Pawn Stars

[Saxman]

I watch the show. Buying something for 50% to 60% of the value to sell later at retail is good business practice.

Ripoff implies deception. I don't remember any specific episodes of them deceiving anybody.

They ARE pretty up front about why they're not buying it for the retail value. Several times the owner has flat-out told customers he has to be able to make money on an item, and I can't fault him for that at all, as that IS the purpose of any business, and that's his livelihood. Practically speaking, he can't exactly sell an item for higher than its retail value, so he can't buy it from the customer for that amount. He also has to work within the limits of demand. If there's just not a demand for an item. It's simple, free market economics.

Saxman has been watching Indiana Jones too much  

So?

I can't remember how many times one of his experts comes in to evaluate an item and they've said, "Oh my god, I haven't even seen one in this good of a condition in a museum!"

Something like those Soviet shuttle launch keys they had on belong in the Smithsonian, not some private collector's vault

[Flench]

One more thing about pawn shops . How can they get away with charging people 30% on a loan when no one else can , like credit card's , banks and so on . That's a rip off right there .

[redwing7]

One more thing about pawn shops . How can they get away with charging people 30% on a loan when no one else can , like credit card's , banks and so on . That's a rip off right there .

Not sure about that one but it's probably got something to due with the odds of someone defaulting on said loan.

[rogwar]

One more thing about pawn shops . How can they get away with charging people 30% on a loan when no one else can , like credit card's , banks and so on . That's a rip off right there .

I personally don't like that whole industry along with payday loans etc. Yet it exists because of supply and demand and is not illegal. But I believe that area of business is a separate topic.


Saxman pretty much summed up what I was going to post. Just imagine yourself in a buy/resale business. How much would you pay for items to resale when it might sit on the shelf for months or years? In addition the retail price listed on those items is nothing more than your best guess as to what it would sell for or what a customer is going to negotiate.

Ripoffs, deception and all sorts of shady stuff likely exist in various pawn businesses.

With regard to the Pawn Stars program, I cannot recall anything that seemed like a ripoff or deception.

[FireDrgn]

They bring in appraisers that tell the people what their stuff is worth.  I've seen guys walk in the door thnking their stuff is worth a few hundred dollars and walk out with thousands.   

[Serenity]

When selling things, you can get fast money or good money. If you want to make a lot of money when selling your car, what do you do? You have it appraised, get it clean, pretty it up, then you will usually look for a proper car-selling magazine to take out an ad. That's time consuming, but will net you a lot more cash. If you want fast money, you go out front, snap a couple pictures on your cell phone, and put it on craigslist. Same concept with a pawn shop. If you REALLY want money for those objects, you'll research them, get them appraised, and look for a proper auction house to sell them. If you want cash to go gamble or to get that quick drug fix, you go to a pawn shop. You know you're going to get less money, but you can sell stuff that is PROBABLY stolen, and you can sell it fast.

[eagl]

My last trip to a pawn shop was very disappointing and a bit embarassing.  I went in there looking for, well, some pawns.



It turned out ok though, I walked out with 3 guns and the keys to a Russian space shuttle so it's all good.

[bj229r]

I personally don't like that whole industry along with payday loans etc. Yet it exists because of supply and demand and is not illegal. But I believe that area of business is a separate topic.


Saxman pretty much summed up what I was going to post. Just imagine yourself in a buy/resale business. How much would you pay for items to resale when it might sit on the shelf for months or years? In addition the retail price listed on those items is nothing more than your best guess as to what it would sell for or what a customer is going to negotiate.

Ripoffs, deception and all sorts of shady stuff likely exist in various pawn businesses.

With regard to the Pawn Stars program, I cannot recall anything that seemed like a ripoff or deception.

Here in VA, the govt decided to protect poor people from themselves, and vastly limited what the payday load places were allowed to do, which made it impractical for the vast % of them to stay in business, so most of em shut down. Oddlly enough, creating a brand new batch of unemployed, poor people

[Flench]

My last trip to a pawn shop was very disappointing and a bit embarassing.  I went in there looking for, well, some pawns.



It turned out ok though, I walked out with 3 guns and the keys to a Russian space shuttle so it's all good.

LOL

[Reschke]

My own personal experience is that I troll through pawn shops at least once a week just before, during and immediately after hunting season ends. This past March I picked up a Ruger Mark 77 .280 with a Burris Euro Diamond 3x12x50 illuminated reticle scope....grand total cash money out the door was $800. Just the rifle goes out the door of most places WHEN you can locate one for between $600 and $800 without the scope; the scope itself has a list price for the 2010 model of over $1100. So I think I found a hell of a deal.

[dirt911]

Everyone is a critic. 

[Flench]

Oh you can get good deal's in a pawn shop because they don't give any thing for it . I bet they don't have 200 buck's in that gun you just got .

[MORAY37]

<edit: ya ever notice that Rick has a 'buddy' in practically EVERY bizarre type of relic/technical/document/EVERYthing trade?

"Hmm...Ming Dynasty vase...I have a buddy who specializes in 650-700 AD southern China antiques"...>

Lol.... I say that every time that show is on.... Dude has his tentacles everywhere, although I'm not convinced on many of their "expert" status.

[SunBat]

They bring in appraisers that tell the people what their stuff is worth.  I've seen guys walk in the door thnking their stuff is worth a few hundred dollars and walk out with thousands.   

Yep.

[fbWldcat]

"How much is this Ancient Egyptian relic found in King Tut's tomb? It is pure gold with jems and was found right next to the Pharoh."

"$5, and I don't even feel comfortable going that high."