, life happens, and guitar players need to pare down their collection due to a move or for some quick cash. Whatever the reason, if you are a guitar owner and are thinking of pawning or selling your guitar at your local pawn shop but are not sure where to start, Central Mega Pawn has you covered. Keep reading to find a guide to getting the most for your guitar at your local pawn shop.
How Pawnshops Work
If you are new to working with your local pawnshop, you should know a few things beforehand. For one, a pawnshop can only make loans against or buy items that they can resell. This means that you may not get the full amount that you are expecting. Generally, count on an offer of about 40 – 60% of your guitar and gear’s going rate, unless it is a rare specimen.
Also, every pawnshop is a reflection of the community it serves, which means that demand for guitars will be a factor in how much your pawnbroker will offer, or if they will even accept it at all. Some guitar brands can also command a higher price due to their popularity or reputation for quality, while other brands are generally avoided. Popular guitar brands include but are in no way limited to:
- Gibson
- Yamaha
- Fender
- Epiphone
- Gretsch
Finally, pawnshops are in the business of making collateral-based, short-term loans. This means that your loan is secured by an item of value – in this case, your guitars. When you take out a pawn loan, your pawnbroker will hold on to your guitar until you repay your loan. If you do not repay, the pawnbroker takes possession of your guitar and sells it to recover the amount.
When it comes to reaching a price, feel free to negotiate with your pawnbroker. However, be sure to have realistic expectations. We will go over how to figure out a fair price a little later.
Pawning
Pawning your guitar and gear is an excellent option if you need a quick, safe cash loan. Pawn loans are one of the safest kinds of loans out there. Pawn loans do not put your credit score at risk, and they do not trap you in a vicious cycle of debt like other sources of loans, such as payday advances.
Even better, you can get your guitar back when you pay your loan back on time, which is excellent news if you are not entirely ready to part with your instrument or gear just yet. Your guitar and guitar gear can be a source of quick cash whenever you need it.
Selling
Selling your guitar and gear to your pawn shop is an excellent alternative to selling online through Craigslist or Reverb websites. When you sell to a pawn shop, you get your cash in hand in minutes, unlike selling where you will have to create an account at the website, take and post photos, then deal with picky buyers who will try to lowball you, then risk your safety by meeting in public for the handoff. Selling to your local pawnshop is quick and easy.
Pawning vs. Selling Your Guitar
Pawning or selling your guitar and guitar gear is a personal decision. If you are not ready to let go of your guitar forever, a pawn loan may be your best option. If you just need the most cash possible for your gear, selling may be the way to go, as on average, a pawnbroker can offer a little more money when you sell. However, you will not get your gear back when you sell, which may be a concern if you plan to keep using your guitar, either to play or to use again and again for a pawn loan.
How to get the most for your guitars at your local pawnshop
Regardless of if you are buying or selling, here is a quick guide to getting the most for your gear:
- Do your homework – Even if you have lots of experience with buying and selling guitars and guitar gear, it is still vital to learn as much as possible about the going rate for everything you plan on pawning or selling. While prices on guitars don’t fluctuate too wildly, the market is still vulnerable to change. So, in addition to looking around for prices at big-box music stores like Guitar Center, look at completed sales on auction sites like eBay or Reverb.
- Clean it – Make your guitar look as beautiful as the day you took it home. The more appealing it is right off the bat, the more attractive it will be to your pawnbroker, and the more leverage you may have when it comes time to negotiate an amount.
- Gather any and all accessories – Do you have a case, straps, amps, pedals, extra strings lying around too that you can also bear to part with? The more “complete” a set up you can offer your pawnbroker, the more they may be willing to offer.
- Negotiate – Whether you are selling, or pawning your guitars, a skill that will come in handy is the ability and willingness to negotiate with your pawnbroker. One of the best things about working with your local pawnshop is that you may have room to negotiate the offer on your price or loan terms. This is where your research will come in handy – you will walk in knowing what it is a fair price and will be able to work knowledgeably with your pawnbroker to arrive at a price that works for everyone.
Pawnshops are members of your community. As such, they want to make connections with their neighbors and support them in times of need. Visit us today to see how we can help you get a fair price for your guitars and guitar gear.
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