Candace

I saw this posted on CL this morning. If anyone is in the market for a machine in the Oakland, CA Bay Area this is one I would NOT pass up. I can't believe the price! I bought this machine 13 years ago and paid around $3,200 for it. Still use it as my back up and love it. Some one grab it up!


http://sfbay.craigslist.org/eby/for/2347568893.html

MTS

You don't think that maybe that's a typo? ;-)
Or are the sellers really clueless?

btw, the shop is "Mr Pawn Inc."

I'm sure the pawner (?) got more than that when they brought the machine in there.

Candace

Being that it's a pawn shop, I'm guessing they just want it gone out of inventory! If I were in the market for a machine I'd do the 2 hour drive each way, in a heart beat.

np3

A pawn shop selling on Craigslist? But you have to come by to see it and check their inventory? It is either a typo or a gimmick.

Candace

I see lots of business putting ads on CL. It's very common. Sometimes they get pulled with enough complaints. I also see commercial sewing machine stores placing ads. Again, sometimes they're removed, sometimes not. Since there's a phone #, address and price I don't see how it's a gimmick.

MTS

I guess my point (along with my admittedly limited understanding of the finances and workingsof pawn shops) is that if someone brought that machine in either to sell it or pawn it, they got more than $140 out of it.

I'm betting it's a typo.

I've also seen a lot of ads recently from thrift shops now advertising on CL in my area, including sewing related items. Why not? It's free.

And I'm sure that there are many people that shop CL regularly but have never been in a thrift shop or pawn shop. They just wouldn't have thought of it. So it's a way to get new people in.

And I'll bet PawnStars and StorageLockerWars are helping fuel the interest.

Candace

Anyone know the inner workings on how a pawn shop pays out and recoups money? I'd be curious to learn! I really don't know the ins and outs either.

MTS

Ah, you must watch Pawn Stars on A&E.

So I need moola.
I've got a machine.
I bring it in

Let's say I want to sell. It's got a street value of $2000. The owner , if he's knowledgeable, will want to offer me as little as possible so he can resell it. But we both know it has value. And I need moola.

So he offers me $1000. I'm sad. I counter $1500. We settle on $1250. I get the moola. And now he can resell it.

He can try to get $2000. But he, unlike me, has no emotional attachment to it. So if he can get $1500 for it TOMORROW, that's a huge return on his investment. If he has to settle for $1400, it's still a win win for him.

Next pawning.

MTS

So I still need moola.

I really don't want to part with my beautiful machine that's worth $2000 (not emotional worth, but street value/eBay value).

But I know I'm getting some money next month...however. But I need some money NOW.

So PawnShopOwnerGuy offers me $1000 at some not normal interest rate, and he will hold the machine as collateral. There is end date on this contract, which can be extended (at a cost to me). The machine is NOT put out for sale, but it may be put out for display.

After 2 months time I somehow come up with the extra money, then I can go back and buy back my machine by repaying the loan. With interest.

Think legal loansharking with collateral. But clearly serves a niche market. And a growing market in these tough economic times.

Now, let's say I don't have a way to get the moola together, or extend the due date.

Mr. PawnShopOwnerGuy now owns my machine. It cost him whatever he fronted me, plus the "lost" interest.
But now he can, just like in the first example, sell it immediately for $1400. And he's golden.

And you, let's say, were eyeing it on the display shelf waiting for me default or decide not to buy it back. So you've just gotten yourself a deal as well.


While they've had a really sleazy reputation, some of the owners seem to be really knowledgeable about a whole range of items/topics/merchandise.

And as a sewing machine is pretty portabl and easily sellable/saleable, I'm sure the pawn guys have seen their fair share come into the shop.

So based on all that, I'm sure that $140 is a typo. ;-)

Candace

Interesting. I don't watch that program. And I've never been in a pawn shop. I've got friends that swear by them, but they know what they're buying(jewelry mainly). Though I'd still argue it's a typo. My dealer can't sell these machines for $500 because people want NEW for that amount of money. I've seen them go for anywhere between $300-1,000 on ebay and CL. So...it would definitely be worth the call if someone is remotely interested in it.