As the holidays are quickly approaching, many savvy consumers are both gaining much needed cash and finding amazing gifts at high-end pawnshops around the country. Major newspapers around the US, including the Wall Street Journal and Salt Lake Tribune are reporting that pawn shops are increasingly becoming the hotspot for finding top quality jewelry, and even hard-to-find pre-owned Rolex watches.
The reason for increased inventories at high-end pawnshops is two-fold: (1) The challenging economy has inspired many men and women to receive jewelry loans (2) With the inflated price of gold over the past few months, consumers have cashed in on gold jewelry and watches.
It has become quite clear that purchasing expensive watches and jewelry from major stores doesn’t make as much sense as it once did. For example, it is possible to find a barely used Rolex from a high-end pawn shop for up to 70 percent less than a new one. This leaves quite a bit of room for purchasing your dream Rolex, rather than a brand new low-end model from an overpriced jewelry store. The sky is the limit at the right pawn shop!
In the case that you are looking to gain some extra cash for the holidays, you can still cash in on gold. Its price is currently rising and sits today at about $1690 an ounce. You can either sell gold or pawn gold.
Difference between Selling and Pawning
There is quite a big difference between selling and pawning an item. When you sell, you turn your item over to a pawn broker and are provided instant cash.
When an item is pawned, a loan agreement is drawn up and the item pawned is used as collateral. For instance, if you choose to pawn a diamond ring, a loan will be provided at a certain amount with a set of terms for payment. If you fail to pay off the loan, the diamond ring is kept by the pawnshop. When pawning a precious item, you should have a defined plan for paying it off or risk losing the item.
The power to sell or pawn high valued items is a great way to fund your holidays. The secret is to find a high quality shop that you can trust. Wishing you an amazing holiday season!
Source: New feed 1