The Importance Of Pawn Shop Talk: Get More Money With A Good Story

There are many factors that determine the amount of money you will be offered for a piece of jewelry when you take it to a pawn shop. This includes whether you are looking to sell the jewelry or get a loan for it, the worth of the piece, and your negotiating skills. What you might not realize is that your personal story, and how you express it, can play an important part in setting the final offer you will get for a piece of jewelry. 

Generally, when selling an item, you should expect between 75-80% of its resell value. When getting a loan, you are usually offered less, such as 50-65%, but if you go into the shop with a high-end piece of jewelry, the right attitude, and a good (true) story, then you may be able to get a much larger loan on your jewelry. Your story should show an emotional attachment to the item you are selling as well as your ability to pay back the loan. 

Your Emotional Attachment to the Item 

By establishing that you have an emotional attachment to an item, you show that you are more likely to return and pay the loan you owe to get the item back. You can express this attachment both verbally and non-verbally. 

To adequately express an attachment verbally, you should consider mentioning the history of the jewelry and your regular interactions with it. For example, it is good to mention that a piece of jewelry is an heirloom, passed down by a relative you love. It is also a good idea to mention that you usually wear it, have it on display in your home, or wear it for special occasions. You would not want to mention if you recently purchased the item or if you just found it after having forgotten that you owned it, as this shows low attachment. 

Your physical interaction with the jewelry may speak louder than your words. If you wear it on a daily basis you may go into the pawn shop wearing it, unless you had it cleaned to improve your price. Either way, instead of placing the item on the counter immediately, you may want to hold it for an extended period of time, giving it directly to the pawn broker. The extra physical intimacy with the object establishes that you feel ownership over it and have an attachment to it. 

Your Ability to Pay Back a Loan 

Your ability to pay back a loan is just as important as your willingness to pay back that loan. For that reason, you should express that you have the means to pay back the amount you are asking for. Again, this may be done both physically and verbally. 

Physically, you should express your overall wealth and a high level of responsibility. This means that you should take care to dress in a respectable manner, preferably smart casual or business informal, if you own them. 

When you talk, you should mention how you intend to pay back the loan. You may mention a specific date for paying back the loan, which is sooner than its due date. You may also mention if you will have a promotion, end-of-the-year bonus, or another source of income that you are sure of. For example, stating that you simply do not want to close your CD before it matures next month is a good way to state that you have the money to pay back a loan. 

When expressing your attachment and ability to pay back your loan, it is important to avoid sounding desperate, as this can negate your bargaining power. Instead, try to enter the transaction with confidence and a clear goal. Keep these tips in mind as you head to your local pawn shop, and you should get the best price possible for your jewelry.