Pawning Watches vs Selling Watches

The choice you make when it comes to pawning watches or selling watches, is dependent on how much you need to raise and how much sentimental value the watch holds. When contemplating selling or pawning your watch, it is important to lay out and compare the alternatives, so that you make the right decision for you.

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Pawning Watches

What Are The Pros and Cons Of Pawning Watches?

Think of pawning your watch as a type of loan rather than as a traditional sell. When you bring in a valuable item to a pawnshop, they will assess the value of your item based on its estimated second-hand worth. The pawnshop then keeps your item while loaning you a percentage of the value that they have estimated it to be worth. Once you are in a position to repay the loan, plus all accumulated interest, the item safeguarded by the pawnshop is returned to you.

Pros: As the item was only temporarily held by the pawnshop, if you are able to repay the loan, then the item is returned back to you, so long as your payments to pawnshop are made on time. This makes pawning watches a great solution if you are looking for a short-term funding option and if your item holds too much sentimental value to part with.

Cons: Pawning watches and other luxury good is only really a viable option if you are able to make the payments on time, and if your financial shortage is not ongoing. Pawning loan times have a tendency of being short and interests rocket high.

Although the notion of being able to retrieve a valuable item might seem like an enticing option, the reality is that you may find yourself in a worsened financial state if you are unable to repay on time. Another key difference between pawning and selling is that when you pawn an item you are borrowing money and then repaying plus interest, instead of raising funds and making a profit. You also have the option of selling your watch to a pawnbroker, however as they handle a multitude of different types of valuables, you may not receive the best price as they are not specifically specialized in watches.

Selling Watches

Selling Watches To Reputable Watch Buyers

What Are The Pros And Cons Of Selling Watches To Watch Buyers

Pros: The advantage of selling pre-owned watches to expert watch buyersis that you will not have to repay any loans. The amount you receive for your item is the amount you keep. It also relieves stress as rather than being an ongoing financial situation, once your watch is sold there is nothing else to be done. Repaying loans can be a stressful ordeal, especially if realistically you will still be in financial difficulty once you repay the item. Although it can be difficult to part with a valuable, and sentimental timepiece, the relief of being in a stable financial situation is unparalleled.

Additionally, you will receive a more competitive offer by selling to watch experts. Professional watch buyers are able to accurately assess and value your timepiece based on the current secondhand market, factoring in the condition of the piece and have the industry connections to purchase a wide range of luxury watches. Pawnshops lack the expertise necessary to make strong offers on your luxury watch.

Cons: The obvious drawback to selling your watch is that this transaction is final. While you can sell your watch to upgrade to a different timepiece, you cannot necessarily get your old watch back.

Reason to sell your watch

Reasons To Sell Your Watch Rather Than Pawn Your Watch

At WP Diamonds, we understand the craftsmanship that goes into making luxury watches. With our expert watch buyers on hand, we can offer you a fast and secure selling experience. Our customer service is unrivaled, see what our customers have to say about selling to WP Diamonds.

Our process is simple, fast and can take as little as 24 hours:

1. To receive an offer from our luxury watch experts, fill in your online form today and one of our experts will be in touch with a price quote.
2. We can then provide in person appointments or free, fully insured shipping to send your items in.
3. Our experts will notify you once your items and arrive, assess your pieces and provide a final price.
4. Once you accept the offer, we get you paid, no fees or commissions deducted from the final offer. If not? We will return your watch to you with no questions asked.