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Resale Value in Pawn Shops

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From Quick Guide: Pawn Shops 101

Summary: How to know about resale value in pawn shops; get expert tips an advice on how to buy, sell, trade, and save money in pawn shops in this free instructional video.

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By Luis Calle
eHow Presenter

Mr. Luis Calle has been in the jewelry and loan industry, also known as pawn shops, for several years now. What appeals to him most about pawn shops is that anyone can go in and get a...read more

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Video Transcript

"Hi, this is Luis for expertvillage.com and we're going to be talking about pawn shops. Today I'm here at Inland Jewelry and Loan. Resalable value is a tricky thing. Most people when they come into the pawn shop with a radio like this, they're going to get about 10 to 15 bucks. Why do we have $49? You're thinking oh you guys are making a huge profit. We put $49 because people are going to come in here and they're going to want to bargain. So, we put just a little bit higher so that people can bargain down with us to a more appropriate price. So in a pawn shop you're probably going to walk away with a stereo like this for about 30 bucks which for us, is you know an extra $15 for us and that's what we try to do with everything. We do on some occasions, buy things for a little bit less than most people would and then we can make a higher profit. And that's because people usually ask for the prices first, our policy is we need to ask the customer for the price before we give a price. Because if you're coming into a pawn shop with a ring like the one I'm wearing and you say, "I only want 20 bucks." We'll only give you 20 bucks because that's what you asked for. Now if I know that I can loan you $100, I'm still going to only give you 20 bucks because that is what you need. And the reason for that is if you borrow more than you need, you're probably not going to be able to get it out. That's how resale works. We loan $20 on it or we bought it for $20 and then we sell it for 2, $300. You know that's how we make the bigger profit, but on regular stuff like these stereos, or these TV's, things like that, we probably would go about $10 on it and try to get about 30, 35 bucks for it."

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