High-end watches are items that hold a lot of value in them and that is why a lot of people use them as a way to get quick cash whenever they need it. Most watches are bought as accessories that will fit their fashion style or bought as a status symbol. Others are bought mainly as investment pieces because of the value that they hold.
So, what if you don’t have a high-end watch? Is it still possible to get cash out of it? Even if you don’t have a Rolex, Omega or Cartier, you might be surprised to know that pawnshops are willing to give you a fair offer for your used watches. In fact, there is a huge market for that kind of item. In order to get the best possible offer for your used watch, you need to follow some tips which will be discussed later in this blog.
If you currently have a Timex, Fossil, Tissot or Seiko, bring them over to Gem Pawnbrokers and allow our pawnbrokers to appraise them. We are experts in handling various valuable items such as jewelry and watches. Our staff are professionally trained to appraise your timepieces and offer the best possible price for you.
Why are used watches a good item to pawn?
There are many ways to sell your watch but if you want to experience as little effort and time on your part as possible, the best thing that you can do is visit a pawnshop. Pawnbrokers are professionals with many years of experience in buying and selling valuable items. So, whenever you bring your watch to a pawnshop, you can deal with a professional who can appraise your item and give you a fair offer for your used watch. Instead of selling your watch directly to individual buyers on online platforms such as Craiglist, you are likely to land a better deal when you go to a pawnshop.
Aside from getting a fair price for your valuable item, another great thing about selling your watch in a pawnshop is the fact that you will be able to get cash on the same day you hand over your item. Pawnshops can also sell your item on, if you wish to part with it.
Given the fact that watch owners want to get the most money out of their valuable items, we will teach you how you can do just that.
As we have mentioned earlier, watches are sought after items that can indicate your fashion style and status. That is why these items are so popular. If you have a designer watch, you are actually holding an item with high value and that is the kind of item that is ideal for pawning.
Gem Pawnbrokers are interested in a wide variety of timepieces of various makes and models. Whether you want to sell your item or use it as loan collateral, the choice is completely up to you.
Sell or pawn your used watch?
In the past, it was very difficult to know where you can sell your watch for the most amount of money. Aside from that, your area might be full of pawnshops, however it is always best to visit a pawnshop that specialises in the item you are looking to pawn, if you are in the New York City area then look not further than GEM Pawnbrokers.
As we have mentioned earlier, pawnshops can give you the option to sell your item or use it as a loan solution. If you prefer to sell it, the pawnbroker will appraise your item based on its condition, market value and other benchmarks. If you prefer to get a loan out of it, the same appraisal system will be used to determine how much money will be given to you as a loan. This transaction is simple and transparent, and it will include the amount that is offered to you as a loan, as well as the length of the loan term and the interest rate.
Gem Pawnbrokers offer competitive and fair loans. If you wish to get your watch back within the loan term, all you need to do is pay the loan back. If you wish to extend your loan term, all you need to do is pay the interest rate as agreed in the terms and conditions.
What do we look for in your used watch?
The value of your timepieces will depend on a lot of factors. When it comes to determining the value of your item, we will be taking a closer look at its present condition, its current desirability in the watch market, its make and model, the materials used in manufacturing the watch, any signs of damage or scratches and whether it is counterfeit or genuine watch. Our pawnbrokers will also carefully check the serial numbers, engraving and finishing then determine if they match with genuine pieces created by the manufacturer.
First of all, to get the best possible amount of money for your item, it should be in good working order and condition. The pawnbroker will evaluate its condition and check whether it’s clean. The functionalities of the watch will also be tested. Your item will be scrutinized for the presence of damages too. If you are planning to bring your watch to a pawnshop, you want to make sure it is clean, works perfectly and there are little or no cosmetic issues to it. Most pawnshops are not interested in damaged items because they will not be profitable on their end.
If your timepiece is in working condition but dirty, you need to clean it thoroughly. Although the process of cleaning your watch sounds simple, a little mistake will drastically affect its market value. Cleaning watches is a delicate endeavour. If you are not careful enough with the use of cleaning and polishing agents, you may end up damaging the item. To get rid of dirt and dust, simply use a damp cloth or paper towel. If polishing is needed, ask the help of watch cleaning experts to buff the scratches out or ask the pawnshop if they can take care of it for you.
If you prefer to clean your timepiece at home, that is not a problem. Just follow these tips before bringing your watch to the pawnshop.
- Do not use cleaning products with abrasive agents.
- To remove dirt and dust from the surface, use lukewarm water and a paper towel or microfiber cloth.
- Pay closer attention to areas that are hard-to-reach.
- Do not use a brush with stiff bristles. Use a brush with extra soft bristles to get into hard-to-reach areas such as the watch head and metal band.
- Use a leather cleaner to clean your leather band.
- If there are scratches on the watch head, ask a jeweler how much it would cost to buff out those scratches. This might be worth it if it gives you a bigger appraisal value.
Another benchmark that will give you a better deal with pawnshops is the packaging that came with your used watch. For instance, if it came with a box and warranty papers, it will help our pawnbrokers appraise the item much faster. We actually love items in complete packages. If you can bring your watch along with the box it came with, including the receipt, tags, warranty card and authenticity card, our pawnbrokers will be urged to give you a better offer as compared to bringing the item on its own. Bringing these items along with you might sound very trivial but they are actually helpful in determining the authenticity of your timepiece. These items will make us more confident in selling your watch to other customers, as they can actually raise the perceived value of your item.
If it came with extra links, bring them all as well. If any stone or crystal fell off from the watch head, don’t hesitate to bring it too. Put those extra pieces in a Ziploc bag and show them to the pawnbroker. The completeness of your package will allow us to determine the market value of your item and this will often result in a higher payout.
If you are wondering how much do pawnshops offer for used watches, the average offer is around $300 and the maximum offer could reach up to $14,000 or more. If you have noticed, there is a big gap between the price of the average and maximum offer. This is because there are many types of watches out in the market today. Naturally, luxury and high-end timepieces will get the highest offers compared to middle-end or lower-end timepieces.
Why choose GEM Pawnbrokers?
Our staff is made up of fair and experienced pawnbrokers who are willing to offer you a fair deal for your used watches. We are one of the largest pawnbrokers in New York. We have 24 conveniently placed branches that can serve you. Visit one of our branches today and find out how much your used watches are worth and what else we can offer you!