Did you know that around 30 million Americans use the services of pawn shops every year? Using their services is an effortless way to get quick cash. Designer watches are in great demand in pawn shops.
But have you ever asked, “How much do pawn shops pay for watches?”
Pawn luxury watches like Rolex, Tag Heuer, and Patek Philippe are high-quality items that bring you a respectable sum when smartly sold. According to the most recent market value, the average cost of a secondhand watch will be less than 25%–30% of the watch’s original price.
Keep reading if you are interested in how much a pawn shop pays for watches!
So, How Much Does a Pawn Shop Pay For a Watch?
Generally, the average price for pawning a watch ranges from 20 to 60% of its original cost. For instance, assessing luxury timepieces such as Omega can pay between $700 and $4000 because of their high quality and greater demand.
However, knowing how much pawn shops pay for a watch depends on many factors. Some examples include market demand, brand, and condition.
Each pawn shop is unique. Therefore, it is impossible to accurately determine how much a pawn shop will pay for a specific designer watch.
Why Should I Sell My Watch In a Pawn Shop?
Selling your own watch at a local pawn shop has many advantages. For example, you can use your expensive watch as collateral for a short-term revolving loan.
Luckily, the luxury watch market is still going strong. You can use your designer watch to get a safe and private cash loan if you need some fast cash but have yet to be ready to sell it.
Unlike other selling methods where you would be compelled to part with your luxury watch forever, it is not the case with a pawn shop. Instead, you will get it back when you repay your loan at the pawn shop.
Moreover, selling to jewelers, shops, or through apps, websites, and other platforms for person-to-person commerce requires time and effort.
Remember, you can come across purchasers who demand that you ship and insure the watch directly to them. They may also pressure you to accept the smallest possible amount.
On the other hand, it’s quick and straightforward to sell your fancy watch to your local pawn shop. There are no shipping, handling, or insurance costs, and the paperwork is minimal. All you need is a watch and a form of government-issued identification.
5 Factors That Affect The Selling Price Of The Watch At a Pawn Shop
Pawn shops favor brands like Rolex, Omega, and Patek Philippe over others. So, you can expect to receive more money from a more popular brand, at least among collectors. Most pawn shops don’t want to spend money on unknown or affordable brands.
2. Market Value
Market value or OMV (Open Market Valuation) is the price at which a product would sell in a competitive auction. Simply put, it is the amount that a willing seller will accept from a willing buyer.
However, keep in mind that a pawn business is not a charity. They won’t pay you $500 for a watch that they might sell for $500 in a few months. They also have to make a profit and pay their bills, just like any other business.
Some high-end timepieces, like Rolex, are always in demand. For instance, Rolex manufactures over one million handcrafted watches annually.
However, if you go to a licensed dealer, don’t be shocked if they don’t have any stock. Specific models are also more popular than others.
When a watch is in high demand, pawn shops often pay extra because there is little chance it won’t sell.
The watch’s condition plays a significant role in determining its worth. When you pawn or sell your timepiece, you should consider the exterior condition (including glass scrapes and accurate timekeeping).
You should also know that your watch might sell for more money if you have the original box and documents to verify its authenticity. It could increase its value if you demonstrate that your watch has an intriguing history or origin.
5. Stones and Gems
Your watch will sell for a better price if it has diamonds, jewels, or other priceless gemstones. You can also sell it if it includes proven valuable metals, such as gold or silver.
Essential Tips For Selling Your Watch On a Pawn Shop
Do Your Research
Before going to your pawnbroker, find out as much as possible about your watch. Be aware of the prices that will charge you for alternatives.
Remember that the price difference between the asking and the final sale may be significant. Look at similar watches’ prices at auction houses for the best results.
Clean the Watch
If your watch is unclean, its value may decrease. If you were to purchase from a store, you probably would be paying a little for one covered in dirt and dust. The same holds if you are the seller.
When you arrive with a dirty watch, the vendor will assume that the item is of poor quality or is too old. So, you should clean it to preserve or raise its worth.
For cleaning the watch’s external components, use warm, soapy water. Use a gentle toothbrush to scrub it gently, then dry it with a paper towel or let it air dry. Avoid using harsh detergents as well.
When cleaning your watch, use rubbing alcohol if it has stains that won’t come out.
These tips helped you understand what to expect when pawning or selling your watches.
Remember, you can quickly pawn or sell watches in a quick, easy, and confidential way. Pawn loans don’t verify your credit and do not affect your credit history.
If you liked this review, please read our other reviews at EvesWatch.com.
Other related articles:
- How Many Watches Should A Man Own?
- Why Are Tag Heuer Watches So Expensive?
- Why Are Patek Philippe Watches So Expensive?
My name is Eve Acosta and I’m the person behind this site. Watches are what get me ticking ;).
No, but seriously, I just love watches, I have over 30 myself. It’s an obsession of mine, which is why my husband recommended me to put my hobby into some good use and build this site – so I did.
My passion for timepieces came from the fact that my parents own a small chain of shops selling timepieces. I’ve worked at the shop since I was 11 and fell in love with the merchandise.