Many pawn shops do a steady business in firearms; between a combination of firearms retaining their value well, selling quickly and a thriving market of gun enthusiasts who will spend large amounts of money on firearms, it's a perfect item for pawn shops to carry and sell. If you are looking to sell or pawn a firearm, this is great news for you since the fact that firearms are lucrative items to resell means that local pawn shops will pay closer to fair market value for the firearm compared to other commonly pawned items such as electronics. Here are a few things to keep in mind when you are pawning your firearm so that you can ensure you get a fair deal from the pawn shop:
Don't Be Surprised By Federal Regulations
Pawn shops that deal in firearms are always licensed federal firearms dealers; In order to get this license, they have to take special training courses that inform them of all the rules and regulations governing the sale of firearms. This includes both state and federal laws. Since thieves sometimes attempt to pawn stolen items at pawn shops, it's common for pawn shops to make you prove that you own the firearm in question before they will agree to purchase your firearm. You'll have to provide photo identification when you sell it to the pawnshop. A very important federal regulation that takes many people by surprise is this: if you pawn a firearm, pay off the loan and any fees, and then come back to retrieve your firearm from the pawn shop, you will have to fill out a form requesting a federal background check before the pawn shop will give you your firearm back. This catches many people by surprise, as people do not expect that the federal government would require a background check when transferring ownership of a firearm back to its previous owner. Keep it in mind when you are pawning a firearm.
If You've Accessorized Your Firearm, You'll Need To Make A Choice
Accessories, such as a scope or a sling, will increase the amount of money the local pawn shop will offer for the firearm; however, the amount of money that your accessories will add to the offer will always be less than what you paid for the accessories in the first place. If you have other firearms that will accept the accessories and you would be interested in keeping them, it's a good idea to remove them from the firearm that you are going to pawn and attach them to another firearm that you own; overall, this saves you money since you will retain the full value of the accessories. If you need the maximum possible offer quickly, though, then you'll want to keep the accessories attached, along with any other accessories that you may have purchased for the firearm that are not currently in use.
Negotiate Your Price Shrewdly, But Have Realistic Expectations
A little bit of research into the age, condition, and model of firearm that you are selling can give you a great idea of what buyers are willing to pay for it. The pawn shop knows this information already, so it's a good idea to spend time researching so that you are on a level playing field when you are negotiating with the dealer. Don't expect to get full price for your firearm; pawn shops have a lot of overhead costs, such as real estate, electricity, and licensing fees, as well as the risk that they might purchase items above market value or items that don't sell. You receive a little less than the usual price in exchange for the convenience of selling or pawning something and walking out the door with cash in your hand. Fortunately, you will get a fair deal on firearms compared to other commonly pawned items such as appliances, since pawn shops know that they can sell them fairly quickly.
Contact a company like Wimpey's Pawn Shop for more information and assistance.Share