Used merchandise can be exchanged as collateral for money in the pawn shops where they provide a short-term loan that equals the item’s value. Watches are one of the quality items that will fetch you a fair price.
The average cost of a used watch will be less than 25-30% of the original price of the watch as per the latest market value.
For a used vintage watch like Rolex, the resale value is between $1000 to $10,000 and the pawn-broker will give you an average of 50% of the selling price.
How Much Do Pawn Shops Pay For Watches?
The average amount you receive for pawning a watch ranges between 20-60% of the price of the watch. For example, brand names such as Omega can be pawned at a price range between $700 to $4000 due to their quality and higher demand.
The pawnable watches include any lower-end watch, popular brands, luxury watches, Apple watches, Vintage models, or even broken watches.
Some of the popular brand watches and their pawning price are mentioned below.
|WATCH TYPE||PAWN PRICE|
|Hugo Max Euro Design||$49.95|
|Casio G-5600CC G Shock Digital||$69.99|
|Bulova Men’s 43mm Watch||$179.99|
|Citizen Blue Angels Skyhawk Eco-Drive||$349.99|
|Movado Museum Classic Diamond||$449.99|
|Rado Purple Horse Gold Dial Stainless||$479.85|
The availability of pawn loans for watches according to the types of watches including a gold watch, luxury watch, high-end watch, pocket watch, or designer watch. Pawnbrokers will mostly offer up to 60% of the watch’s market value.
For example, if you pawn a high-end watch, you will get up to $1000 based on its worth and quality. Similarly, an Omega pocket watch pawning will fetch you $60-$80.
|WATCH TYPE||PAWN PRICE|
|Omega Calibre 1070 15mm||$519.85|
|Gruen Manual Duo-Dial Doctors||$599.80|
|Girrard Perregaux Diamond Accent||$1799.87|
|Seiko Sportura Kinetic||$1349.87|
|Bedat & Co Geneve No7 Silver Dial||$1699.99|
|Vintage Concord White Dial Quartz||$1799.99|
|Tag Heuer Carrera Calibre 16 Brown||$2499.99|
|Rolex Oyster Lady DateJust Meteorite||$8999.87|
Now, let’s compare the type of watches and their pawning loan rates.
|Apple Sport Watch||$100-$130|
|Apple Series 1||$50-$200|
|Apple Series 2||$60-$250|
|Apple Series 3||$80-$350|
You can pawn your watch on an average loan rate of 0.1% to 10% based on the loan amount. When you repay a loan of pawned watch for $1000 within 1 month, you need to pay only $1010 on a 10% interest.
The loan rate to pay for watches per month at a pawnshop and their monthly fee is mentioned below.
|LOAN AMOUNT||MONTHLY FEE|
|$20,000 above||2% – 3%|
What Watches Get The Most Money At The Pawn Shops?
Luxury watches or high-value watches are a great option for pawning due to their rising market demand, durability, and higher pawn value. Rolex watch is a highly demanded brand to pawning where you can negotiate on price.
A pawn broker can offer you up to 85 percent of the market value for a Rolex watch.
As Rolex holds its value, it will earn a great sum of money when pawning with 3-5% monthly interest. Rolex Daytona Blue Face 2022 can fetch you around $60,000 pawn value and Rolex President 40mm 2022 can fetch you $40,000-$50,000 as these are high-end watch brands.
Rolex Submariner model can cost around $10,000-$12,000 for pawning if the watch is in good condition. Rolex DateJust can cost an average of $10,000 when you pawn it.
Rolex Oyster Perpetual 41 is another model that fetches you $4,000-$5,500 as per the current market value.
A brand new Rolex brand like Daytona will get you around $300,000 Some other Rolex watches and their pawn value are mentioned below.
|Diamond Gold Rolex for Men 16233 36mm||$10,863||2.8%|
|Rolex Batman GMT Master II||$22,995||2.5%|
|Rolex Submariner Yellow Gold Automatic 40mm||$40,500||3%|
|Rolex Daytona Cosmograph 116506||$349,950||3%|
Patek Phillipe is another popular brand that has a pawn value that ranges from $40,000 – $300,000 for its models including pocket watches like Henry Graves Jr and Star Calibre 2000. Latest luxury Patek Phillipe family watches like Nautilus will fetch you up to 120,000 for a newly purchased one.
|Patek Phillipe Nautilus||$66,700|
|Patek Phillipe Grand Complications||$93,685|
|Patek Phillipe Grand Complications Celestial||$289,950|
You can pawn any IWC family watches including IWC Schaffhausen for an $18,000- $20,000 loan as per the current market value with 3.4% monthly interest. A newly bought IWC watch will have a pawn value of around $100,000.
|IWC Portuguese IW5001-07||$7,050|
|IWC Big Pilot’s Edition “Le Petite Prince”||$13,200|
|IWC Portugieser Perpetual Calender||$46,500|
|IWC Da Vinci Tourbillon FlyBack Retrograde Rose Gold Watch||$84,150|
If you have a Panerai watch brand in your collection, this luxury watch will fetch you $7000-$20,000 with a 3% monthly interest. A new Luminor watch will have a pawn price up to $37,000.
|Luminor Quaranta Verde Militare||$7100||3.3%|
|Luminor Marina-44 mm||$8100||3.4%|
|Submersible QuarantaQuattro GoldTech Orocarbo||$30,000||4%|
How Do Pawn Shops Determine Prices On Watches?
Before pawning your valuable item, pawnbrokers consider certain factors to determine the value of your used item. They closely inspect your watch and check its authenticity, markup and profit, manufacturer, age, and the overall condition of the watch.
The quality of the built watch is a prime factor to assess its value. The pawnbrokers check the craftsmanship of the watch to determine the price.
They also make sure the brand name is misspelled or not to validate the genuineness of the product.
You need to provide the required documents of the owned watch brand which makes the pawning process quicker and getting the right amount easier.
The condition of the watch is important to determine its value. The exterior condition including glass scratches and proper functionality of time is taken into account when you pawn or sell your watch.
Since the replacement cost of any item will differ from its market value, watches of popular brands that sell quickly are considered items of higher markup.
The supply and demand of the watch brand is an essential factor to determine the selling or pawning price of the item.
The profit margin of most pawnshops is 30-50% which is assessed when checking the market value of the watch.
Although some pawn brokers focus on specific merchandise, most of the owners have knowledge of a variety of products like watches, jewelry, or antiques.
They may also call upon experts in a specific field to assess the value of the item to confirm the item’s authenticity.
To sell your watch for a higher amount, you need to do proper research to find out the current resale value of the watch. You can talk with multiple pawnbrokers and fix the one who offers you a fair amount that matches the value and worth of the watch.
The watch should be properly cleaned and you need to provide the required documentation to prove the authenticity of the watch.
For example, if you have the purchase receipt of the watch, it can be shown to the broker and the original price will help him to make a fair deal.
Difference Between Pawning And Selling Watches
When pawning your watch, you can get your collateral back after completing the loan payments and it does not affect your credit score. You will get faster loan access from $500 to $200,000 based on the demand of the watch value.
Selling a watch, on the other side, is a simpler process that can fetch you a higher amount from $1000 to $500,000 although you cannot get your watch back.
Before offering the selling price, the brokers will inspect the watch thoroughly. If their customers are not satisfied, the product will probably get a lower value.
For example, pawning or selling a popular brand like Rolex watches can offer you a decent higher amount for immediate cash.
Selling Price of Watch At Pawn Shop Vs. Online Market
The selling process of the watch is comparatively easier in pawnshops as you can directly sell it for a fair amount by visiting different pawn brokers. Online marketplaces like eBay, Facebook, Craigslist, and Chrono24 are popular but they will charge a higher tax amount and shipping charge.
Some of the price comparisons of watches on pawnshops and online marketplace are mentioned below.
|WATCH||PAWN SHOP PRICES||EBAY||CRAIGSLIST|
|Gucci Men’s 101mm Quartz Black Dial||$820||$600-$620||$500||$730|
|Rolex GMT Master II||$18,750||$11,990||$16,500||$13,257|
|Grand Seiko Four Season HI-Beat SBGH271||$6300||$5750||$5400||$5999|
|Omega Seamaster 300mm Chronograph||$3499||$3999||$2940||$3050|
|Patek Phillipe Gondolo Calendario||$32,500||$31,900||$21,250||$36,950|
|Patek Phillipe Calatrava||$40,810||$3200||$20,300||$13,900|
When you sell a watch on eBay, they will charge a 15% tax so when you sell a watch for $5000 you need to pay a $750 fee. On eBay, a Rolex Oyster watch will get a pawn value of $2700 with a monthly payment of $113 for 24 months.
On the Facebook marketplace, they will charge a 5% fee with a minimum charge of $0.40 for pawning watches.
The main drawback of auctioning watches online is it is time-consuming and lacks authenticity. The pricing rate is also lower when compared to direct selling at pawnshops.
Thomas Boseman is the author of Pawnbroking.com. A pawn shop owner by day, blog writer by night. When not writing, he enjoys exploring the outdoors with his dog, Roman. Thomas received his bachelor of arts in film from the University of Arizona. A Brooklyn native, Thomas is a lover of filmmaking, motorcycle, and coffee.