Having a Michael Kors Watch is certainly a statement for many people these days.
They are visually appealing, relatively affordable (compared to a $10,000-$50,000 Rolex), there’s Michael Kors stores in local malls and shopping outlets that allow you to buy direct – what’s not to love about the watches, right?
How 'Pawnable' Is This Item
What Value Does This Item Have
In terms of pawnability, Michael Kors watches pull in a “Good” rating. Most pawnshops will look at them and consider them for a loan if they are running and in good condition.
They are rated as “Fair” in terms of value. Typically speaking, you will only get $20-$50 for a Michael Kors watch at a pawn shop depending on the model, which is quite a bit less than they were valued at when new. There are sound reasons behind this, but this is still lower than the average customer anticipates they will receive based on the watches initial purchase price.
What To Bring With You:
- If you have the original box, insert, and padding, it will normally add to the value of the watch assuming it is in good and presentable condition.
- You will want to make sure the watch is running. You can often find local battery service for $5-$10, and it’s worth it because without the watch running, most pawn shops will not take it.
Percentage Of Pawn Shops That Accept This Item 60%
Percentage Of Pawn Shops That Consider This Item Desirable 40%
Average Redemption Rate For This Type Of Item 50%
Percentage of Households That Have This Type Of Item 10%
Percentage Of Times This Type Of Item Is Pawned vs Being Sold 70%
When pawnshops are on the market for watches, they are usually looking for very high-line brands, such as Rolex. Michael Kors really doesn’t fit into this category, and roughly 60% of pawnshops accept Michael Kors watches as a result. Of those that do, only 40% consider them to be desirable.
These watches are pawned roughly 70% of the time, and the average redemption ratio for them are below the national average for pawned merchandise at just 50%. Approximately 10% of youhouseholds have Michael Kors watches that they can pawn.
What Are Some Advantages To Pawning This Type Of Item
- You likely won’t miss it will it is in on loan .
- It could provide just enough money in loan to be meaningful.
- A lower-dollar loan such as this is often easier to pay back.
What Are Some Drawbacks To Pawning This Type Of Item
- You may not receive as much as you think you should for your Michael Kors Watch.
- Depending on where you live, it may be hard to find a pawn shop that accepts them.
Pawning Michael Kors Watches
As a rule of thumb, pawn shops are drawn to watches that are consider to be a true luxury item. Unfortunately, Michael Kors watches really don’t fit into this category.
The parts used to build the watches normally only cost a few dollars. You can typically find the movements on eBay for just $3-$4 shipped from China, or $8-$10 when shipped from the United States.
That pushes the desirability for Michael Kors watches in pawn shops is that people really do like how they look and are still very interested in buying them. Because of the ‘Golden Rule’ (a pawn shop likes to buy what it knows it can sell), many pawnbrokers will still take these timepieces in.
That having been said, you will want to be sure that your watch is in excellent condition and clean. If your watch is heavily scratched or the crystal/face is damaged, the chances of your being able to pawn your Michael kore watch goes down significantly.
Having any box and paperwork that came with the watch can certainly help your case, particularly if it is also in like-new condition.
It is absolutely critical that your watch be running when you take it into a pawn shop. Because of how inexpensive the movement is, they are prone to easily break, and a pawn shop won’t want to purchase or loan on a broken watch. You can prevent this fear by ensuring that you have a new(er) battery installed and that the watch can be demonstrated as running when you present it to the pawnbroker.
Wordpress junkie, music lover, and consumer of all things pizza-oriented. I’ve run pawn shops and check cashing operations for years. I developed the most successful digital marketing marketing strategy for pawn shops known to date, and flip items on eBay for fun.