Purses are like shoes; sometimes you accumulate a lot of them. Instead of just letting a purse collect dust in your closet, you might want to consider taking it to a pawn shop, especially if it is a designer handbag.
Brand Matters
Most pawn shops do buy used purses for cash. According to Pawn Nerd, since most are small businesses, however, whether the shop will buy it and the price they give can vary by pawn shop. Additionally, they aren't just going to take any old purse off your hands and most will refuse replicas. They look for specific hot brands, classic styles that hold their value and types of purses that they can resell for a profit. Pawn shops are looking for popular designer brand name bags from names like Louis Vuitton, Gucci, Coach, Christian Dior, Chanel, Michael Kors, Hermes (especially Birkin or Kelly bags), and CHLOE (Drew purses in particular).
In addition to buying, some pawn shops will give loans for very high-end bags, according to CNBC.com.
Getting the Best Price
If you are choosing to pawn your purse, you need to consider the shop and your item. It is important to have an idea of what to expect before you walk into the shop. You will want to:
- Know what your purse is worth: Research your particular brand or style. Know the depreciation value.
- Research the shop: It is also important to know the shop you are taking your purse too. If there is a shop that specializes in purses or offers higher payouts, those should be your first choice.
Prepare Your Item
You wouldn't go into an interview wearing ripped jeans and a t-shirt. The same principle applies for selling your purse to a pawn broker.
Inspect the Purse
In addition to removing everything from the purse, make sure you are aware of every nook and cranny of the purse.
- Know where the wear marks are.
- Examine the defects.
- See what you can repair.
Clean Your Purse
Cleaning your purse is an important step because you want to present your purse in the best possible light. However, be aware of the material of the purse and only use cleaners designed for your purse. Some materials are very sensitive, and you wouldn't want to wreck the leather because you used the wrong cleaner.
Pay Special Attention to the Inside
This is where you really want to focus your attention. Make sure any scuff marks, make-up, etc., are completely cleaned from the material. You want your purse to look like it was just pulled off the shelf. Stains or crumbs could really hurt the value, and they can be a simple fix.
Prove Authenticity
Proving authenticity is important because pawn owners are on the look out for stolen goods. If you have the original receipt or certificate of authenticity, that can go a long way to getting top dollar. Additionally, this can help to show the original worth of the item.
Get It Appraised
For very high-end purses that range in the thousands of dollars, it might be worth it to visit a professional for an appraisal. This can prove the worth of the purse to the pawn owner and help you to negotiate the best price. This is also true for vintage purses. In some instances, a pawn shop might be able to contact an appraiser for you.
Negotiate
This step is pivotal to getting your highest price. Pawn brokers are professional negotiators. They are looking to get the product for the lowest price possible, so go into the negotiation ready. In addition to knowing what your purse is worth, know the least amount that you are willing to take for it.
Consider Online Pawn Brokers
While one route is to take your purse into a physical shop and negotiate, there are specialized online pawn shops that can offer you several different quotes. For example, PawnGuru allows you to list your item and compare different offers from local brokers. This can help you get the most for your item.
Money for Purses
A purse can be a high-ticket item that you might choose to pawn, especially if you have a name brand bag that you are no longer using. However, before you head to your local shop, do your research to find out what your purse is worth and be prepared to negotiate.
