With the host of guilty pleasure TV shows documenting the human drama that plays out in pawnshops, it’s reliable to say their reputation, and status has never been higher. What was once seen as the shady arm of trade is now converting into a progressively accepted form of business. But while the negative customs connected with pawnshops might be dropping, are they now a dependable choice to sell my Rolex?
Like everything, it also has its pros and cons. While pawn shop Pompano Beach FL might not be the seedy, scary spots so often depicted in the media, do they offer any advantages over more conventional outlets while considering where to sell a Rolex?
A Question of Timing
The one thing that hasn’t evolved with pawnshops is the number one benefit they give to the seller; speed. Pawnshops exist for people who want cash in a hurry. You can walk into one with pretty much any valuable item and walk out again with a hefty amount of cash in a matter of time. No need to wait for postal or courier services, no waiting for checks to clear, just cold, hard cash in hand. Great, right? Well, yes and no. That level of luxury comes at a cost. And the price, in this case, is the value. The probability of getting a reasonable price for your Rolex at a pawn shop Rolex near me is virtually zero, for several reasons.
Firstly, the pawnshop is a business, and businesses don’t stay in business long if they overcompensate for their assets. They know the sellers need a fast financial injection, and they’ll use that information to their benefit. And who could accuse them?
Secondly, if you’ve ever viewed any of the range of pawnshop TV shows, you’ll know it’s a unique day that a customer walks out with accurately the price they needed. Pawnbrokers are top-notch hagglers—it’s their living. The probability is you’re not going to out-negotiate an expert, and the amount of money you had your heart set on for your Rolex is unlikely to materialize.
And thirdly, most pawn shops buy and sell a vast range of diverse items, anything from tools to cars. No one person can be a specialist on every object that comes in the door, so you’re going to be bargaining with a jack-of-all-trades lacking in the specialist expertise needed to value your watch accurately. While some train in jewelry, it’s uncertain there will be a Rolex professional on hand to give you a reasonable price. Even if you’ve done your analysis and know the specific value of your piece, it’s going to be a useless task convincing the broker.
Sell or Loan?
Where pawn shops hold a significant advantage by selling your Rolex with an online retailer or a bricks-and-mortar jeweler is the strength to use your watch as a deposit for a short-term loan. It was always the primary function of conventional pawn shops. If you need money immediately but only for a short time, you could take in something expensive, borrow against it and then, when you were ready, pay back the loan and get your thing back.
It’s a way that’s been in the trade for many years and has accommodated innumerable people out of a tight spot, but it can get costly. Terms differ from shop to shop and state to state, but interest costs on loan can vary anywhere from 3% to 25% per month. There might also be additional fees for handling, evaluation, storage, and insurance. Make a wise choice and sell your Rolex for a fair price!