Tips for pawning: what can make you money
QUAD CITIES – QC Pawn Owner Chris Shumaker gave News Eight an all access pass to his store in Davenport.
He also shared with us some tips for consumers when they go in to pawn an item. His store has hundreds of XBOX, Playstation, and even Nintendo games. That’s because the games are often easy to sell. But Shumaker says making large amounts of money off your items is a little harder to do.
“Every time there’s a new Call of Duty game, that is always the hot one,” Shumaker said. “Right now the hot ones are the NBA 2K13. That one just came out.”
Shumaker says he’s willing to give about $25 for games that are less than three months old. He’ll then resell those games for about $30. Games that are already three months old though are only worth about $10. If you want to get good money for a video game, the game has to be fairly new.
“The depreciation value on a lot that stuff is worse than used cars,” Shumaker said. “It’s worse than old cars actually.”
The other item Chris says you can often make good money on is jewelry, but it all depends on the type of precious metal you have. Shumaker says he’s willing to give more money for gold and platinum than he is silver.
“Gold or platinum share the title on which one is more valuable,” Shumaker said. “They bounce back and forth based on pure value.”
Shumaker would not say how much money he’s willing to give for each of those items. Most jewelry stores around the area give about $35 a gram for platinum or gold.
“It takes a lot more silver just to get you to the same place that gold or platinum would,” Shumaker said.
Pawn brokers won’t decide an item’s worth until you bring it into the store. Shumaker also reminds people that the pawn shop has to make a profit by purchasing your item, or it wouldn’t be worth buying.