PawnShop Low Ball

i wasnt going to read all the posts but i think the offer was low but not unreasonable. 120 for 300 bucks worth of gold. how long would it take for them to sell it? if it takes a year to sell than they made 180 and it took them a year to do it. there is an item i wont mention that i sell. it costs me 33 cents each. i sell them for 1.86 each. is that fair? yes because it still takes me over two years to see a return because i need to buy massive quantities. i could go to another wholesaler and pay 1 dollar but again i will be selling for 1.86 each. i will say though some pawn shops are straight crooked.
 
My Dad told me years ago. Don't question a mans price for goods or services. Everyone has a right to set their own price. We simply can accept or reject it. Also are we not taught in business class to buy low and sell high?
 
40% of spot is insulting. Who resurrected this post?:laughing:

No not at all from a pawn shop.

I used to work in one. So the pay 40% of spot have to hold onto the item for probably 2 months before they actually sell it. Now in that time the price of gold went down and they have to pay to ship It catalogue it, inventory it ect so with all the cost involved it's pretty fair. Maybe they want to sell the piece instead of scrapping it now like said before no one pays full retail In a pawn shop so how can you expect to get full retail for your goods. They need to sell it for a profit that's how business works. You also have to understand that you by selling to a pawn shop are paying a premium there is no where else to get money in about 2 minutes when you need it and don't have it. Inless maybe some gangster or something like that.

But anyway pawn shops have huge overhead and their loyal customers understand there price scheme. It's unfortunate that everyone that doesn't have a clue how the retail world works has to trash talk theses places. They are a form of banking first and foremost and a retail outlet second. The ones I know of usually try to keep a margin of 50% which is fair in retail. I see these threads all the time and laugh I always wonder what the markup on detectors are like a ctx for example. Now who are the real crooks
 
I used to work as an auto mechanic for ten years. I was young and dumb. I was 15 and worked there for ten years. I saw all the money I was making for the owner and started my own business. I quickly had an eye opener. 70% of my gross profit went to things like yellow page ads, fuel, truck insurance, health insurance, tires, motors, tools. The list is endless!!. After all that I had to pay taxes and then pay the house payment and buy food. People always say...I would love to own my own business like you. I tell then they ain't ready! Everyone should start and run a business for just two years. It's been a long 30 years for me and I'm not rich either.... Sometimes people will ask if my price is negotiable? I tell them yes, I have some room to go up.
 
The first and only education needed here is understanding the definition of a pawn shop and how one operates.

I think people often get upset at the wrong people.
If you want a real education go to any big box jewerly store and look at a 1/2 carat engagement ring and then weight it. How much over melt were you paying??

Anyone who walks into a pawn shop expecting a "fair" price should have stayed in the car. That's not written into their business plan.
 
I love the uneducated, if everyone knew the value of what they were selling I couldn't even make a living, since most of my business consists of buying things from people who have no clue of the value and selling those items to people that do. you may think that is unfair, but it's not, it's just business. HH Steve
 
How about Whole Life insurance. You pay one premium and the company "says" they use some to pay for insurance and some goes to a savings plan. Sounds simple.. right? Lets say you have a 50,000 policy that pays this amount on death "death benefit" You built up 10,000 in the so called savings. When you die what does your beneficiary get? Why 50,000. What just happened to your 10,000 in savings? Well it's paid to you as part of your death benefit. So what happens if you take the 10,000 out as a loan? Well first your going to pay interest on your OWN money. Second if you die it it deducted off the death benefit. You've just been lied to. I know this has nothing to do with detecting but it just might save you a lot of money. At the least it's an eye opener.
 
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