How bad do pawn shops rip you off??

Question

I want to sell my wedding ring it cost $1500 new. Any ideas on what a pawn shop or second hand place would give me for it?

Answer 1

They might give you $100 for it if you are lucky.

But it is a loan. They may have to keep it for months or years before they can sell it.

Answer 2

Just like a new car, once its left the lot, 1/2 price.
The person that sold you the ring made a markup profit, as did the person that sold it to that shop, and this money makeing goes all the way back to where that shiney stone was mined at. Thats alotta mouths to feed.
Pawn Shop will give you a Loan Value, cause thats what they do. Was it appraised? if so, it is worth about half of the appraised value, for any stone under 5ct,,,after that it gets crazy.
If you paid 1500 monies for it, expect half of that and you are doing good. But the one that gets the shiney stone willfeel better, thats how some things just work.

Answer 3

Pawn shops loan you the money for your ring, then sell it to someone if you do not buy it back. A jewelry shop may either buy it, or sell it for you on consignment. Or, you can sell it on eBay, and choose your own reserve price.

Of all your options, consignment or eBay are the best.

Answer 4

They gotta make a profit.

I wouldn't expect too much. Consider what the wholesale price of the ring might be (not the retail price you paid).

Call a few jewelers and ask what their policy might be. You may find that since they sell more jewelry they might be able to offer you a better price.

Answer 5

best way to find out bring it in and see what they say..you will be shocked at what they are willing to pay..it is a whole lot less than it's worth