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Jewelry Store vs Pawn Shop: Which is the Best for You?

Jewelry Store vs Pawn Shop: Which is the Best for You?

by | Jan 31, 2019 | Blog

When people in the Inland Empire are in the market for jewelry, most head straight for their local jewelry store, or to the nearest mall’s huge chain store. However, there are those who consider other options, such as pawnshops, which is fortunate because pawn shops in most cases can save you quite a bit of money on their jewelry investment.

Not only that, but retail jewelry stores and pawn shops have some significant differences that affect the buying process. Some reasons that a pawn shop may be right for you are:

You won’t pay more for trends or brands

For one, unlike retail jewelry stores, pawn shops have the ability to price their gold pieces according to the ever-fluctuating price of gold, whereas design and manufacturing heavily affect the price in a retail jewelry store. That means that in a pawn shop, you are more likely to find a great deal on a name-brand piece than anywhere else. Your pawnbrokers are able to give you a great deal on gold if you visit them at a time when the price of gold is favorable to your needs.

No middle man

Retail jewelry stores buy wholesale and mark their products up around 100%. In the case of the huge national chains, they also invest heavily in advertising and pass the expense of all those television, radio and print ads on to the consumer.

Meanwhile, pawnshops can typically sell similar items at a discount because there is no middle man to force them to earn a considerable profit. Pawn shops essentially cut out the middle man and pass the savings on to you.

Pawn shops will work with you

Pawnshops are unique because they also present an opportunity to trade in unwanted but valuable items for cash or towards the purchase of the jewelry that you want. This makes buying jewelry more accessible to more people. While some retail stores will jewelry in trade, your local pawnbroker is able to give you a higher value on the item in exchange. This is because pawnshops have a multitude of ways to resell jewelry. For example, they can sell jewelry as is, or they can sell precious stones or gold to local jewelers. A retail jeweler usually does not have such flexibility.

What about selling?

If you’re looking to sell your jewelry, a pawn shop is still likely your best option. This is because a retail store must be interested in your specific item in order for them to buy it. If your item isn’t popular or rare or vintage, it is unlikely to sell, causing them to turn your item down.

A pawnshop, on the other hand, doesn’t need to worry about the popularity of an item. The weight and carat of the precious metals and gems in your jewelry are far more critical to your pawnbroker.

Also, if you are not exactly ready to part with your jewelry forever but are still in need of some quick cash, pawnshops can offer you a loan against the value of your items. You can get the money you need without the wait and credit check of a bank or payday lender, as well as keeping your credit rating safe.

If you repay your loan in time and do not pay late or miss any installments, you will get your item back. Not only will you get to keep an object with great sentimental value, but you will also be able to take out a loan against it again in the future if necessary.

How much will a pawn shop pay for my jewelry?

The price a pawn shop will pay will vary because it depends entirely on how much a particular pawn shop will pay for your items. However, you can expect offers that range between 50% – 60% of the value of your jewelry. Don’t forget that a pawn shop is a business, and to keep their business healthy, they must sell everything in their shop for more than they paid for it.

This means that although you now know that a pawn shop is the best option for you when it comes to buying and selling jewelry, you must still do your due diligence. So, before you visit your local pawn shops, take the following steps:

Do online research – learn as much as you can about the jewelry you are interested in buying or selling. Go online and search retail prices, completed online auctions, and trends of the cost of the precious metals in your item. This will give you an idea of how much you can expect to pay or be offered.

Do in-person research – many shops do not advertise all of their prices or pieces online, so visit retail jewelers and pawn shops to see what similar items are going for. Ask the retailer or pawnbroker what they might expect your article to go for.

Have realistic expectations – keep in mind that if you choose to buy from a retail jewelry store, you are almost guaranteed to pay more than is necessary, so don’t go in expecting to cut a deal or trade an item for it. And if you buy from a pawn shop, you may not find the exact custom piece you were hoping for but will get a great deal. If you are selling, remember that about 50% of the item’s value is a typical amount that a pawn shop will pay.

Haggle respectfully – it is fine and expected to try and negotiate for a better price at a pawn shop. We are always willing to work with customers to find a deal that works for everyone. But, know when to back down. You can still walk away and try again another day or at another shop if something just doesn’t feel right.

Visit our Showroom in Ontario today and see firsthand why more and more people are picking Central Mega Pawn as the best choice for all their jewelry buying and selling needs. We have been serving the community for many years and are looking forward to many more.

Top 5 things to know when pawning anything at a pawn shop

Top 5 things to know when pawning anything at a pawn shop

by | Jan 4, 2019 | Blog

Most people who need a quick loan and do not want to pay the high cost of a payday loan, where APR’s can be as high as 400% (see our blog on payday loans vs pawn loans) or go through a credit check and all the additional requirements of a personal loan, a pawn shop is a great alternative. Since Pawn Shops offer short term loans on most items of value, in California for instance the pawn loan term is just 4 months, it is easier and cheaper for many to find an item to pawn than to deal with credit cards or payday loans. However, before you go into any pawn shop to get a quick cash loan there are a few things to keep in mind.

1. Pawn Shops Can & Will Negotiate – So be ready but don’t be rude… as the old saying goes you can catch more fly’s with honey than you can with vinegar. Knowing the value of your item is one thing but what your really want to know is what is lowest reasonable amount you will except and of course just how much money you need as this is a loan and you are not selling the item. Having this information worked out before you step foot inside a pawn shop will put you in a position to work with them in a meaningful way to get the best value for your loan.

2. Make Sure You Have A Valid Form of ID – Pawn shops are heavily regulated and must adhere to strict laws regarding lending and so must require that anyone receiving a pawn loan be documented accordingly. This helps to prevent issues such as fraud and other issues from taking place which helps to make a pawn loan an extremely safe type of loan to get. For most pawn shops a valid drivers license or state ID card will do though they must be current, also acceptable are military ID and Passports, as long as they are valid, student I.D’s and expired I.D’s will not cut the mustard.

3. Not All Pawn Shops Are The Same – From customer service to inventory to size there are all types of reasons that make pawn shops different from one another this includes how much they will offer on your item for the loan they provide you, so it is always best to shop around. Some pawn shops will even increase the amount they will loan on an item if the customer has taken out loans in the past and has a good history with them. For this reason many people will settle on one local pawn shop that they like to get loans from.

4. Interest Rates on Pawn Loans are Regulated By The State – This is one of the reasons that pawn loans can be such a good choice for those in need of some quick cash for a short time. What this means is that you will not pay more than the State Allowed Limit of interest that can be charged on a pawn loan. That being said the interest you pay can play into your negotiations for the best pawn loan as knowing how much you will be paying back may also help you determine just how much money you want to borrow.

5. Make sure whatever you want to pawn is real, has actual value & works – Most pawn shops will not lend on anything that is not in working order, though this may seem like common knowledge we see time and time again individuals get up to the counter with an item such as a drill or a computer that just doesn’t work. Pawn shops will always test an item right at the counter to make sure that it is in working condition before they make an offer. One of the few exceptions to this is jewelry , broken or not as long as it has precious stones and metals you are almost sure to get a loan. When it comes to jewelry authenticity counts a heck of a lot more than functionality. Pawn shops see their fair share of fake jewelry, from some who know it is a fake and those that have no idea, and will always run tests on the stone and/or metal to check its authenticity and its value.

For millions of people around the U.S. Pawn Shops are the first choice when they need a quick short term loan and for good reason. This being said pawn shops are also a great place to sell any of your unwanted or unused merchandise with payouts that are always negotiable so if you do find yourself looking for a pawn shop to get a loan from you may also want to look around and see if there are items you may wish to sell instead.

Do Pawn Shops Loan Money on Electronics?

Do Pawn Shops Loan Money on Electronics?

by | Nov 15, 2018 | Blog

When you need quick cash, a reputable pawn shop near you is a great place to work with. The strict regulations that pawn shops operate under in California make them a safe bet for your business. More and more people are turning to pawnshops to meet their financial needs, and your local pawnbroker is in a position to help you.

If you are considering pawning some of your property for cash, you will get more money if your items are in-demand and saleable. Pawnshops in your area are there to help their communities, but they must also ensure that they will be able to sell items at a profit if the pawned articles go unredeemed.

Electronics are smart things to pawn if you find yourself in a financial pinch. In-demand electronics in excellent condition are among the handful of items that all pawn shops can use. However, not all electronics will fetch similar payouts. Keep reading to find out what factors affect how much you can expect for your electronics at a pawn shop near you.

First, keep in mind that unlike other frequently pawned items, such as jewelry or tools, electronics do not retain their value over time. A two-year-old tablet is worth only a fraction of what a six-month-old tablet is worth. Your local pawnbroker must take into consideration that an older electronic will be difficult to sell if its ticket is not redeemed.

More than any other pawned item, electronics require a pawnshop to stay on top of the news on both the marketplace and general technology trends. Introduction of new models and innovations in technology can render an item obsolete seemingly overnight, causing prices and demand to plummet. However, some brands, like Nikon and Apple, retain their value longer than others, even for older generation models. Brands like these may be more useful to your local pawnshop and will get you more money.

What factors affect how much money i can get for my electronics?

Age and Condition

Generally, pawnshops prefer electronics that are no more than two years old. Items older than two years old are risky for a pawnshop to purchase, as it means that the article may soon be outdated, if it isn’t already.

Also, electronics in good condition are easier to sell than chipped, stained or otherwise cosmetically damaged items. Even if your article works perfectly, a blemished product will affect how much your pawnbroker can charge for it.

Completeness

Customers expect that electronics come with as much original packaging as possible, including chargers, manuals, cables, and accessories. Electronics that come with such peripherals will command a higher price than those without. For example, a video game console with its controllers, cords and maybe even a handful of games, will be easier for your pawnbroker to sell than a console by itself.

Customer Relations

Pawnbrokers like to stay on good terms with the members of their community. Repeat customers who repay their loans on time are likely to get more for their item because they are considered a low-risk customer to their pawnbroker.

Customers that your pawnbroker has never seen before, or who have earned a history of non-payment may be considered a risky bet and may not get top dollar for their electronic item.

So now that you know a little about what factors may influence how much you can expect for your electronic, here are some tips on selling your electronics at your local pawn shop.

How do i sell my electronics at my local pawn shop?

Find out if your item is in demand

Check out what items like yours have recently sold for online to get an idea of how much you can realistically expect your local pawnshop to pay for your article. Online sales will tell you and your pawnbroker about the national demand, which will help set a baseline for how much you might receive for it. If your old electronics aren’t in demand online, chances of a big payout for you will be slim.

Clean it up

If your item is popular, you’re in luck. The next step is to clean up your piece. The closer to new that you can make your electronic look, the less work your pawnbroker will need to do to get in shape to sell, which may be reflected in the price that you are offered.

Test it out

It should go without saying that your item must work as expected; be prepared to demonstrate to your pawnbroker that your electronic is in excellent working condition.

If your electronic item does not work, it is worth little else than as a paperweight unless it can be sold for parts.

Collect all the parts

Having all the cables, manuals and accessories that go with your item will get you a little more money than the thing by itself. Whatever you, and by extension, your pawnbroker can add to the bundle will increase its perceived value to a potential buyer.

At the pawn shop, be prepared to:

Show your ID

Pawnbrokers in your area are careful not to purchase stolen items. As a security measure, they will require legal identification from you before they will consider extending an offer. Be sure that your ID has not expired and that it contains current information. If your ID does not have your current address, you should consider bringing along a piece of business mail less than thirty days old as a show of good faith that your local pawnbroker is reputable.

Negotiate a little

While it will depend on the item, your local pawnbroker has a little wriggle room when it comes to electronics that are new or in high demand. Do not take advantage of it, but keep in mind that pawnbrokers are willing to work with you to find a solution that satisfies everyone.

Understand your pawnbroker’s position

Most local pawnbrokers like Central Mega Pawn are experts in their communities; they know what will sell better in Ontario than in, say, Upland, Chino, or Pomona. Don’t take it personally if they decline your item or offer less than you expected. You can either negotiate or ask where they think you might get more for your money.

For more information feel free to contact one of our pawn professionals at 909-627-9622

Finding Antiques at a Pawn Shop Near You

Finding Antiques at a Pawn Shop Near You

by | Nov 2, 2018 | Blog

Antiques are a significant investment. Not only do they add character to any setting they’re put into, but they can also be handed down as they grow in value. From small items, like trading cards, to large pieces like furniture and weapons, there’s an antique out there for every individual taste and interest.

Once you have decided on what to collect, the next step is figuring out where to find items to add to your collection. In the past, buying, enjoying and investing in antiques was mainly for the well-off. If you didn’t inherit your antiques, you had to go through brokerage houses or private dealers, who tacked on hefty fees and commissions.

However, the playing field is now more equal than ever. Forget scouring estate sales or visiting brokerage houses – the best place to find antiques to buy is at the pawnshops in the Ontario, Chino, and Pomona areas.

Why Buy Antiques at My Local Pawn Shop?

Obviously, you want to avoid paying more than necessary, and you want to ensure that the pieces you buy are genuine, and a right fit for your collection.

Most merchandise that can be found at your local pawnshop is deeply discounted. Also, pawnshops in your area do everything they can to ensure that everything in the shop is genuine. As a buyer, this works to your advantage, reducing the risk of overpaying or of being unable to recoup your investment if you decide to resell down the line.

By virtue of the business model, pawn shops always maintain a diverse inventory, which is usually made of a few common items, such as:

What sets antiques and collectibles apart from the other items on that list is the fact that because most pawn shops are small, independent businesses, it is impossible to say what kind of antiques you will be able to find at your local pawn shop.

It is worth going to visit and seeing what they have. You might even consider visiting a few times per year, to see what’s new and to get an idea of what you can expect to find at your local pawnshop on a regular basis.

The chances are good that at any given time, your local pawn shop will have something you are interested in. Additionally, buying your antiques at your local pawn shop has the advantage of allowing you to carefully examine the piece before you buy, and to negotiate to reach a price that satisfies everyone. Not to mention that you will not pay shipping fees, dealers fees, or insurance. Also, you won’t have to worry about your item getting damaged by careless handlers when it is on the way to you.

Your local pawnbroker will also likely know the history of the antique, which can increase its value by giving it provenance, which is the chronology of its ownership. At the very least, knowing more about the history of the item will make it worth more to you on a personal level.

How to Pick the Right Antiques and Collectibles at Your Local Pawn shop

If you are looking for antiques that are made out of or feature any precious metal, avoid items that appear polished or overly-cleaned. Many times, sellers, hoping to get the highest offer, will clean or polish off age marks or patina that give the antique its value.

Other considerations you should take into mind when shopping for your antiques at a pawnshop near you include:

Know your price limit

Are you buying an antique or collectible to keep, display and pass on to an heir? Or are you buying it to resell? Depending on your intentions for your antique, your price limit and leeway for negotiating may be affected.

In the event that you cannot come to an agreement with your pawnbroker about price, don’t be afraid to just thank them for their time and walk away. It’s respectful and far better than overpaying.

Do your own homework

Learning how to research antiques online is easier than ever. Take the time to familiarize yourself with common telltale signs of forgeries, fakes, and reproductions. Your local pawnbroker has done everything they can to ensure that every item in their shop is the genuine article, but sometimes mistakes happen. As a buyer, it is up to you to do your due diligence into authenticity.

Get to know some experts

The Inland Empire communities are home to many collecting clubs and antiques dealers’ associations; get to know some of the experts in these groups to find people who can help you decide what to purchase and when. As an added bonus of networking with experts and fellow aficionados, you will gradually become an authority on items that catch your interest and will be in a position to help your fellow buyer down the road.

If you see something that interests you, that fits into your collection and is within your price range, buy it – every item is one of a kind and once it’s off the market, you may never see it again. Feel free to negotiate to get the item you want.

Finally, to protect your investment and to keep it enjoyable for years to come, learn how to take care of your antiques.

Regardless of how long you have been collecting antiques, your local pawnshop is a great place to find and buy antiques. Those just starting out collecting or dealing in antiques will discover great starter items; collectors and dealers can find deals and create a relationship with their local pawnbroker that will be mutually beneficial for years to come.

Guide to Buying and Selling Your Gold

Guide to Buying and Selling Your Gold

by | Nov 2, 2018 | Blog

BUYING AND SELLING YOUR GOLD

The price of precious metals rises and falls, but gold always retains some value. Because of its steady value and demand, gold is easy to buy and sell. Not only that, gold jewelry has a value beyond its status as a precious metal; gold jewelry also holds a market price from a design and fashion perspective. A piece from a well-known or in-demand designer could command value far beyond that of its precious metals.

Gold has been used to hedge against inflation and the volatility of the stock market for decades and is staple part of most investment portfolios, not to mention it looks great on your wrist or ring finger. Whether you are looking to make some quick cash by selling your gold or are interested in long term investing, gold is a great idea. Keep reading to learn what you need to know to make a smart purchase, and to get the most for your gold.

Selling

Before you explore the prospect of selling your
gold coins,
jewelry or bars keep in mind that pawnshops, jewelers and other brokers all determine the value of gold by its current open market value, which is always publicly available. This works to your advantage, as all parties involved will be working off the same baseline value.

Gold is priced per ounce and is bought and sold 24 hours a day, 7 days a week all over the world; this means that the value is constantly changing by the second. The price of gold is affected by everything from the value of the U.S. Dollar to reserves in foreign banks.

However, as a seller, it is not enough to know the current market value of gold. You should also know the weight your gold, as well as how pure your gold is. Armed with that information, you will know how much you can realistically expect for your gold, as your buyer will need to turn a profit on your items.

When it comes time to field offers for your gold, you should compare offers from multiple pawn shops. By simply visiting a pawn shop nearby who deals in gold on a daily basis you can get a good idea of how much money you will receive if you sell or pawn it.

Pawnshops vs. Jewelers vs. Online

Without a doubt, a pawn shop in your area is the best place to buy and sell gold, regardless if your gold is in the form of coins, jewelry or even gold bars. A pawn shop will be able to get you top dollar for even broken or out of date gold jewelry, as they may have it melted down and fashioned into something new, without passing on convenience charges or other such add-ons that you’d find at other places or at online buyers.

Additionally, if you have your items have sentimental value for you, a pawn shop, is the best choice if it’s something that you may like to retain, as you can repurchase it within the terms outlined in your agreement when you sell.

Assessing Golds Value

When determining the value of your gold there are several things to consider including Weight, Karat, Design and so forth. Getting the best price for your gold can be tricky so it helps to know what it is you truly have. See our Blog Getting The Best Price For Your Gold for additional details.

When Should You Sell Your Gold?

It sounds over-simplified, but it’s true: the best time to sell your gold is when you need a little extra cash on hand. Until you have sold your gold, you haven’t realized it’s real value, and you are vulnerable to the whims of the market for the time that you are holding on to it.

In other words, the best time to sell you gold is when you have a plan for the cash that you’ll receive for it. Be it to cover bills, to make other investments that may have a higher return, or simply to spend, the right time to sell is when it makes sense for your situation.

Regardless of what form your gold is in, be it a bar, necklace or chain, you have something of great worth that you can sell or pawn at a pawnshop. Give a pawn shop near you a call to find out what kind of value you may have lying around the house.

Buying

A significant bonus to buying your gold or gold jewelry at a pawn shop is that prices are typically much lower than retail for the exact same quality, usually 30% to 50% less. You are also dealing with brokers who are licensed and highly regulated, which means that buying your gold from a pawn shop is safe and reliable.

You should always buy your gold from a reputable business like ours. Your research should begin before you even set foot in a single shop. Go to the website of each pawn shop near you that you are considering buying from and read reviews about them across many sites.

While doing your due diligence, pay particular attention to reviews about shops that specialize in gold and jewelry. When you’ve narrowed down your list to a few shops, visit them in person before you are ready to begin working with them.

Keep in mind that gold items will vary from shop to shop; each piece is unique in its own way, so if you happen upon something that catches your eye or meets your needs, be sure to make an offer and be prepared to negotiate.

A reputable shop like ours will be willing to negotiate with knowledgeable and courteous customers. Consider paying in cash and/or having items to trade to get a great deal. Don’t be afraid to ask plenty of questions about a piece. We will be happy to work with you to settle on a price that satisfies everyone.

Buying and selling gold is a straightforward way to make quick cash and pick up an item that will steadily increase in value. Although the recent gold rush of 2011 may be behind us, pawn shops in your area are ready and able to offer you top dollar and give you the best deal, regardless if you are buying or selling gold.

As a profession, pawnbrokers have been in the gold business for centuries. Pawn shops like ours that serve the greater
Inland Empire, like in the Ontario, Upland, Chino, and Pomona areas, have been in the gold business for decades. We have a vested interest in keeping you happy and are hands down the fastest, safest and most advantageous way to turn your precious metal into cash in your pocket, or in helping you make a smart investment.