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Selling Your Guitar - How Much Will A Pawnshop Pay For It?
Jun 26, 2020
Sell Or Pawn Your Guitar For Cash
It could be due to a looming emergency expense, or you want to say goodbye to your guitar. Now, you might be wondering how a pawn shop will pay you for it. First, though, you need to ensure that the pawnshop you’re looking to sell to is knowledgeable when it comes to guitars. If you’re not careful, you could end up selling your guitar for a much lower price than it should be.
Once you found the right pawnshop, you need to understand the way they’ll price your guitar so that you get an idea of how much they would pay for it. Here are some factors that pawnshops use to determine guitar prices:
1. Pawn Price vs Sell Price
Unlike what most people believe, the pawn price is not usually the same as the selling price. Because pawning means that the item will still be retrieved once the customer pays the loan, there may be times when the pawnshop decides to pawn for a higher price. However, when you choose to sell the item, the pawnshop will eventually resell the price at market value so they will have to bargain to gain a profit out of your item.
2. Market Value
The market value is how much the item is worth on average based on the supply and demand of the item. It is also different from the initial selling retail price (SRP) of the item and is typically a lot lower. Additionally, if the pawnshop already has a lot of guitars sitting in their stockpile, you’ll likely receive a much lower price than expected.
On the other hand, if your item is rare, the pawnshop can probably offer a lot higher. However, they will still offer a lower price than the market value for profitability.
3. Brand
The brand manufacturer always affects how much the resell value of the item is because it relates to quality. Brands like Gibson, Martine, and Taylor are some of the most popular guitar manufacturers in the world. Because the brand is popular, your Gibson guitar will likely be priced a lot higher than a Yamaha or Schecter.
The brand of the item also equates to the rarity of the item. Because popular brands sell more expensive guitars, there will be fewer owners of their products, as opposed to cheaper ones.
4. Condition
This is probably the most important factor to consider when trying to determine your guitar’s price. A well-maintained guitar will be priced at a much higher value than one that’s noticeably used. The closer the item is to brand new condition, the higher you can sell it. Also, antique items that are kept well-maintained can even increase in value due to its rarity.
Conclusion
It’s important to try and determine how much the pawnshop would buy your guitar so that you don’t accidentally sell it for a much lower price, especially if it holds sentimental value. By checking how the condition, the brand, and the rarity of your instrument affect the pricing, you’ll know how much it’s worth in money.
Looking to sell or pawn some used instruments? River City Pawn offers an easy pawning process, making it one of the best pawn shops in the city. Call us today and learn how you can get some quick cash!
