Should You Pawn Your Old Video Games?
If you‘re looking to finally cash in on those old video game disks, consoles, and accessories gathering dust in your closet, using a pawn shop is an option worth strong consideration. While you may think of pawn shops as places to peddle jewelry and musical instruments, they can actually provide a great avenue for scoring quick cash from your unused gaming gear.
In this comprehensive guide, I‘ll explain everything you need to know as a gamer about how to successfully pawn video games and consoles. You may be surprised at just how much extra money you can pocket going the pawn shop route compared to alternatives like trading games in at GameStop!
Pawning Games Beats Trading Them In – Here‘s Why
Pawn shops offer some key clear-cut advantages when you‘re looking to unload video games and consoles:
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You‘ll earn significantly more money. Pawn shops aim to resell at market value, while GameStop offers fixed trade-in prices. For example, GameStop may only pay $25 cash for Call of Duty: Black Ops 4 for PS4, while a pawn shop will likely pay up to $45 based on current eBay sales prices.
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You have the option to take out a loan. Rather than selling off your games permanently, pawning them means you take out a short-term collateral loan. You can buy back your games later if you repay the loan plus fees. Loans are typically for 30-90 days.
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There‘s more room to negotiate. GameStop employees can‘t budge on trade-in values dictated by their system. But pawn shops expect haggling and you can often talk your way to a 10-20% higher offer.
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You walk out with cash immediately. Waiting for online sales means delayed payment. But pawn shops put cash directly in your hands on the spot when you accept an offer.
According to data compiled by Loanry.com across 300 pawn shops, the average payout offered for popular used video games was 31% higher compared to GameStop‘s trade-in value. So if you need money quickly, pawning unequivocally puts more dollars in your pocket.
Savvy Tips for Maximizing Your Payout
Follow these tips and tricks recommended by pawn shop owners to squeeze the most value from your old gaming gear:
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Prioritize newer titles. The most recently released games in series like Call of Duty, Madden, NBA 2K, and FIFA will command the highest loans. Pawn shops know these are in high demand.
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Bundle items together. Offer packages or bundles containing multiple games, accessories, and even consoles to get significantly more. Pawn shops prefer buying complete sets.
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Make sure discs and cases are pristine. Discs should have minimal scratches and cases should have original artwork in good condition to verify authenticity.
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Be open to negotiating. Counter the initial offer with a 10% higher ask. Pawn brokers expect this dance so don‘t be shy about starting higher.
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Time it right. Prices for used games peak around the holidays when demand is highest. Start checking loan amounts offered at local pawn shops in October.
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Shop multiple stores. Compare offers from a few different highly-rated pawn shops in your area to find the best deal. Include online pawners who provide free shipping.
A Look at Typical Pawn Loans for Games
To give you a better idea, here are some average pawn loan amounts offered for popular video game items in good used condition:
| Game / Console | Pawn Loan Amount |
|---|---|
| Call of Duty: Black Ops 4 (PS4) | $40 |
| NBA 2K19 (Xbox One) | $25 |
| Super Mario Odyssey (Switch) | $30 |
| PS4 Slim Console only | $120 |
| PS4 Slim Bundle w/ 2 controllers and 5 games | $250 |
As you can see, you can score over $100 more by pawning a PS4 Slim as a complete bundle compared to the console by itself. Bundling is a proven strategy pawn shop owners recommend to maximize value.
How Does the Pawn Loan Process Work?
Pawning your video games is a very straightforward process. Here‘s an overview of what to expect:
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Inspection – The pawn broker will examine your items to assess condition. Discs are tested to verify they load properly.
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Valuation – Based on condition, demand, and expected resale price, the broker will quote you a loan amount.
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Negotiation – Don‘t be shy about countering 5-15% above their initial offer. See where you can agree on a fair deal.
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Completion – Once you agree on the loan amount, you‘ll fill out paperwork and receive immediate cash payment.
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Repayment – Your loan term will be 30, 60, or 90 days typically. You must repay the loan plus fees by the end of the term to reclaim your games.
Pawn shops make their profit by reselling any unclaimed items. So it‘s in their interest to loan less than the true market value. That‘s why negotiating firmly based on your research is key.
How Do Pawn Shops Compare to eBay and Craigslist?
Pawn shops have some advantages and disadvantages compared to selling directly online via platforms like eBay and Craigslist:
Pawn Shop Pros
- Get immediate cash without waiting for buyer
- No fees compared to eBay/PayPal commissions
- No risks of online fraud or shipment damage
Pawn Shop Cons
- Typically lower valuations than online sales allow
- Interest fees charged on loans to buy back items
- Lose items forever if unable to repay loan
eBay / Craigslist Pros
- Can set own price and potentially earn more
- No loan repayment needed to reclaim items
eBay / Craigslist Cons
- Dealing with flaky buyers and scammers
- Waiting days or weeks to receive payment
- Paying fees on sale proceeds
The bottom line is pawn shops offer speed and convenience, while DIY online sales present more hoops but higher potential returns. Your preference depends on whether you value time or maximum profits.
How to Pick the Right Pawn Shop for Video Games
Not all pawn shops are created equal. Here are some tips for picking the right one to get top dollar pawn loans for your gaming gear:
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Search locally. Look for pawn shops conveniently located near you to avoid hassles transporting items.
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Read online reviews. Check Google, Yelp, and the Better Business Bureau for feedback on a shop‘s trustworthiness.
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Ask about prices. Call or visit shops to get a sense of their typical buying rates for what you‘re looking to pawn.
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Evaluate service and expertise. Look for pawn brokers who are knowledgeable about video games and consoles.
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Compare loan offers. Get quotes from multiple shops for the same items to find the best payout.
Doing your due diligence pays off. Taking the time to find the ideal pawn shop can mean hundreds extra in your pocket rather than going with the first broker you see.
The Best Games and Consoles to Pawn
Not all games hold their value equally. Based on demand data aggregated across pawn shops nationally, here are the top video games and consoles to pawn to maximize your loan amount:
Best Payout Games
- Call of Duty series (Black Ops 4, WWII, Infinite Warfare)
- Red Dead Redemption 2
- NBA 2K19
- Madden NFL 19
- Super Mario Odyssey
- The Legend of Zelda: Breath of the Wild
Best Payout Consoles
- PlayStation 4 Pro
- Xbox One X
- Nintendo Switch
Retro Favorites
- Original Nintendo (NES)
- Super Nintendo (SNES)
- Nintendo 64
- GameCube
- Sega Genesis
Pawn shops pay a premium for the hot new releases gamers are eager to get their hands on. But surprisingly, retro consoles and games are also highly sought after by collectors.
Making the Most of Seasonal Demand Swings
The prices pawn shops will pay for used video games fluctuate notably throughout the year based on seasonal demand shifts.
Late fall through the holidays is peak season, as people look for budget-priced games and consoles as gifts. Pawn shops stock up inventory during this time and will pay more for popular titles and bundles.
Once the holidays pass, prices drop off steadily from January through summer. Less demand means lower buy rates. Prices start to climb again in late summer as gamers trade up consoles and games for the upcoming holiday season.
If you‘re not in a rush, you‘ll generally get significantly better pawn loan amounts by waiting to sell your gear in October through December when pawn shops are paying top dollar. Patience pays off!
Still Not Sure? Get A Free Consultation First
If you still aren‘t convinced that pawning is your best option, I recommend visiting or calling a top-rated local pawn shop to discuss your specific items. Ask if they will provide a free consultation where they assess your games and consoles and offer loan amount quotes.
This allows you to get a risk-free sense of potential payouts before you decide to move forward. Reputable pawn shops will happily do this, which shows they value building trust and transparency.
The Bottom Line
At the end of the day, pawn shops present a compelling option for gamers looking to unlock value from their unused disks, accessories, and consoles collecting dust at home.
Compared to trading games in at relatively low rates, you can potentially earn hundreds more by pawning smartly. With the right preparation and negotiation tactics, you can strike a win-win deal, putting quick cash in your pocket while the pawn shop makes a reasonable profit on reselling your gear.
So gather up those forgotten games buried in storage and see what your local pawn shop has to offer. Chances are, you‘ll be surprised just how much extra money you can pocket going the pawn route if you use these pro tips.