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How Do Pawn Shops Determine Value?


Pawning off your pre-loved items would be beneficial, especially during times when you’d want to earn a few extra cash, or you have a sudden emergency to tend to financially. The most obvious intention when pawning an item would be to receive a great amount in return, regardless of need and purpose. This is just natural, as you’re about to surrender something which may have sentimental value for you. However, there are a few important factors to keep in mind, in terms of determining an item’s definite value. You may wonder: “How do pawnshops determine value?” Well, here are just a few indicators to look out for:

1. Market Research and Online Resources

If you think you’re the only one coming in prepared when pawning off an item, think again. Pawnshop representatives also do their own homework. There are many resources which the representatives may base their prices from. The most common spot to begin with would be from the internet, regardless of the item which you’re going to pawn off. Don’t be surprised to learn that the jewelry you’ve been keeping for a whole decade still has a recorded price online. Old items (especially valuable antiques and rare to find books) often have a price database, ready to be accessed by pawnshops.

2. Experienced Markups and Computations

They say that experience is the best teacher, and this is also true in the industry of pawning. Pawning is one profession that you can only master after many years of researching and dealing. It is already given that pawnbrokers are knowledgeable about prices, but the execution of haggling to give a win-win deal is something that only a highly-experienced person may be good at. Knowing all of this, they can determine how much they’ll be able to pay you in return without giving an impression that the whole deal was a 70/30 and not a 50/50.

3. Technical Features

Pawnshops usually base their pricing on the technical features of the items. Not to be confused with the literal components of electrical devices, the technical features of items may range from weight and quality (jewelries) to functionality and working condition (gadgets). Of course, if the items were to be auctioned off, they have to be in a good enough condition for the new owner to use.

With all of these being said, you may be looking for a pawn shop that would provide you with the most honest and highest appraisal possible. No worries, as Cebuana Lhuillier has got your back. With their Pawning Service you can never go short in any amount, as they accept an array of items, from jewelry to gadgets, as collaterals. They also lead the pawning industry by offering safety and the highest appraisal rate in the industry in its more than 2,200 branches in the Philippines. Visit your nearest Cebuana Lhuillier branch now – we deliver a fast, easy and secure transaction.

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