Watch Articles

Pawning Watches vs Selling Watches

February 28, 2017 - Watch Articles
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When looking to raise funds, one of the most obvious choices is to sell your valuable possessions, such as your luxury timepiece. There are numerous options when it comes to obtaining money for your watches. Two of the most common options are to pawning watches or to 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

How does it work and what are the pros and cons?

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?

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

Reasons to sell VS pawning 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. To receive an offer from our BBB accredited watch experts, fill in your online form today and one of our experts will get in touch with you within 24 hours to discuss the details of your timepiece and give you an offer. Once you accept the offer, you will receive your payment within 24 hours. If not? We will return your watch to you with no questions asked.

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Author
Bio: Written by one of our diamond, designer jewelry or luxury watch experts. With over 150 years of combined experience, our experts are able to comment on trends, share industry knowledge and provide diamond, designer jewelry and luxury watch education.

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