Everything You Need To Know About Pawn Shops

Got a rare and precious item to sell? 

Maybe a designer hand-me-down you have to let go of for collateral? 

Or maybe, you're looking for a gadget upgrade? 

Pawnshops are one of the best and most convenient ways to sell an item when you're in a tight spot. They offer fair prices (which you can bargain for) and make sure you still turn a profit! 

If you haven't tried pawning off an item to a pawn shop, you may be apprehensive because of the "a pawn shop ripped me off" stories you hear. To combat the negativity, here's a quick guide on what pawn shops tend to look out for, how to get the best prices for your stuff, and how everything will go down, so you know exactly what you're getting into! 

What is the best pawn shop near me? 

If you're looking for a reliable pawn shop in the New York City area, Gem Pawnbrokers has your back. With 24 branches and over 70 years of experience - our customers always have a stress-free time. 

How do pawn shops work? 

Here's what you can expect once you step into the store. 

The first thing to note: pawn shops don't only buy an item from you. Instead, you can place the item in question up as collateral which needs to be paid for in about 30 to 60 days, depending on the terms. If you decide not to repay the loan, they keep the item and resell on their terms. 

So what does this mean for you? 

If you're strapped for cash, pawning off an item could be the way to go, especially if you want the item back. 

But if you want to sell off an item quickly, going to a pawn shop is the easiest way to do so.

When you decide to sell your item, pawnbrokers come into the picture. They appraise your item for a particular value based on a variety of factors. These may include the object itself, its condition, and how much they can sell it for if you decide not to repurchase the item. 

A good pawnbroker will use various research tools and experience to determine the worth of your item. 

What can be sold at a pawn shop?

A variety of items can be sold at a pawn shop. There are fewer things you cannot sell. 

Let's look at what pawn shops tend to buy - things you can get a hefty price for! 

Pawn shops - what do they buy? 

Pawn shops almost always purchase the following items without question: 

  • Any real jewellery (gems, rings, necklaces, watches, coins, and other precious metals)
  • Electronics (gadgets such as laptops and phones)
  • Sports equipment
  • Video games
  • Musical instruments 
  • Tools and various yard equipment 

Some items are deemed sellable at a pawnshop but require a bit of research on the side of the pawnshop: 

  • Comic books (the rarer, the better)
  • Clothing (especially vintage designer items)
  • Animals (highly dependent on the location)
  • Real estate
  • Vehicles 

Remember, higher quality items will fetch a higher price! 

What's the best pawn shop near me? 

Drop by the largest pawnbrokers in New York. Various branches are conveniently located on the busy streets of the city. Get the best and most reliable service with decades of experience in the field. 

Gem Pawnbrokers offer free appointments, convenient pawn calculators, and even shop our stores online. 

Get the most out of your buck!