How a Buy/Sell Shop Can Help You Financially During an Economic Downturn
When prices are going up, and the stock market is going down, it’s time to find more ways to pinch those pennies. But what happens when you barely have two pennies to rub together and are beyond strapped for cash? Your local buy/sell shop can be the financial help you are searching for.
Not only can you get cash in a hurry, you can save a bundle by purchasing pre-owned items. Once you utilize a buy/sell shop, it may turn you into a thrifter even if you aren’t dealing with financial hardship—because who doesn’t want to keep more money in their wallet and quit paying full price for their favorite items?
Learn how to leverage a buy/sell shop to turn your stuff into cash and get the most bang for your buck when shopping at one.
How To Use a Buy/Sell Shop to Benefit You Financially
We spoke with James Dean, owner of The Mystery Shack, to get the inside scoop on how a buy/sell shop works, how you can get more money for your items, and ways to save when shopping.
Sell Your Stuff To Get Cash Fast
In the past, when I was short on cash, I would scour my place to find items that I could sell fast. While you will make more selling items yourself, you have to wait until someone buys them, and that can take more time than you have when you are in a financial bind. So, the quickest way to put cash in your hand is to take your stuff and sell it to a buy/sell shop.
Each shop is different in terms of what they will buy, but typically, you can sell them electronics, game systems, video games, jewelry, lawn equipment, power tools, household appliances, collectibles, designer bags, and sometimes clothing. It may be best to call them to see what they are interested in to save yourself time and gas.
Keep in mind that they can’t quote how much they will pay you because they have to see the item’s condition and research what it’s worth, but at least you will know if it’s something they purchase or not.
Most Valuable Items To Sell
Even though buy/sell shops take in various items, you may wonder which will pad your pockets the fastest. Dean says that there is one item that brings in more money than anything else, and that is fine jewelry. This type of jewelry is made with precious metals, gemstones, and diamonds.
Gold is at an all-time high, and you can sell it whether it’s in good condition or even if it’s broken. The reason is that broken gold can be sold as scrap. Who would want broken gold, you ask?
Well, the buy/sell shop purchases it from you and then sells it to a gold smelting company. The company melts the items, which separates the other metals from the gold, and makes gold bars.
The amount the shop will pay you is based on weight and the purity of the gold. For example, if your item is 14 karat gold, it will be worth more than if it is 10 karat gold. The higher the karat, the higher the purity of gold. If your jewelry has precious gemstones or diamonds and is resellable, then you may be paid more for the item. It depends on the types of stones, clarity, and what the shop needs at the time.
He says that other items that tend to be more valuable are high-end musical instruments. Guitars, amps, saxophones, trumpets, and other instruments can bring in hundreds to thousands of dollars, depending on the item.
As far as things like electronics and game systems, they can quickly depreciate, so you will not be paid as much for these types of items. Tier1 reports that electronics of almost any kind can lose 30% to 70% or even more of their original value in just a year! Buy/sell shops have to price their products much lower than retailers, so this means they have to keep up with the current prices of items.
How Much Can You Get Paid for Your Items?
The amount you will be paid for your items depends on several factors, such as brand, condition, and what they are selling for, new and used. In some cases, you may get paid roughly 25% of what it sells for brand new, but it can vary, and each shop operates differently. For example, if you have an item that is priced at $100 new at the store, then you may be able to sell it for around $25.
Remember, these shops have to price products at a pre-owned rate so they can make a profit, too. That way, they can pay their bills and offer great items at a discounted rate to their customers.
“How the item needs to be sold will also determine the price. For example, if it’s an item that will need to be sold on eBay, then I have to factor in fees and shipping costs,” Dean informs.
He says that the time of year can determine how much you will get for your stuff too. For instance, you will be paid more for lawn equipment during the warmer seasons when it’s in demand than you will during the winter because people tend to buy these types of items when they need to use them. If it’s a seasonal item then timing when you sell it can help you get more money for it if you can afford to wait.
How To Get More Money for Your Stuff
Is there any way you can increase the amount you will get for your stuff? Actually, there is! Dean says the main way to get more money for your items is to clean them and ensure they are in good working order with all their components.
If something is already cleaned, then they can put it out for sale faster and reduce the labor costs of paying employees to clean the items before selling them. You also want to make sure you bring all the components the item needs to work.
For example, if you are selling a game system, you will need all the cords and at least one controller. They need to be able to test the item before they buy it and have everything they need to sell it to the next person.
Doing these simple things will help boost the amount the shop will offer.
How Fast Can You Sell Your Stuff?
Even though I can sell items myself, I sometimes opt to sell them to a buy/sell shop because of how fast I can get cash. You can sell your stuff and have money in under 10 minutes! What you need to sell your items depends on the shop, though.
For example, Dean states that his shop requires a state I.D. because he runs all items through a database to ensure they are not stolen property. Those who try to sell stolen goods are held liable. Supporting a reputable shop is better for the community because it can deter people from stealing and selling various items.
So, if the shop requires an I.D., don’t be put off by the request. It’s better for you and ensures the items you buy aren’t stolen either.
Shop at Your Local Buy/Sell Shop To Save Big Bucks
A buy/sell shop is not only an awesome way to get cash fast, but can also stretch your dollars further. Dean says that you can save up to 50% on your favorite items just by purchasing them pre-owned. That’s a huge amount of savings!
When I learned how fast electronics lost their value, I started buying them used instead. For instance, anytime I need to upgrade my laptop, I head to a buy/sell shop first. Dean always factory resets electronics, so they have no information from the previous owner and are back to the original settings for his customers.
Another item I always tell people to buy pre-owned is jewelry. While you get paid the most for jewelry when you sell your items, you can still save a bundle when buying it from a buy/sell shop. You can buy anything from diamond rings to gorgeous gemstone bracelets for a fraction of the cost.
If you have children and find a shop that sells clothing, this can be a huge financial help too. Kids grow fast, and clothes can get expensive. Plus, buying clothes pre-owned is better for the environment!
Do you want an insider’s secret to saving even more money at your local buy/sell shop? You can ask if they have “wiggle room” in the price. The key is to ask nicely. They may not always be able to discount an item, but in some cases, they will knock the price down a bit for you.
Buy/Sell Shop vs. A Pawn Shop
Since a pawn shop also buys items, you may be wondering what the difference is between the two. The main difference is that a pawn shop also offers loans on your items. This is a better option if you are in a pinch, but aren’t ready to part with the item you have. Pawn shop loans are a type of collateral loan, which means they loan you a specific amount and hold the item until you pay the loan back in full, plus the interest that is owed.
Of course, you need to be careful when pawning things because if you only make the minimum payment owed, it doesn’t pay down on the original balance. If you do that for several months, it can end up costing you more than your stuff is worth, depending on what the item is. Also, if the loan defaults, your item is then sold. Think of it like your car loan; if you don’t pay the bank, they repossess the car and sell it to recoup their costs.
If you don’t really need the item or care about it, then it’s best to sell it outright and take the money and run.
Head to Your Local Buy/Sell Shop To Get Quick Cash and Save Money!
If you need money fast or maybe just want to sell stuff you don’t need anymore, but don’t feel like dealing with selling it yourself, a buy/sell shop is the way to go. Whether you need a few bucks for gas or help paying the rent, you can have cash in hand in under an hour—drive time included!
Remember to also check for your favorite items at your local buy/sell shop before purchasing them new. Saving money is a cinch when you quit paying full price for items you want or need. So, head out to your local buy/sell shop to turn your clutter into cash and use that money to boost your savings for a rainy day!
