While you can always purchase or sell an instrument at a music shop, you might be surprised to know that you can get great deals for instruments as a buyer or seller at your local pawn shop.
If you’re just getting started with an instrument, this can be a great option—you’ll be amazed at what you can find. And if you’re selling, you can get reasonable prices for the instruments you offload.
A pawn shop is a great option for people looking to get quick cash at a fair price. However, there will be some factors you need to consider before selling your instrument at a pawn shop
If you’re going to negotiate a fair price, you’ll need to have a general sense of the pawn shop instrument’s value. Do some research by looking at similar instruments on eBay, or have the instrument appraised at a pawn shop. Remember that you will likely only get 40 to 60 percent of the value from the shop.
You should thoroughly clean the instrument before you take it to the pawn shop, as this will make it easier to sell. In addition, try to provide the item along with all of its original packaging. If you have a case, extra strings or other accessories that go with the instrument you’re selling, this will help you maximize the value of the deal you can get.
Pawn shop instruments tend to go fast, so make sure you’re committed to going this route so you don’t have to worry about whether you might have second thoughts. Ultimately, while you might get more money selling the item on websites or apps, it’s less hassle to drop it off at the pawn shop and get quick cash.
The customer will receive a “green” copy of their loan ticket, if ticket isn’t present for payment of redemption there will be a “lost” ticket fee of $10.
The customer will have 90 days to come make a payment or pick up the item in loan.
The customer can make payments towards the principal when making their 90 day interest payment.
If the loan surpasses 90 days it will be entered into its grace period of 14 days and will accumulate late fees of one months interest tacked on plus $1 for every day utilized in the grace period.
For beginners, purchasing a pawn shop instrument at a bargain price can be a great way to get started with the hobby
The money you save can be put into lessons, accessories or music, and if you end up enjoying the hobby you can always upgrade the instrument later on, knowing it will be a good investment.
See if you can play the instrument in the shop a bit so you can test it out. Just make sure not to annoy anyone else who is in the room. Hopefully the pawnbroker present will have some knowledge of the instrument to answer any questions you have.
Check the instrument carefully to make sure it hasn’t gone through a lot of refinishing, and that it doesn’t have any worrying signs of damage. Consider bringing in someone who does know a lot about the instrument you’re looking for so they can serve as your expert guide in the process.