How to negotiate price in Pawn shop?

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  1. Hello all,

    I recently come cross a Cartier Tank Midsize SS watch in a local Pawn shop. Serial number was dated 2003. The asking price is $2,800, my budget is around $2,000.

    I am not too good at negotiation. Could any one please give me some pointers so that I can get the watch within my budget?

    Thanks a bunch! :biggrin:
     
  2. I'm so glad you posted this. There is a ring, that I'm looking at and I would like to negotiate a lower price. My suggestion, is make sure that you can walk away if they won't take your price. You said your budget is $2,000, well you might want to start lower than your budget to make sure you can stay within your budget. So maybe offer $1600 cash for the watch. This way you have some negotiating leverage and you don't start higher than your maximum budget. Most of the time, they will give you a counter-offer and then you make the offer again maybe $1650 or $1700. Keep it under your budget and make your maximum offer your maximum budget. If they won't budge be willing to walk away, but before you do, say something like "This is my final offer and if you change your mind, I can be reached at (insert phone#). You have more leverage if you plan to pay by cash at most places.
     
  3. I am not good at negotiation either, but I'm planning a wedding so I've had to learn, fast! Here are a couple tips that I have found work well for me-
    - Start the discussion by saying something polite but direct like, "This is a nice watch but it's a little more than I had wanted to pay. Can you do any better on the price?"
    - Have two numbers in mind- what you want to pay, and the max you can afford to pay. If you can afford to pay $2300, but you'd like to pay $2000, start by saying you want it for $2000 so you have some room to go up. Part of bargaining is give and take- you want to come up from your asking price so they will come down and meet you in the middle. At the same time, though, keep your max price in mind, and don't pay more than you can afford. When you hit your limit, it's OK to say that you really can't afford to pay more than that amount, and it's OK to thank the seller for their time and walk away if you can't reach a price that you're comfortable with.
    - Remember that you're asking for a pretty big discount, and the seller may not be able to do that. There is no harm in asking, as long as you're polite and honest about what you want. You could even say something like, "I know this is a big discount, but I'm willing to pay cash today if you could give it to me for $XXX" Sometimes sellers will go a little lower if they know you're really going to buy.
     
  4. Watch Pawn Stars on the history channel! They give good tips. Always start LOWER than your actual budget (don't start with $2,000...maybe like $1500) and the person you're dealing with will negotiate from there and work UP from there. You have a better chance of paying less when you start with a lower number than starting with what your budget is because they will always try to increase the price as much as possible. Also if you were going to sell them something start HIGHER (say you have a LV bag and want to sell it for $800, then start with $1200 because they will work the price down so they are able to make a profit off it)
     
  5. another tip.. show them the money! seriously.. if you have the cash, show it to them.. that way they know you are serious and ready to deal if the price is right
     
  6. Thanks so much for all your input. : )
     
  7. wow. what a lucky find. i have been trying to find a decent vintage rolex at a pawn shop but with no luck (at least not in my area).

    if you do end up getting it, make sure you post pics of it here.

    good luck!
     
  8. $800 off a $2800 watch is a BIG discount (28.5%) to ask for. I'm not confident that you will get it for $2000, but its great that you're ready to try and save some money. Smart shopper!

    I'd go right in with my best offer and if the owner doesn't accept, walk away. Maybe you will find another one priced better.
     
  9. Cash helps alot. Then they don't have CC fees etc. I know when buying stuff with cash, sometimes the owner doesn't report it all. You buy it for $2000, he might say he sold it for $1700 & put $300 in his pocket. NO its not right, but its not my job to take his inventory on what he reports.

    Be prepared to walk away. Shop around & be humble. Be sincere. Ask for the owner or manager, might save them a commission they pay to a SA.
     
  10. OMG I loooove this show!
     
  11. Check completed listings on ebay. It is a great way to get information on current selling prices. Offer lower than whatever is the average.
     
  12. Having cash is the key. If you let them know that you are going to pay in cash, you can effectively negotiate a price. I have purchased a few things from pawn shops, and having cash in hand really helped me get some good stuff!