If you haven’t watched the History Channel’s TV show Pawn Stars, then honestly you are missing out.
Not only do you get to see all kinds of artifacts and antiques from many years ago, but you can learn some great tricks to negotiating and saving money.
Anytime an item comes into the Gold & Silver Pawn Shop it is properly inspected and appraised (if necessary) by an expert before any numbers are talked about.
Once the correct age, value and history are placed on the item, the employee will offer around half of the total retail price and not a penny more. Here are some tips you can use to save money like a Pawn Star.
1. Rarely buy items at retail price
Yard sales, thrift stores and consignment shops are other places to find great deals on discounted items, like fashion or home decor. Sometimes you can even find stuff that is perfectly priced for reselling and make some quick cash.
2. Negotiate like a pro
This applies to both selling or purchasing items.
If you can’t get it for the right price, then just walk away. You need to keep the price you are willing to pay in mind, before you begin negotiations and stand firm on that number.
Use a little sneaky strategy by starting with a number different than you really want, then come up or down in price. It makes the other person think they have gotten the most out of the deal.
3. Try other deal-making options
Sometimes on Pawn Stars, they will negotiate a trade with a customer instead of cash, or a combination of cash and trade. It’s basically like bartering or store credit towards another item.
This is a great option when normal negotiations are hard to reach, you just have to be creative and think outside the box. Almost anything can be negotiated, even your rent or college education.
4. Know when it’s time to bail
We all make mistakes, and inevitably we will make some bad deals. However, the key to being successful is admitting you got in over your head and knowing when to bail.
Take the emotions out the situation and try to view your financial endevours as business transactions. Learn to take your time and keep the profit margin in mind so you won’t overspend and lose money.
What skills do you have to get the best deal?