[Tonytee]

Prior to all of this unfortunate Coronavirus situation we now find ourselves in, I had visited a local Pawn Shop that had been in business for approximately 20 years but was

new to my area. I brought in a lens that I had not used in a long time and wanted to reduce my stockpile of unused gear. The owner was the one who offered to help me and

I felt he was a pretty good guy since I have been doing business with him even at his former location. Long story short, he examined the lens, got on his computer and

checked ebay's Sold Section. He explained to me that what he does is take the lowest sold price and then cut it in half and that is what he will offer for the item.

Admittedly I was somewhat taken aback and replied: "If you are using the lowest Sold price for the item and then cut it in half, chances are you are basing your decision on

what may have been a piece of junk, or for parts only item. My item is not a piece of junk or for parts only gear." Now he was taken aback, but not enough to reconsider his

offer and proffer a new one. At any rate, I haven't been back since and probably never will again.

Thanks for reading.

Tonytee

[crazy4oldcars]

Works for the crackheads and other junkies, lol.
If he's been in business that long, you would think he knew better. I wouldn't go back, either.

Kirk B.

[carlb]

Obviously that's his method of trying to maximise his potential profit on the item. All businesses try to maximise profit. I'm not sure why you would, or should, be offended. You walked out without doing business with him because you either didn't like the price he offered or his pricing method, and that's your prerogative.

[monochrome]

Prior to all of this unfortunate Coronavirus situation we now find ourselves in, I had visited a local Pawn Shop that had been in business for approximately 20 years but was

new to my area. I brought in a lens that I had not used in a long time and wanted to reduce my stockpile of unused gear. The owner was the one who offered to help me and

I felt he was a pretty good guy since I have been doing business with him even at his former location. Long story short, he examined the lens, got on his computer and

checked ebay's Sold Section. He explained to me that what he does is take the lowest sold price and then cut it in half and that is what he will offer for the item.

Admittedly I was somewhat taken aback and replied: "If you are using the lowest Sold price for the item and then cut it in half, chances are you are basing your decision on

what may have been a piece of junk, or for parts only item. My item is not a piece of junk or for parts only gear." Now he was taken aback, but not enough to reconsider his

offer and proffer a new one. At any rate, I haven't been back since and probably never will again.

Thanks for reading.

Tonytee

Actually, your pawnbroker is the one who should take offense. It takes work to list and sell on eBay. The value of Work + his Business Risk is the difference between his offer and what you could sell the lens for on eBay (or the Marketplace).

[c.a.m]

He explained to me that what he does is take the lowest sold price and then cut it in half and that is what he will offer for the item.

It's unfortunate that a deal couldn't be struck. However, it's useful to know the broker's formula for valuating an item. Now it's possible to decide whether any of your items might be worthwhile to offer to the shop.

I think it's often discouraging when an item receives an offer that seems low-ball. I've found it useful to consider what my item is worth just sitting in the cabinet of unused gear, versus the real value of the money received, even if the buyer's offer seems lower than market value. Sometimes, an easy, no-risk sale is acceptable and better than keeping the item. Otherwise, an option would be to put the item up on eBay or the PF Marketplace and hope the items sells within a reasonable time period.

Sometimes, a reasonable counter-offer by the seller may prompt the prospective buyer to commit. In the case at hand, the shop's owner might have budged a bit to, say, somewhere between the lowest and average eBay selling price (the average price of the last couple of months is good for the seller to know before entering the shop).


- Craig

[Tonytee]

Actually, your pawnbroker is the one who should take offense. It takes work to list and sell on eBay. The value of Work + his Business Risk is the difference between his offer and what you could sell the lens for on eBay (or the Marketplace).

I should have mentioned that the owner wasn't planning on selling the item on ebay. He does have some high end photo gear in the shop.

Thnx.

Tony

[ChrisPlatt]

That's not unusual. Typically dealers will offer only pennies on the dollar for nearly anything.
Sometimes they will be a bit more generous when you are buying something at the same time.

Chris

[Tonytee]

It's unfortunate that a deal couldn't be struck. However, it's useful to know the broker's formula for valuating an item. Now it's possible to decide whether any of your items might be worthwhile to offer to the shop.

I think it's often discouraging when an item receives an offer that seems low-ball. I've found it useful to consider what my item is worth just sitting in the cabinet of unused gear, versus the real value of the money received, even if the buyer's offer seems lower than market value. Sometimes, an easy, no-risk sale is acceptable and better than keeping the item. Otherwise, an option would be to put the item up on eBay or the PF Marketplace and hope the items sells within a reasonable time period.

Sometimes, a reasonable counter-offer by the seller may prompt the prospective buyer to commit. In the case at hand, the shop's owner might have budged a bit to, say, somewhere between the lowest and average eBay selling price (the average price of the last couple of months is good for the seller to know before entering the shop).


- Craig

Thank you very much. You have made excellent points, sir.

TT

[VSTAR]

For a Pawnshop that is the way they do business. Not insulting. But at least they were honest in explaining how they calculate the amount it is worth. I have twice returned to the camera store I purchased 2 expensive cameras, one camera was probably 6-9 months old with a very low shutter count. They looked up the trade in price at the store. It was likely 20% of the original price. I looked at the sales person and said "Huh". At least he was honest. He explained that they are not reselling the camera in the store but selling it to another company and I should consider selling it privately. Which is what I did. I sold it on PF. And then even private sales sometimes are insulting. Once someone wanted to buy my colour enlarger, lens, trays, everything. I said fine, and would deliver it if needed. The person offered me nothing close to the advertised price, even insulted me. I never replied...until one day she offered me a classical guitar hand painted pink and asked if I was interested in a trade. Again I did not reply.

[Theov39]

For a Pawnshop that is the way they do business. Not insulting. But at least they were honest in explaining how they calculate the amount it is worth. I have twice returned to the camera store I purchased 2 expensive cameras, one camera was probably 6-9 months old with a very low shutter count. They looked up the trade in price at the store. It was likely 20% of the original price. I looked at the sales person and said "Huh". At least he was honest. He explained that they are not reselling the camera in the store but selling it to another company and I should consider selling it privately. Which is what I did. I sold it on PF. And then even private sales sometimes are insulting. Once someone wanted to buy my colour enlarger, lens, trays, everything. I said fine, and would deliver it if needed. The person offered me nothing close to the advertised price, even insulted me. I never replied...until one day she offered me a classical guitar hand painted pink and asked if I was interested in a trade. Again I did not reply.

You turned that down? I've been looking for a PINK guitar all my life

[Not a Number]

Just as an exercise go to KEH's site and use the form to generate a quote on the lens you are considering selling. Then look up what they sell the same for. Even better KEH will take the lens caps off and sell them separately.

[Astro-Baby]

Almost all tech gear sells at pennies if its handed over to a store. In fairness te store has to store the item unril sale so its taking up valuable retail space, they have their cashflow to worry about so they cant endlessly buy, staff costs, what happens if they sell it and the new owner complains of a fault so they have to take it back etc etc.

I used to be trading kit a lot back in the 70s and 80s and shops always gave tiny amounts for kit that was often mint or close ro even when I was trading in stuff.

Theres always eBay to offload gear for a better price.

[MarkJerling]

I'd suggest selling it here on the Marketplace. As a Site Supporter you have free access Tony.

[Serkevan]

That's the problem with introducing middlemen; everyone wants the deal to be worth their while and this means that the longer the chain the smaller the payout per linkage. Setting up a private sale doesn't take much longer than visiting the store, waiting for the assessment and closing the deal.

[selfnoise]

Do not do business with pawnshops. There are so many other better options.