Pawnshop Experiment

Looking to get rid of some things and make a few dollars? Pawnshops purchase items, but don’t expect a reasonable price for what an item is worth. The dealer looks the item up at an online auction site to see 1) how the item is selling and 2) the lowest price no matter what the brand. Their offer – approximately one-third to one-half of the lowest price found. Advantages to seller – quick money and to get rid of an item immediately.

My honey and I took my violin to pawn shops as an experiment. We weren’t really intending to sell the violin just use it for research. First stop – violin appraisal and was quoted a value of $300. At the music store specializing in the purchase of used instruments the owner refused the instrument due to lack of interest except at the beginning of a school year. At the pawnshops we visited I was offered $25, $15, and $10. At these same shops we checked prices for digital cameras and discovered selling prices approximately 10% below retail.

Final thought – as a way to receive a few dollars, the pawnshop would work. Donations to non-profits are a potential source of tax credits if a person itemizes taxes. If you’d just like to keep the item from becoming trash, give it to someone who will appreciate it by using Freecycle.com in your area.

THE END