Pawn Shop visit

[Tudor66]

I visited a pawn shop for the first today at lunch. It's listed as the number one pawn shop in my town.

One watch in particular was interesting; gmt iic, new in the box, stickers, hang tags, papers, bnib condition with a G serial, warranty card already filled out. He was asking 7k, but I'm sure he would have taken a little less if I showed him cash. He said the original owner is a regular customer who received a loan on it, and left it there...

Assuming the original owner paid retail in 2010- say 8k out the door, and then received a pawn loan for maybe 4k, what possible reason outside of nefarious activity could one have for losing 4k...?

[FeelingTheBlues]

He just needed money quickly, this is usually why people sell things in a Pawn Shop.

[z32turbo]

Need cash and can't get a traditional loan.

[Like To Watch]

Originally Posted by z32turbo

Need cash and can't get a traditional loan.

X2

[azguy]

I can also tell you this; my buddy that own the Pawn Shops knows his watches and they research everything on e-bay and here on TRF for values and I have never seen him sell a watch for less than it's worth just becuase he got a great deal from a hard up seller.

He is well capitalized after being in business for 15 years and never discounts because someone has cash and/or makes a lowball offer. In fact, he's from NY and more than likely a lowball offer will get you an insult and thrown out of the store.

There are better deals on TRF because he does have employees, a store front, rent, advertising, insurance, etc..

[NYC6]

I would be very leary of a pawn shop selling a 'BNIB' Rolex. Not to many people are hocking a brand new Rolex. Thats a red flag for me. Procede with caution.

_______________________

XLVI Super Bowl Champs NY Giants

[Megalobyte]

Originally Posted by z32turbo

Need cash and can't get a traditional loan.

And maybe he couldn't get a hold of JG Wentworth...

[gwalker]

Retail in 2010 was probably $7k or less. People leave stuff worth a lot more than that at pawnshops every day. Most intend to return for the items but sometimes things just don't work out. I'm not going to pass judgement though.

[dddrees]

The chances that it was something nefarious are pretty slim I would think considering the box and all the papers and hang tags are present.

[Finewatch]

I paid 7400 otd for a new one from AD even with our 13% taxes. No bargain in my eyes

[MoBe]

Considering that the watch was probably pawned for 25-30% of retail value,the asking price is way out of line.!!!!

If the watch retailed for $8000 then the loan would likely have been $2,000 - $2,400,therefore an offer of $4,500 should get you talking if your interested and I wouldn`t go over $5,000.

[drgleeds37]

Originally Posted by MoBe

Considering that the watch was probably pawned for 25-30% of retail value,the asking price is way out of line.!!!!

If the watch retailed for $8000 then the loan would likely have been $2,000 - $2,400,therefore an offer of $4,500 should get you talking if your interested and I wouldn`t go over $5,000.

You would have to catch a pawn shop sleeping to get a GMT IIC for $5,000. What they pay for something does not have any bearin on what it's worth an they generally know what it's worth.

-Daniel

[azguy]

I have a friend that owns two pawn shops here in town. He gets watches all the time that are anywhere from weeks old to years old.

He took in a Daytona a few weeks ago that I guy bought in vegas after winning big and when he got home the wife freaked on him and after no takers on CL he pawned it my friend payed $7,000 for the Daytona and has it in his case for $9,500. The watch is two weeks from being BNIB.

Considering the OP said it was a complete set, I doubt he should have worries about being fake. I do think $7,000 is too much and it would be a great deal at $6,000.

[MoBe]

Originally Posted by drgleeds37

You would have to catch a pawn shop sleeping to get a GMT IIC for $5,000. What they pay for something does not have any bearin on what it's worth an they generally know what it's worth.

-Daniel

Worth is defined by what someone is offering to pay,not by what is being asked and if the pawn shop won`t sell at $5,000 they can continue to ask $7,000 for as long as they like,that`s their business.

[Keeperoftime]

Your friend paid more than most Pawn Shops.
I have a "buddy" who would have offered $4500 with a straight face. He might have paid $5000 but not a penny more.

P.S He would mark it at $9500 and tell me he payed 7k J/K

[DoxaDavid]

Originally Posted by MoBe

Considering that the watch was probably pawned for 25-30% of retail value,the asking price is way out of line.!!!!

If the watch retailed for $8000 then the loan would likely have been $2,000 - $2,400,therefore an offer of $4,500 should get you talking if your interested and I wouldn`t go over $5,000.

It's completely irrelevant what was loaned on the watch. It is worth market value and what he "paid" for it or has invested in it has no bearing as to worth. Look here on TRF, see what they are going for then you have a base to make an offer. How many GMT IIc do you see priced below $5k? NONE, and you are not going to buy his for less than that either.

[Scary Hat]

Originally Posted by DoxaDavid

It's completely irrelevant what was loaned on the watch. It is worth market value and what he "paid" for it or has invested in it has no bearing as to worth. Look here on TRF, see what they are going for then you have a base to make an offer. How many GMT IIc do you see priced below $5k? NONE, and you are not going to buy his for less than that either.

I respectfully disagree.

Knowing how much a pawn shop has in a watch gives you something to talk about when negotiating. When you show up with cash and know what the other person invested the watch, you can deal.

[lebowski321]

Originally Posted by Scary Hat

I respectfully disagree.

Knowing how much a pawn shop has in a watch gives you something to talk about when negotiating. When you show up with cash and know what the other person invested the watch, you can deal.

No way. First off, the pawn shop is not going to tell you what price they paid for any item, let alone a rolex watch. No conversation there.

Secondly, you're saying that just because the store got an excellent deal on the item (say they paid $1500 for an item that will re sell for $7k) that they will sell it to you for a different price than if they had paid just under market value? That's not going to happen.

I worked at a "high end" pawn shop in college, and for a short period after. People always assume that we only paid so much for something, and that we should sell it to them for way less than what it's worth. I can tell you that the people who bring up what the business paid for something are the ones who do not get the deals.

[TimothyNelson]

My buddy managed a pawn shop. Took in a Platinum Yachtmaster and a few other Rolex models. He took the Plat in for $3,000 and sold it for $5,500. Another was a TT model of some sort, the seller wanted only $700 for loan. He paid, and paid and paid interest on it for a long time, but finally said he couldn't any longer. He lost it. They sold it for $2,699. All varies on the seller and what they want to do.

[NYC6]

Originally Posted by lebowski321

No way. First off, the pawn shop is not going to tell you what price they paid for any item, let alone a rolex watch. No conversation there.

Secondly, you're saying that just because the store got an excellent deal on the item (say they paid $1500 for an item that will re sell for $7k) that they will sell it to you for a different price than if they had paid just under market value? That's not going to happen.

I worked at a "high end" pawn shop in college, and for a short period after. People always assume that we only paid so much for something, and that we should sell it to them for way less than what it's worth. I can tell you that the people who bring up what the business paid for something are the ones who do not get the deals.

Agreed. Those who own pawn shops aren't idiots. Even if they get something for a song, doesnt mean they pass that on to the next buyer. Charity and pay it forward doesnt make for good business. Only a rube would believe that. They know what a Rolex is worth and if they don't it takes a couple minutes to find out. They will sell it for as much as they can.

_______________________

XLVI Super Bowl Champs NY Giants

[gregmoeck]

maybe the dude needed the cash to get a divorce

[unclesallie]

I love pawnshops, but never, if ever, buy anything of purported value there.
If the pawnshop owner lent $4,000.00 on the watch, did he check it out? Did he have the caseback removed? Check the movement? I think buying a rolex at a pawnshop is pretty risky unless they have a 'watch' guy who wholesales watches, but this is unusual.
As far as nefarious goings-on are concerned, I doubt it. People run out of money for lots of reasons, especially in this economy where one day the Dow hits 13,000+ and the next drops 250 points or so, and the real unemployment rate is well above the reported level.....good luck with that watch, and definitely have it checked out before you fork over $7,000.00. BTW, that's no real 'deal' on that watch...in a pawnshop, I'd offer $5700.00 and see what his counter is...that is, if you decide to 'bite.'

[sherwin]

If you are really interested, show them cash, and bargain hard. You might just walk out with a deal that you are happy with. Check out the authenticity before handing over cash.

[Keeperoftime]

Originally Posted by sherwin

If you are really interested, show them cash, and bargain hard. You might just walk out with a deal that you are happy with. Check out the authenticity before handing over cash.

+1


I've bought a watch priced at $9000.00 for 4300 Cash at a Pawn Shop. Truth is this: Pawn shops stay in business by giving 30% of what something is worth.
Keep in mind also in the case of many items-----some of the loan may have been payed back but the loaner defaulted after a while, sad but true. A $2000 loan could have been payed back $1200 and then the person dropped out.

P.S I've bought dozens of watches from Pawn Shops, all were genuine. Some came with a 30 day money back warranty. They absolutely check before the loan anything on them.

P.S Bring it to a watchmaker ASAP just in case though...

[joe100]

I'd never judge someone for pawning. I have a friend who retired early and was caught short recently. Had to sell some toys, including his watch. He's back on firm ground now though

[gwalker]

Pawn shops have strict regs now. I talked to an owner who is a huge Rolex fan and has had an employee purchase 2 stolen ones in the last month. pawn shops aren't the shady businesses they used to be. You aren't getting those killer deals either. it doesn't matter what they loaned on the watch. They aren't taking some $4500 offer. Won't happen.

[tattooedfagin]

regardless of what's been paid, it's worth what it's worth....i have people come into my store trying to get a deal based on what they assume i've paid for stuff with little thought of what my overheads might be.
my finances were pretty low 20 years back & at that time there was no huge online market to rely upon, i had to sell a 'serious' record collection in order to make ends meet, nowadays things have changed & there is usually plenty of alternative options should a rogue Pawnbroker seriously low ball you

[Paladin]

Just say no to pawnshops.

Bad karma...

[nch209]

Wow, pawnshops are getting pretty beat up in this thread. In my opinion, there are good and bad ones. A local one comes to mind that deals with top items only, and is very strict on what they buy/sell- no nonsense. Like everything, there are good and bad ones, and not much different that buying from an online vender/site, forum, CL--- just gotta be careful and buy the seller. Not all pawnshops are bad...

[ecesp004]

I dont know how I would feel buying from a pawn shop but if all looks good and it is a good deal why not.