Pawn Shop Report

[evenkeel]

St. Pete has a huge # of Pawn Shops. Now that we are settled back home I got the chance to check a few out.

I was struck by the number of better grade electric guitars on the shelves. usually pawn shop guitars are almost all junk with the very rare better guitar. Pricing can run the gamut from a real bargain (rare but it happens) to "these people are nuts" Frankly way overpriced is the more common.

In the four shops I visited today:
American made Fender strat, sunburst, maple neck. $900.
American made P-Bass. Looks unplayed. Maple neck $500
Zak Wilde Gibson Les Paul. not the epiphone. $2,000
American Fender tele. Black body, maple neck. Odd bridge and some mods to the volume and tone controls. $850
Gibson Les Paul standard. red sunburst, EMG pickups. $2,000

Obviously no bargains here. What struck me is the shear # of better guitars. Makes me wonder if the pawn shops are getting more and better inventory due to all the economic woes. Seems sad, but likely true.

Also curious not a decent acoustic to be found. Tons O Junk only!!

 

[oldguy]

Most of the pawn shops I've visited in the last 5 years want nearly a new price for any quality instruments. Including those that have been sorely neglected by the previous owners. Occasionally I see and old quality guitar, such as those make in the Matsumoko factory, going cheap, but not all that often.

 

[mannydingo]

I would say in the last 15 years or more you can't get a bargain in those places. Well, as stated already, there's that rare occasion when you do. I think that happens when that big humongous pawn shop price book they go to doesn't have the model included. If they aren't familiar with brand names and such, they may let it go for much cheaper than a used price should go for. I once got a beautiful Takamine 12-String in excellent shape aesthetically and in playability for 100 bucks.

Their idea of the last 20 years must be working. Someone walks in, sees the lousy price and starts asking for a price drop. The salesman starts lowering until you go from the "new" price to something of a "used" price and then sells. The used price is some retarded price that I wouldn't pay knowing what used really is like when finding a deal at craigslist or a thrift shop or some classified ad. The problem with those is that it takes forever for something we want to show up. In other words, pawn shops are mainly for the gullible.

 

[markb]

Pawn shops seem to have got wise and stupid all at the same time. Near new prices for beaten up guitars and amps is what we see here. One pawn shop had a MIM strat with several huge chips out of the finish listed on the local auction site for NZ$979 with no case. A brand new MIM strat is NZ$999 at the main dealer with gig bag. I often see cheaper Squires (eg Bullets) selling for more than the new price in these places. Total insanity but then New Zealand isn't the ideal place to buy a guitar.

 

[Andy]

ofcourse being Nashville ,lots of guitars in the pawn shops.but usually they are a bit overpriced. tho I did reciently see an old Fender Broadcaster for $1200.... I wasn't sure if it was that valuable or not.

the pawnshop owners around here generaly know their guitars so it's hard to find a steal.

 

[mannydingo]

MarkB, that's about the same way it works here in the USA. Those prices are about the same. Now that you tell me that half way around the world it's the same thing, I'm starting to get suspicious. Maybe these things are fronts for something else. For example, if they don't sell that $1500(new price) used keyboard after they drop the price $150, maybe they clain to have sold it for that $1400 price but never did. They have actually made money from illegal sources and can justify a luxurious lifestyle according to sales on their books. They then sell it elsewhere, in another country, for cheaper. That's not to say they don't actually sell things there legitimately.

Yeah, I'm just creating brain fantasy here but it just smells so fishy that a pawn shops starts pricing at brand new price for used equipment. Something has to be going on here.

 

[wingsdad]

... I did reciently see an old Fender Broadcaster for $1200....I wasn't sure if it was that valuable or not.

the pawnshop owners around here generaly know their guitars so it's hard to find a steal.

If the headstock actually had a Broadcaster decal on it, and it was from 1950-early '51, in excellent (i.e.: near mint) condition, it might only be worth between $80 - $135....

...thousand :thwap:

A Custom Shop model was produced in '99, that's worth a little less: $8,500-$10,000.

Unless it's been seriously maimed beyond true vintage value (had any semblance of original parts removed, replaced and gone, been modded, butchered and refinished, etc.) I'd figure out a way to scrape $1,200 together and steal that one. In 'played' shape (resembling a brand new Andy Summers Reissue), a '50 Broadcaster or '51 Nocaster could be worth $30-75K. Beats the stock market.

 

[mannydingo]

If the headstock actually had a Broadcaster decal on it, and it was from 1950-early '51, in excellent (i.e.: near mint) condition, it might only be worth between $80 - $135....

...thousand :thwap:

A Custom Shop model was produced in '99, that's worth a little less: $8,500-$10,000.

Unless it's been seriously maimed beyond true vintage value (had any semblance of original parts removed, replaced and gone, been modded, butchered and refinished, etc.) I'd figure out a way to scrape $1,200 together and steal that one. In 'played' shape (resembling a brand new Andy Summers Reissue), a '50 Broadcaster or '51 Nocaster could be worth $30-75K. Beats the stock market.

If it wasn't long ago he saw that in the pawn shop, I GUARANTEE he's going back there early tomorrow morning. Heck, I'd go back there even if a year had passed. You never know.

 

[Andy]

It was definately an original , it had the broadcaster decal and was intact .
but the body had small cracks in it, the neck was heavily worn , frets were heavily worn. everything was heavily worn or rusted. electronics were shot, but everything appears to be original.the neck was badly warped . it looked like it had been stored in a barn. to get it back to playable condition without ruining the value too much would have required alot of $. there were areas in the cracks where the wood was actually rotting.

 

[mannydingo]

It was definately an original , it had the broadcaster decal and was intact .
but the body had small cracks in it, the neck was heavily worn , frets were heavily worn. everything was heavily worn or rusted. electronics were shot, but everything appears to be original.the neck was badly warped . it looked like it had been stored in a barn. to get it back to playable condition without ruining the value too much would have required alot of $. there were areas in the cracks where the wood was actually rotting.

Even if a beautiful repair job were done to that, there's no way of keeping it from looking refurbished. Particulary repairing the rotting wood area and the refinishing. Warped neck? Sheesh! How much more could be wrong with the thing? Stored in a barn sounds right. It doesn't even sound like it was stored in a barn. It sounds like it was tossed into a barn and left there for years.

 

[wingsdad]

Well, in that kind of condition...doesn't sound like it can be restored. the pawn shop probably has it priced right, cuz all it is anymore is a relic.

I got a '57 Fender lap steel from a local pawn shop 5 years ago that looked like it had been stored in a barn or garage, down to 1 string and 1 tuning key button. But it was alive when plugged in. Now it's worth about 5-6 times what I paid for it & put into restoring it.

 

[Andy]

I seriously thought about somehow getting it

I have no doubt It could be fixed up to look real nice but I'm not sure how playable it could be set up.and than it wouldn't "look" like a vintage 1950 Broadcaster anymore. If I had money to burn I probably would have grabbed it if just for a display piece. I don't know if it's still there but he said It's been there for quite a while.

I tried to talk him way down but he wouldn't budge

 

[sunvalleylaw]

I have yet to find a really good deal in a pawn shop. I found some much better deals in a small guitar shop in Boise that had some consignments and sold some used gear for good prices. The owner told me he likes to keep a few guitars on the rack in the sub $200 category. That is where I found Spud's latest Protone Squire. I may someday pickup an inexpensive back up guitar there. But I would rather stop there than spend my time looking at the high prices in the pawn shops that I have seen.

 

[mannydingo]

I seriously thought about somehow getting it

I have no doubt It could be fixed up to look real nice but I'm not sure how playable it could be set up.and than it wouldn't "look" like a vintage 1950 Broadcaster anymore. If I had money to burn I probably would have grabbed it if just for a display piece. I don't know if it's still there but he said It's been there for quite a while.

I tried to talk him way down but he wouldn't budge

If you're feeling that kind of a "sentimental" feeling for it or have a strong want to make a project out of it, I would go back there and offer him $500 with no if, ands or buts. Remember, they sell it at the price they think they can get for it regardless of whether they paid $500 for it or only 50 bucks. Give it a try but don't budge. If you want, have a business card with one side scratched out and the blank side with your info on it. Leave it with him if he declines. He may change his mind. I got a nice mandolin once from a pawn shop that wanted $120 for it. He gave up on $50 for it and said that's exactly what he paid for it but it had been in his shop for years with no buyer.

 

[wingsdad]

Yeah, Andy, 1200's a bit much for a decoration unless you've got money to burn. That shop's gonna hold out because some collector on the hunt rummaging thru Nashville's pawns will stroll in eventually & have that kind of spare change. They don't have to cave. They probably make out just fine on their loans.

That's how pawn shops really make it. It's not from selling stuff at jacked up PT Barnum prices. Anybody that pays ticket price to a Pawn shop just fell off the turnip truck. The shop most likely paid at most about 25% of that ticket price. You start by offering the shop 25% of the ticket price, and go up, back & forth, to no more than 40 or 50%. If it's been there a long time, the faster they'll bite, the closer to the 25% mark. If they don't take it at 50% max, you just leave. If you really want it, go back weekly and check on it. They'll know you know how long it's there. They'll know you want it. They'll also know you ain't no fool when you finally utter the magic words in terems they understand: "OK, guys...how long are you willing to lose money on this piece?"

SVL, it's not like I prowl pawn shops...the only reason I got the Fender Lap was by access to 'inside trader information'....my son-in-law manages the store, and the owner is a family friend. (btw: that's how I 'know' the buying technique I just described above). He calls me whenever anything 'good' comes in. I've had shots at many things over the last 10 years. The only other item I almost had for a bargain was a '96 Gibson SJ-200 (think Pete Townsend with Gibson Jumbo). It would have been mine for a totally silly price: the last loan payment amount...less than 100 bucks. I was there at the store when the guy came in at 5 minutes to closing on the day his last payment was due to tcb and get it back. I think my son-in-law was more bummed than I was.

 

[sunvalleylaw]

SVL, it's not like I prowl pawn shops...the only reason I got the Fender Lap was by access to 'inside trader information'....my son-in-law manages the store, and the owner is a family friend. (btw: that's how I 'know' the buying technique I just described above). He calls me whenever anything 'good' comes in. I've had shots at many things over the last 10 years. The only other item I almost had for a bargain was a '96 Gibson SJ-200 (think Pete Townsend with Gibson Jumbo). It would have been mine for a totally silly price: the last loan payment amount...less than 100 bucks. I was there at the store when the guy came in at 5 minutes to closing on the day his last payment was due to tcb and get it back. I think my son-in-law was more bummed than I was.

Wingsdad, I did not think that at all. On the contrary, I really respect those that find the great pawnshop deals. Also, thanks for the pawn shop negotiating info. That is great you have insider info. I guess I was just saying I don't currently have any luck finding pawnshop deals. I was pretty pleased running across the consignment deals though (I even remarked to myself that I was pleased to find some good used deals in a store finally), esp. since Spud got something he wanted out of it.