If you have a high-value watch, you have a source of collateral for quick loans whenever the need arises. Learn how we do it and discover your new emergency cash solution.
Which watches pawn best?
High-value watches like Rolex, Cartier, Patek Phillipe and such are useful for pawning because they are very marketable and a reputable pawn broker knows they can get their value readily should the need arise.
How much can I pawn my watch for?
Pawns are small collateralized loans against the market value of your watch. So the first thing to understand is that the retail price you paid for your watch may not reflect its current market value. You may have paid $10,000 for a watch that, like a car, became a $5000 watch the minute you left the store with it.
Should I pawn my watch or sell it?
When you take your watch into a pawn broker, they have two thoughts:
One, that you may never redeem the item and they will have to sell it to make back the money they lent to you and the cost of keeping and marketing the watch. So they don't want to over-lend and lose money if you walk away from your watch.
At the same time, they make interest on the value of the loan, so they are inclined to lend you as much as possible against the value of the watch. (Interest rates are regulated by each state.) Pawn loans are renewable, and they make interest for as long as you keep the loan. So they don't want to under-lend either.
That's why pawn brokers tend to offer good value for good watches. They know you're inclined to want it back.
Should I pawn my watch or sell it?
If you really don't want the watch anymore, talk to a reputable buyer about the market. If the time isn't right, you might want to pawn for now and sell later, when the market for your item heats up. Diving watches, for example, tend to sell seasonally. Rolex sells year round, and pre-owned Pateks are always in demand.
How does pawning work?
Before you decide to pawn, read more here.
TESTIMONIAL
“My experience buying a pre-owned Rolex from Palisade Jewelers was perfect. I did the transaction by phone. The watch arrived, exactly as described; they gave me good, attentive service.”
- Richard
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