Bardstown Ky Pawn Shops (2024)

FAQs

What's the most a pawn shop will pay? ›

The loan amount that a pawnbroker offers will be based on the item's assessed resale value, often much lower than its original purchase price. If the item is approved, a lender will typically offer 25% – 60% of the resale value.

At a pawn shop, you leave your property and, in return, the pawnbroker typically lends you approximately 25% to 60% of the item's resale value. The most commonly pawned items are jewelry, electronic and photography equipment, musical instruments, and firearms. The average amount of a pawn shop loan is about $75–$100.

Don't accept the first price offered by the pawn shop. Be prepared to negotiate and ask for a better price. However, be realistic in your expectations and don't be too aggressive; the point of doing your research beforehand is so that you can anticipate what will be considered fair both for you and for the pawn shop.

Pawn shops that buy TVs will also pay more for a bigger screen. If your TV's screen is less than 26 inches, you'd be lucky to get over $50 for it. If your screen is greater than 42 inches, though, a pawnbroker like GEM might offer you over $200, provided the TV is one of the brands mentioned above.

DVDs, video games, and cell phones are not great items to pawn because they are so common. Used DVDs and video games are sold cheaply in thrift stores and other resale shops, so pawn shops are unlikely to be interested in them. Cell phones are frequently stolen, and it is usually too risky for a pawn shop to sell them.

Pawning or selling is a personal choice. It boils down to two options: wanting to get items back or not wanting them back. If customers want their items back, then pawning is the best option. But if they want to get rid of their items, selling is the better choice.

High cost to borrow: The biggest downside to pawning is the cost. Consumer advocates consider an APR of 36% to be the upper end of affordability for any loan. A pawnshop loan of $100 that costs $10 in fees and is due in 30 days runs about 122% APR.

Pawnbrokers have access to value databases that list current resale prices for common items. If an item isn't listed in these databases, they may check eBay to see what customers are paying for the item. Jewelry, antiques, and historical artifacts may require a special appraisal by an expert.

Negotiating to get a good deal is all about communicating your offer. Remember—the pawnbroker isn't here to lowball you, but they are looking to obtain an item for a reasonable price. They are very willing to haggle and negotiate prices since it is what they are hired for.

Why do pawn shops offer so little? ›

In order to get a similar return on investment by selling a used item outright, a pawn shop needs to buy it at a very low price. Not only do they need to make a profit on the sale — they also need to pay their rent, employee salaries, utility bills and other expenses.

Most pawn shops do negotiate for sales – but don't expect to get more than 60% of the value of your item. Remember – their end goal is to resell your item for a profit. They don't care about the sentimental value or history, or even the unique details that add value.

Pawn stores usually pay the most for jewelry like diamonds and gold, timepieces, coins, vintage sneakers, designer purses, and handbags. However, every pawn shop can buy high-ticket items, including vehicles, real estate, and jewelry.

You can expect to receive anywhere from $50-$300 for your tablet, depending on the brand, model, and quality of your device: 4th Generation iPad – $50-$150.

If you do locate your property in a pawnshop, pawnshops usually do not release any information due to privacy laws. They also are under no obligation to answer questions. If you do locate your property inside a pawnshop, you should contact the police department immediately for assistance.

A pawn store will generally offer more money if you're selling your item instead of pawning it. However, it does depend on a few factors. For instance, if you're selling an in-demand item, such as gold jewelry or a high-end watch, the pawnbroker is more likely to offer you a higher cash value.

It depends on the condition and the pawn shop, but generally, you can expect around $300-$500 for a PS5. It's always a good idea to shop around and get a few quotes!

Earning interest on loans and profits on retail sales are the principal income sources for the standard business model for a pawnshop. Pawnshopsg typically aim to generate overall net profit margins of at least 15% to 25%.