Top 5 Mistakes People Make When Pawning

September 25, 2017 - 3 minutes read

top mistakes people make when pawning

Lots of clients come through the doors of our Scottsdale pawn shop throughout the year. Many are “first timers” who are looking to get some quick cash for items they no longer need or use. Therefore, we want customers at North Scottsdale Loan & Gold to have the best experience possible we want you to avoid the five most common mistakes people make when pawning valuables.

1. Thinking They’re Buying Something Stolen

Not true at all. The law is strict in this regard. We receive daily reports from the police department regarding items that are reported stolen, and we provide daily reports to police regarding items we take in and sell. We can lose our license to sell items in Arizona if we break this law, so we take considerable precautions to ensure that every item we buy or sell has the proper provenance.

2. Thinking That Everything That Comes in Gets Sold Immediately

The law requires us to hold onto everything we take in for 30 days before we can put it on the showroom floor. If the client wants to buy the item back within that 30 days, that is absolutely something we can accommodate.

3. Over-Negotiating the Deal

Sometimes there is wiggle room on a price and other times there simply isn’t. While you can get some great bargains when buying or selling at a pawn shop in Scottsdale, that doesn’t mean you can walk away with a steal of a deal.

4. Not Understanding that Precious Metal Prices Fluctuate

Today’s price of gold isn’t tomorrow’s price, and pawn shops accept a considerable risk when purchasing precious metals. The price that is offered is often one based upon the estimated future value of the metal. Not every pawn shop in Scottsdale, Arizona deals with precious metals and jewelry, thus it is important to find one that specializes in this trade. Doing so will ensure the best deal for your valuables.

5. Not Understanding that Every Item is Not Valuable to a Pawn Shop

While your great-grandmother’s china set may have considerable sentimental value, that doesn’t mean it has significant market value. When a pawn shop offers a loan on an item, we do so based on the actual value of the item and our ability to resell that item if you choose not to repay the loan.

North Scottsdale Loan & Gold is the most recognized pawn shop in Scottsdale because of our reputation for top-tier service and the quality of the goods we carry. We invite you to drop in and take a look around whenever it fits into your schedule. We will be happy to answer your questions and help you make the best pawn decision possible.