You are strapped for cash and need to raise funds. One of the easiest ways to obtain money is by selling a luxury timepiece. The good news is you have different ways to achieve this, and the common ones are pawning watches at a pawn shop or selling your watch.
The choice you make is dependent on how fast you need money to get the sentimental value of your timepiece. In fact, the same applies when selling valuable gold jewellery pieces. So, the best is to compare both pros and cons to make the right decision for your needs.
Pawning Your Watch at a Pawnbroker
Okay, you decide to take your valuable Rolex to a Melbourne pawn shop, but how does pawning watches work? In actual fact, you can consider this method with other priceless items like a gold ring to silver bullion.
When pawning an item, consider it a loan compared to selling. For example, you take your valuable watch to the pawnshop, assessing the value based on the second-hand worth. The pawnbroker keeps the timepiece, offering you estimated money and keeping it in possession until you repay the loan.
Furthermore, you also need to repay the accumulated interest for keeping the item before returning it to you. So what are the pros for pawning the item? If the timepiece has a sentimental value, it is a temporary solution until repaying the money owed. So, for a short-term solution pawning your watch is worthy, especially if it has sentimental value.
Yet, pawning luxury goods like gold rings, watches, and other valuable items is viable if you can repay the money and make your payment on time. However, if your finances are not going as planned, the short term interest can skyrocket very high. When you cannot pay the money back, you cannot retrieve your valuable watch, and you may find yourself worse off financially than what you started.
So, remember when pawning luxury items, you are taking a loan against the goods and still need to pay interest. So, what is next?
Sell to Reputable Pawnbroker Watch Buyers
The advantage of selling your luxury watch or other valuable jewellery to an expert pawn shop is that you need not pay back loans. The amount offered for your pre-owned jewellery or timepiece is the money you keep without paying it back.
It helps relieve your stress to find the money for repaying loans ending with ongoing financial problems. You know how stressful it can be to pay someone money you owe and not repay them. So yes, parting with a valuable item is difficult, especially if it has sentimental value but will relieve your financial situation.
Furthermore, you can get a competitive price when comparing the value with different pawnbrokers in Melbourne. The pawnbroker assesses the value to receive a great price based on the current market, considering the piece’s condition.
The only drawback is that once you have the funds in your hand, it is final, and you cannot retrieve your valuable piece.
So Why Sell Instead of Pawning
At a Melbourne pawnshop, they know and understand what goes into making valuable timepieces. So you can get a fast yet secure selling price with their expertise instead of pawning your valued gold watch.