Sep 5, 2008 5:07 pm US/Pacific
Save With Dave: Pawn Shop Savings
SACRAMENTO (CBS13) ―
Maybe you've never checked out a pawn shop, but now is the time. The savings we found were huge!
Stan Lukowicz from Capital City Loan says because of the slumping economy, pawn shops are seeing more people come through their doors wanting to pawn their stuff.
That means great deals for shoppers.
"This ladies Rolex retails for approximately $5,000, and it's something we would offer for around $3,000," explains Stan.
We also found a diamond ring appraised for $5500, selling for $1800.
A Mitre saw priced for $350 at Capital City Loan usually sells for about $600 in stores.
"When you come to a second hand store or a pawn shop, you can save dramatically from the retail because we don't have the high mall rents and the large advertising budget that they have," says Stan.
And keep in mind, everything is negotiable.
"As our supply goes up, the demand is dropping, but we still need to get rid of the merchandise, so we have to give better deals on it," Stan says.
Lukowicz says most of the pawn shops in the Sacramento area are reputable, but check them out first.
"Make sure your products look clean, make sure the stores that you're doing business with, you know they're not here today, gone tomorrow," Stan said.
And before you buy, ask about the return policies, which can differ depending on the kind of item you purchase.
Let's use that diamond ring for example. An independent appraiser says it's valued at $5500, and it's selling in a pawn shop for $1800. That saves you $3700!
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