About Pawn Shops : Resale Value in Pawn Shops

About Pawn Shops : Resale Value in Pawn Shops


Hi, this is Luis for expertvillage.com and
we’re going to be talking about pawn shops. Today I’m here at Inland Jewelry and Loan.
Resalable value is a tricky thing. Most people when they come into the pawn shop with a radio
like this, they’re going to get about 10 to 15 bucks. Why do we have $49? You’re thinking
oh you guys are making a huge profit. We put $49 because people are going to come in here
and they’re going to want to bargain. So, we put just a little bit higher so that people
can bargain down with us to a more appropriate price. So in a pawn shop you’re probably going
to walk away with a stereo like this for about 30 bucks which for us, is you know an extra
$15 for us and that’s what we try to do with everything. We do on some occasions, buy things
for a little bit less than most people would and then we can make a higher profit. And
that’s because people usually ask for the prices first, our policy is we need to ask
the customer for the price before we give a price. Because if you’re coming into a pawn
shop with a ring like the one I’m wearing and you say, “I only want 20 bucks.” We’ll
only give you 20 bucks because that’s what you asked for. Now if I know that I can loan
you $100, I’m still going to only give you 20 bucks because that is what you need. And
the reason for that is if you borrow more than you need, you’re probably not going to
be able to get it out. That’s how resale works. We loan $20 on it or we bought it for $20
and then we sell it for 2, $300. You know that’s how we make the bigger profit, but
on regular stuff like these stereos, or these TV’s, things like that, we probably would
go about $10 on it and try to get about 30, 35 bucks for it.

20 Comments

  • 2ooPnYz

    August 8, 2009

    look at all the gamecubes

    Reply
  • Brad A

    October 13, 2009

    if someone doesn't like a pawn shop, then don't go there and do business. it's a free market, do what you want with your money. you don't have to accept the pawn shops deal. you can walk right in or right out of there

    Reply
  • johnsonfromwisconsin

    November 1, 2010

    I am not a pawnbroker and i don't see what's wrong with this video. We're ALL out to maximize and if someone offers you something for a price worth far less than what you value it at, it is NOT "ripping them off" to take their offer as they themselves declared what it's worth to them. Knowledge leads to good deals, don't decry someone for their knowledge and sympathize with those who are oblivious

    Reply
  • thekannibalkid

    November 18, 2010

    ive ran a pawnshop for 12 years & this guy knows nothing about the business,you loan the most you can,so that you can collect the most intrest you can when they
    pick up the item,figure out what you can sell for later,after years of doin this you will maximise you profits,giving the least you can will just piss people off & cause them to go to your comp-ME!

    Reply
  • richie rich

    March 11, 2011

    yeah thats bull shit too u buy something for 10 bucks put 200 bucks on it then u dont wanna come dont on the price when somone wants it i cant deal with pawn shops

    Reply
  • Heather Sandoval

    March 19, 2011

    @johnsonfromwisconsin
    I relize you wrote this 4 months ago, but seeing as how i'm just now reading it, i'm gonna comment.

    I am a pawnbroker and although some of what he said is true, some of it is not. if you read some of the more updated comments, we make more money on interest than we do selling an item. if somebody asked for 20 dollars on a ring that i could give 100 on, i would tell them that i would be willing to go higher if they needed it.
    Customer service is what i do best! 🙂

    Reply
  • johnsonfromwisconsin

    March 19, 2011

    @flirtylovesalaska thanks for the response. I appriciate the professional feedback and it's good to hear that you're generous enough to do that for people.

    Reply
  • olstar18

    April 10, 2011

    @Scooterpugh Except he is not refering to buying it but pawning. Strange how I seem to know more about a business that your in.

    Reply
  • empire

    April 13, 2011

    @Scooterpugh — So if someone comes in with an item you know you can sell for $100, and they put it on the counter and say "can you give me $20 for this?", you'll barter UP the price?

    Come on man. Number one rule of business is to buy low sell high.

    Reply
  • olstar18

    April 13, 2011

    @Scooterpugh I would say nice recovery but you would have to recover and since that doesn't even address the fact that he was talking about pawning not buying well you figure it out.

    Reply
  • billy ward

    June 15, 2011

    jackass

    Reply
  • XHyperxNovaX

    July 16, 2011

    @Scooterpugh

    I know this comment is from 2 years ago but, expertvillage is a huge waste of bandwith.

    Reply
  • Mr mc nugget 1.2M views

    August 14, 2011

    Camera Man: "Yeaa Louis just throw some shit together an we'll call it a rap. "

    Reply
  • Jacob

    November 4, 2011

    @Scooterpugh If you want to put some more money on the streets just slide some towards my pocket

    Reply
  • DJboutit2

    January 13, 2012

    Dude said we give you $10 for this stereo they bargain down to $30 and we only make $15 did some fail at math L O L

    Reply
  • 0neofthem

    November 13, 2012

    He says 10-15 bucks idiot.

    Reply
  • Mykey Contreras

    January 10, 2013

    wow, even if someone is looking to get 20 bux, i still let them know that i can lend them more, incase they need it in the future. If a customer finds out that he/she could have had borrowed more, im gonna have a pretty pissed off customer.

    Reply
  • imatelly

    January 24, 2013

    if its a ring find out how heavy it is do the math, he will give you about half its melt value easy,so go higher.
    never pawn something before you check out its actual price first.
    lastly always go high and come down from there.
    i just told you more then this guy is going to tell you.

    Reply
  • TV Tech

    December 20, 2017

    I don't sell anything to pawn shops anymore, I pawned a guitar once for £25, the next day i see my guitar in there being sold for £75, thieving bastards.

    Reply
  • TV Tech

    December 20, 2017

    Buy backs are also a scam, you can't buy your item back for the same loan amount which they gave you when you pawned it.
    They sell your item back to you with a quadruple markup price, so your getting double fucked by these con artists.

    Reply

Leave a Reply