How Do Pawn Shops Put a Value on Your Electronics?
Your local pawn shop will buy and pawn used electronics like computers, newer generation cell phones and other lightly-used electronics depending on their estimated value, working condition and the demand of the item. It’s important to note that electronics don’t typically hold their value over a certain period of time. This will be the main consideration when a pawn shop is valuing your electronics.
Pawn Shops typically look for electronics that are less than 2 years old. Dealing with outdated technology puts the transaction at too great a risk. Electronics in good shape are easier to sell than ones with flaws, which means they can get a higher loan. Because around 20% of objects brought in for pawning are not redeemed and must be sold, it’s a greater factor for the pawn shop. Electronics depreciate quickly, so there’s a higher chance you won’t be able to acquire the expected value if you want to sell. Customers may be disappointed with electronics if the iPad they brought in as collateral a year ago does not match the initial price.
Another factor pawn shops may consider is the completeness of the technology. Because many devices come with accessories out of the box, pawnshop consumers are likely to expect the same from what they purchase from you. As a result, devices that include chargers and adapters are worth more than those that do not. A console by itself is not worth much when a customer brings in a video game system, but a newer system with all the consoles and wires, as well as some titles, will be easier to sell.
The wholesale value of electronics determines their pawnshop values in part. Pricing on stores like eBay and Amazon shows how much specific things are selling across the country. Electronics, maybe more than any other pawned item, need a pawnshop’s knowledge of both its market and general technological trends. The arrival of new models and innovations can cause the value of older models to drop. Thus products that cost a lot of money during the previous holiday season may be almost worthless the next. Some brands, on the other hand, hold their worth better and may thus be more valuable to a pawnshop owner. Apple items, for example, may have enough demand even if they are a year or two old, and high-end electronics and digital cameras may be attractive as well.
Need some quick cash? Remember the Alamo, on Transmitter Road in Panama City! We provide quick confidential loans on just about anything of value. We are always looking for new inventory if you prefer to sell your electronics out right!
At Alamo Pawn Shop in Panama City, pawn loans are a quick and easy way to borrow money without a credit check or hassle. Loans are based on the value of your collateral, not your credit rating or pay schedule. A typical pawn loan has a term length of 30 days, plus a 30-day grace period. If you cannot pay back your pawn loan in full, including any applicable grace period, we offer extensions to give you extra time. You may also choose to surrender your collateral as payment in full. Stop by our shop or give us a call at 850-872-0700!