Designer and luxury watches make a bold impression on people. Watch enthusiasts are fond of luxury brands and limited edition designer watches. But how do you buy a limited edition watch when it's all sold out? You go to a pawnshop.
Pawnshops have all sorts of luxury items, from antique artwork to designer wristwatches. However, dealing with a pawnshop is not easy. You'll often encounter bargains that you cannot win and negotiations that seem to be in your favor but aren't. Buying a wristwatch from a pawnshop is not easy. But those who seek a limited edition wristwatch often find themselves standing at a pawnshop negotiating a profitable deal.
In this blog post, we will share our tips and tricks for buying a wristwatch from a pawnshop. These tips are based on persona experiences, and you can apply them in a real-life situation. So without further delay, let's get into the topic.
Understanding Pawnshop Mentality
Pawnshop buys items for less than 30% of their value and makes more than 40% profit. So, the prices you see for a 1960's Rolex are 70% less than what a pawnshop is selling for. You might think that you landed a good deal, but in the end, the pawnshop makes at least 50% profit above the original purchasing cost.
Pawnshops will try to lure you into the "paradox of choice." A paradox of choice is a situation where you have multiple options, and you can't decide which one to go for. For instance, if you are eyeing a 1980 Tag Huer that doesn't fit your budget, the Pawnshop owner will introduce a different watch instead of lowering the price. This tactic confuses most buyers, and they lose focus. The interesting part about the paradox of choice is that you can control it.
How to Buy a Wristwatch From a Pawnshop
Now for some serious tips and tricks for buying a wristwatch from a pawnshop. Don't barge inside a pawnshop like it's 7 Eleven and start making a deal. There are a few insider tricks to sticking an excellent deal at a pawnshop, and all of our tips are listed below.
1. Be patient
The key to buying a wristwatch from a pawnshop is patience. Don't be afraid that the pawnshop will sell your watch in a few days. Pawnshops have a slow inventory cycle, meaning their products usually take months to sell, so take your time.
2. Collect Information
Before going into a pawnshop and demanding a discount, you should do your research first. Try asking around about the price of the watch you are interested in. Talk to a few pawn shops in your area, and you will get an idea. Once you have all the information, you can step inside a pawnshop.
3. Browse The Collection
If you straight up ask about the price of the wristwatch you are interested in, you will hear a ridiculous amount of money. Pawnshop prices aren't regulated, and they can sell their items at any price; this is an advantage of owning a pawnshop, but you can also use this to your benefit as a customer. For instance, if the pawnshop can quote any price, then know you can bargain for any rates because the prices aren't regulated.
But before you start negotiating the price of your favorite wristwatch, browse the pawnshop's collection. This tactic will confuse the owners because they can't tell which timepiece you are interested in. Ask for the price of each item without showing much interest. That way, you trap the pawnshop owner, who can't raise the prices until you leave the counter.
4. Negotiate For a Watch You Don't Need
The key to a successful negotiation is not letting the other person know what you want. For instance, if you want to buy a Rolex, start showing more interest in a Tag Huer. Start negotiations and quote a ridiculous price. The pawnshop owner might seem uninterested, but now you have him trapped.
The owner will try to stick to his prices, and when you push a little more, the owner will introduce another timepiece within your budget. Remember not to quote your budget at any point during the negotiation because you will lose your leverage if you do so.
5. Change Your Preference
A sudden change of preference during a negotiation confuses the other person. When the pawnshop owner seems uninterested in dealing with you, switch your preference to the watch you wanted in the first place. Note that at this point, you should know the price of every watch on display, including the watch you want. Your negotiating point for the first watch should end on a price below the quoted price of the watch you wanted.
When you switch your preference, the pawnshop owner would most likely focus on closing the deal. This is because pawnshops rarely find a customer purchasing immediately. Make sure to bargain a bit more but not so much that frustrates the pawnshop owner. When you find a good price, seal the deal!
The Bottom Line
Dealing with a pawnshop can be frustrating. However, if you follow the tips and tricks mentioned above, you should come out victorious. If you are looking for a unique timepiece without frustrating yourself, you can try stainless steel wood watches at Stuniii. Stuniii is one of the leading makers of stainless steel wood watches. We use premium quality material in designing our products. If you are interested in buying a unique watch that leaves a lasting impression, browse our collection of some of the finest stainless steel wood watches online.