Aim: Financial Blog for Members

Finding gently used tools at a bargain

September 2, 2014

Saving money is a priority for virtually everyone these days. When you are looking to pick up a tool, the first place you might think of is a big-box retailer. While there is nothing wrong with buying a brand-new tool from a national retail chain, shopping at a pawn shop or a local non-profit resale store can provide you with gently used tools that work just as well as new items, but for much less money out of your pocket.

The first advantage pawn shops have is that they buy and sell virtually any type of consumer good. Therefore, when you go to your local pawn shop, you may be able to pick up a few different types of tools at once instead of going from retail store to retail store searching for the best deal.

The advantage here is that you can get gently used tools that work just as well as ones you can buy from your local retail store. The goods pawn shops sell are virtually all used, but are usually in good working order. Since pawn shop owners do not want to damage their reputation and lose customers, they make sure that all of their goods are in sellable condition. Pawn shops are required by law to make sure that goods are not fake or stolen.

Most chain stores leave little room for negotiation. However, pawn shops are used to buyers trying to negotiate a lower price. If you know the true value of the product and understand the difference between the retail and purchase price, you may have a chance of paying less than the sticker price.

Some pawn shops may even offer warranties for tools and other consumer goods sold at their shop. Plus, depending on how new the tool is when you bought it, the tool may still have its original manufacturer's warranty.

On a related note, consider shopping at your local non-profit resale stores. Many of these organizations accept donations of, and resells, new and gently used household goods, including tools, at a price well below retail. While you can feel good about supporting a community endeavor, the downside is you may not get the latest model.

Between lower prices and the quality of gently used goods being close to that of new consumer goods, shopping at a pawn shop or resale store gives you a much better deal.

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