Have you ever thought about pawning your valuables for cash? This is a great way to get an immediate loan, but it’s also a good investment strategy. See this article for tips on what items can I pawn and what are the best luxury investments to ensure a high market value.
Best Items to Pawn
There are plenty of items you can sell to a pawn shop for some quick cash. However, not all of them can give you the most financial gains. Below, we’ll be listing the best items you can sell to a pawn shop.
A common item to pawn is jewellery of any kind. Whether you own a bracelet, necklace, ring, or earrings that you’d like to convert into money, most pawn shops will be happy to take them off your hands. This is especially true if your gold, silver, or diamond jewellery pieces are authentic and still in good quality. Jewellery pieces with these characteristics have a higher resell value than those without. Other factors that affect the value of jewellery are the presence of precious stones, the weight of the stone, and if it came from a high-end designer.
2. Electronic Devices
When selling to pawn shops, you’re more likely to get a higher price for items that are in demand. Today, electronics such as smartphones have become a necessity in our daily life. This makes them in-demand items, especially devices from Apple. Other electronics you can sell are laptops, TVs, digital cameras, and video consoles like PlayStation5. You can get the most cash from your electronics by selling items that still function well and are considered to be in good condition. Devices with marks or covered in grime won’t be able to give you a high loan. Meanwhile, devices that are the latest models, from top brands, and come with complete parts or accessories are higher in value.
3. Used vehicles
Pawning used vehicles is a fast and easy way to earn a large amount of money. Some pawn shops accept cars, trucks, motorcycles, boats, jet skis, and golf carts. You can only pawn a used vehicle that’s in your ownership. You’ll also need to prepare and submit documents, such as a valid driver’s license, insurance, and vehicle title. Vehicles in good condition have a higher value than vehicles with scratches or dents on them. Other factors that affect the value of your auto are its brand, model, and the year it was manufactured. Pawn shops will also inspect the mileage of your vehicle. If you have a car with reasonably low mileage, pawn shops will typically give it a better value.
4. Luxury bags
Does your bag come from luxury brands such as Gucci, Kate Spade, Chanel, Burberry, Prada, Louis Vuitton, and the like? These designer bags can give you a hefty amount of cash in pawn shops because of their high demand. To get the best value for your luxury bags, you’ll have to prove they’re authentic. Their general appearance and whether they have visible damage will also affect their value.
5. Power tools
Luxury bags and other designer items aren’t the only items that can give you high loans. The power tools found in your garage or backyard can also give you excellent deals in pawn shops. Consider pawning tools from popular and trusted brands such as DeWalt and Bosch. Make them spiffy clean before going to a pawn shop. Try to pack them in their original boxes, as well as gather all parts and accessories.
Guns and other weapons are also high in value, making them a commonly pawned item. Various kinds of firearms can be pawned. These include sporting firearms, pistols, and shotguns. Some pawn shops also accept vintage firearms. Before pawning one, make sure that the gun is unloaded and stored in its case.
Musical instruments that you’ve properly maintained over the years can be another good item to pawn. Shops will assess your instrument based on its appearance and performance. For the latter, pawn shops will play the instrument to determine if it’s working well. The value of your instrument will also be based on its history, if it has a case and complete parts, and if it was purchased from a high-end store.
Best Luxury Investments
After pawning one of the items above, you can then put the cash toward making luxury investments. Here are some of the best items to invest in:
1. Art pieces
According to Knight Frank, art ranked as the most popular luxury investment across the world in 2020. Even now, artwork collection is considered a solid investment strategy that can give investors tremendous returns in the future. Art investment might take a few years to pay off for some. However, a benefit to this type of investment is that the value of art pieces generally goes up in value over time.
2. Premium alcohol beverages
Another option for luxury investments is alcohol, such as rare and premium-quality whiskey or wine. The value of both these beverages also naturally increases over time. Wine has enjoyed a 127% increase in value for the past decade. Meanwhile, for whiskey, its value is predicted to see a 40% increase by 2021.
It’s worth it to consider investing in authentic, high-quality jewellery pieces. This is because the value of jewellery sees a steady increase over time. In July 2021, jewellery sales increased by a whopping 82.6%. This growth indicates how the value of jewellery can remain stable, even in the face of global crises such as a pandemic.
4. Designer handbags
Last on our list is investing in designer bags. Luxury handbags not only elevate the wardrobe, but they also fare pretty high in terms of valuation. In the last decade, their value has gone up by around 80%.
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