Hey girl, do you have a fabulous bag at home that you just don’t wear anymore!? Do you want quick cash fast? Well, what are you waiting for? Pawn your handbag today! Keep reading to learn how…
It’s a familiar story: Funds are low. Cash is tight. Expenses pop out of nowhere. Something has to give, and quick. These days, more and more women are finding creative ways to meet financial challenges without going into bankruptcy or taking on high-interest loans. Instead, they’re pawning their handbags.1
Can You Really Pawn Handbags?
Some of your most valuable assets may be dangling off your arm or hiding in your closet. Yes, we’re talking about those designer handbags. Globally, the premium handbag and accessories market rakes in about $50 million per year. In the U.S., these eye-popping appendages are one of the fastest growing asset classes.2
Women all around the world are taking notice. So are pawn shops.
Each bag is worth anywhere from a few hundred dollars to tens of thousands of dollars, depending on the brand and style. That’s good news for luxury goods owners who need a quick loan. It’s also good news for pawnbrokers, who can rest easy knowing they have substantial collateral sitting in their secure vaults.
The bottom line? If you need fast cash, bring your designer handbag to GEM Pawnbrokers. Within minutes, you can walk away with cold, hard cash.
But Why Would Anyone Pawn Designer Handbags?
There are as many reasons to pawn handbags as there are designer handbags in the world. Perhaps you’d like to fund a startup, as Diane von Furstenberg famously did when she pawned her diamond ring in order to launch her wrap-dress business way back in 1971.3
Maybe you need access to quick cash while you’re going through a divorce. Maybe you’re faced with an unexpected surgery, the loss of a job, or the need to make a down payment. Perhaps you simply got the urge to board a private jet and set off for an exotic destination.
Whatever the reason, pawning those purses is a great alternative to selling them outright. Within minutes, you can walk away with cash for Louis Vuitton, Hermes, Gucci, or Chanel handbags, and, instead of saying goodbye forever, you get to say, “I’ll see you soon.”
To Pawn or Not to Pawn
So, what’s the cost? Is there a downside? Are there risks?
Yes and no. There’s no catch, but there is a caveat. At the end of the day, you have to pay back the loan plus interest. If you don’t return the money within the allotted time period (anywhere from 30 days to four months), you’ll either have to rewrite the loan or lose your bag.
That means you should think carefully before you pawn. Are you confident you’ll be able to pay back the principal plus interest before the end of the loan term? How attached are you to your handbag? Will you be devastated if you lose it? As long as you weigh all the risks and calculate your finances, you should have no problem making a smart decision. In any case, pawning the handbag is usually a better choice than selling it, in which case you have no hope of recovery.
Where Can I Sell Coach Purses and Other Pressing Questions
Do a little research, and you’ll soon learn that not every pawnbroker takes handbags. That’s because relatively few pawn shops know their business when it comes to these luxury items. Ask your average lender to value a Hermes bag, and you’ll get nothing but a blank stare. Put simply, you have to find a pawn shop that knows designer purses.
You should also be careful which outlets you choose. Fly-by-night pawn shops litter the cityscape, offering shady deals and high-interest rates. Land in one of these shops, and you could swear off pawning for the rest of your life. The trick is to find a reputable dealer, a pawnbroker with an established reputation for trustworthiness and fair dealing.
At GEM Pawnbrokers, we have the expertise to appraise luxury handbags. We also have 70 years of experience, 24 locations around the city, and some of the lowest collateral loan rates in the country. When it comes to highly regarded pawn shops in the New York area, you can’t do better than GEM Pawnbrokers.
How Much Is Your Bag Worth?
Not all handbags are created equal. Well-cared-for items from leading brands are easy to pawn. They can net you anywhere from a few thousand dollars to tens of thousands of dollars. Cheaper bags, knock-offs, and well-worn items will bring a much lower price or nothing at all.
When determining whether to offer a loan in exchange for a bag, a pawnbroker will consider a few things. If you can’t pay off the loan and recover the item, will the shop be able to turn around and resell the bag? Will anyone buy it? Even high-end fashion items tend to have an expiration date, and the lender has to be sure that they can recoup the cost of the loan if worse comes to worst.
With that in mind, the loan amount you’ll receive depends on a number of factors:
- Brand: Some brands have a better reputation than others. In the world of designer handbags, the most renowned names consistently produce quality products—purses and clutches distinguished by their impressive designs and impeccable craftsmanship.
You’re sure to recognize their names: Louis Vuitton, Hermes, Chanel, Prada, Gucci. There are others as well. At GEM Pawnbrokers, we often see the likes of Coach, Michael Kors, Bulgari, and Cartier.
- Style: Just as some brands outperform other brands, so, too, some styles are more coveted than other styles. Bring in a Hermes White Matte Niloticus Himalayan Crocodile Birkin, and you’re likely to walk away with far more cash than if you show up with a less exclusive item.
So, which bags will put more bills in your pocket? A good indicator is how much you paid for it in the first place. In general, the more expensive bags tend to retain a heftier price.
Other than quality, there’s the fashion factor. Has your bag gone out of style? Do you have a peculiar or unusual design that only appeals to a niche group? As a rule, classic designs tend to stay in fashion longer than more unconventional pieces. Certain colors also fly off the shelves faster than others. Want more detailed information? A GEM Pawnbrokers appraiser can help you estimate the value of your bag.
- Authenticity: When buying handbags, beware of fakes. They may look similar from a distance, but there’s a world of difference when it comes to quality. Your average reproduction will fall apart before you can say “knock-off.” Unfortunately, such replicas have flooded the market, which only makes it harder to separate the genuine articles from the shams.
To protect themselves, many buyers have resorted to asking for authentication documents before they accept an item. You’ll have to check with your local GEM Pawnbrokers shop to see if they demand papers, but it’s always a good idea to hold onto those documents if you can.
- Rarity: Whether you’re talking about diamonds or handbags, scarcity is a good indicator of value. The rarer an item is, the higher price it will fetch on the marketplace (think exotic skins or limited editions).
Many vintage bags also top the list of sought-after rarities. In fact, some bags rise in value over time as the manufacturer discontinues production and the number of well-maintained bags dwindles. If you happen to have a classic bag that’s now out of circulation, you might be looking at a substantial loan.
- Condition: The better the condition, the higher the price. For every scuff mark and scratch, take a chunk off the loan amount. If wear-and-tear is noticeable, you might not be able to pawn the bag at all. If you really want to secure a decent price, be sure to include the original packaging: boxes, dust bags, etc.
How to Pawn Handbags in New York
Ready to pawn your handbag? Follow these simple steps:
- Step 1: Clean your bag. Remember to follow the manufacturer’s instructions.
- Step 2: Gather all packaging and authentication documents.
- Step 3: Find a pawn shop near me using GEM Pawnbrokers’ easy location finder.
- Step 4: Bring in your bag and let us appraise it.
- Step 5: Walk away with cash in a few short minutes!
After you walk out the door, we’ll keep your bag in safe storage for the loan period, during which time you can pay back the principal plus interest and then walk away with your bag.
Looking for pawn shops that buy designer bags near me? Call or visit GEM Pawnbrokers to get low-interest, quick-cash loans today!
- The Daily Mail. “The Ultimate Investment Purchase.”
- CNBC. “Pawn My Handbag.”
- The Daily Mail. “Would You Pawn Your Handbag?”