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Save money, Shop Resale!

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In today’s economy which do you believe makes more sense, buying retail or buying resale?
When shopping for diamonds, jewelry, or electronics like Blu Ray Players, have you considered resale items? What about for items like designer goods such as Coach or Versace? Did you feel shocked like me when you searched for a new bead for your Pandora bracelet and found out that the little bead cost anywhere from $30.00 to $150.00 each?
Well, let’s talk about resale then.diamondring
From the time a diamond is mined, cut, and ends up in the jewelry store it has changed hands at least 8 times which drives up the cost by 8 times! If we break that down and say a diamond is worth about $50.00 when it comes out of the ground. We take that value, $50.00, and multiply it by 8, and that would give us a cost of around $400! Let us also consider the fact that the average markup on jewelry is 200%! This markup covers the store’s rent/mortgage, employee salaries, advertising, and other overhead costs. That means the price you are paying is not for what the piece is worth but what the piece may be worth along with the roof over its sparkly little head and for the person that rests it in its comfy case every day. Oh and let’s not forget the pretty lights in the case that make the piece sparkle.

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So do I have you thinking yet?
Now let’s talk electronics. Most electronics will be replaced by a newer model within 8 months. The average markup on electronics is 20% to 30%. When I shopped for a Blu Ray player and saw the price I was floored! Considering that the minute I walked out of the door with my new Blu Ray player still in the box it had already depreciated in value by up to 30%. Let’s not forget that a newer model would be out in less than 1 year so my new player would be outdated and worth less very soon.
Did you know that on average we replace our cell phones every 18 months? That would mean that most people trade up, sell, or recycle phones within the first 1.5 years of purchase. The pawn shops in the major cities are purchasing cell phones with an average age of less than 1 year!

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Now that we have learned the values and depreciation of these popular items, let’s talk about the benefits of shopping resale.
Most items can be purchased for at least 50% less than the retail price tag. Not all resale pieces are pre-loved items. Many items are purchased new from stores or organizations that have gone out of business. Some of these resale items have come from people like me that hate to return items. I just leave the tags on for a year and then turn them over to a consignment store when I decide enough is enough and I just need to clear way for something else.
If you are considering doing your own jewelry designs, looking for a gemstone to replace one that has been lost, or you just want to replace a gemstone that you currently have, then resale would be the most cost-efficient way to shop. You can visit Pawn shops, Resale shops, visit Estate sales, or search online for great finds. Most resale shops even have return policies with the exception of Estate sales.

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Here are some tips to help you along in your resale journey:
Tip #1- Be sure you know what the return policy is prior to making your purchase. Some stores may refund your money but many will only give you a store credit towards another purchase.
Not sure of the quality of what you are getting and an appraisal isn’t available?
Tip #2 – Diamonds and gold can be tested with an electronic device that all jewelers, pawn shops, and resale jewelry shops should have. Ask to have the stones tested by a diamond tester. Did you know that most people cannot tell the difference between a genuine diamond and Moissanite diamond? There are testers for that also. Ask to have any diamond purchase tested for Moissanite. There are even some other tips for testing Pearls, Jade, Gold, Silver, and Opals.
Still not convinced?
See if you can have the item appraised by your own appraiser. Understand that this will bring additional costs to your purchase, however it is well worth the peace of mind you may desire. You can look online for GIA Certified Appraisers.
Let’s talk electronics now. Does it make sense to pay full price for something that is going to be considered outdated in a few months if you can buy the item for at least 50% off the original price? That means when you get tired of the item or decide it is time to go bigger and better you have only paid ½ or even less!
Tip #3 – Do price comparisons online to see how the price matches up to other resale sites or stores. Better yet compare to the retail stores to see how great the price really is.
Tip #4 – Check Consumer Reports on the item that interests you to see how it rates. Most reports will include problems that others may have had with the item.moneyhand2
Tip #5 – Check what other accessories are available with your purchase. Do you need cables or remotes? Don’t forget the games or movies! Most movies and games can be purchased for just a couple of dollars as compared to brand new where you can pay anywhere from $15 to $50 for a new game or movie.

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Just like jewelry you can visit Pawn shops, Resale shops, visit Estate sales, or search online for the items you desire. You will be amazed at the selection of what is out there along with all of the accessories and for usually a fraction of the cost! The most important advice I can offer you is to restate tip #1 which is, be sure you know what the return policy is prior to making your purchase.

Pawncast247

5250 west Grand Ave,

Gurnee, IL 60031

Phone. 630-708-7296

Email. Michaelharry7@gmail.com