There’s a ton of things that pawn shops pawn, buy, and sell… but is medical equipment on that list?
Sometimes, yes, pawn shops will buy or make a loan on medical equipment depending on what it is and what kind of second-hand value it has.
While they may be a little suspicious if you wheel in a giant MRI machine, much more common things such as diabetes surge monitor devices, or wheelchairs, then there is a good chance that a pawn shop will be open to looking at them for a loan.
Personal Medical Devices
It is important to note that if the medical device in question is something that you insert into your body or regularly comes in contact with bodily fluids (other than a glucose monitor), the chances of a pawn shop taking it in are much lower. With these items, you should take extra caution to clear the item before taking it in to be looked at.
How 'Pawnable' Is This Item
What Value Does This Item Have
Pawning Medical Devices
Medical devices get an “Excellent” rating for both pawnability and value.
Most pawn shops are going to be interested in high value items, as medical devices tend to be. Additionally, most personal medical devices are normally smaller, making them easy to store and attractive for a pawnbroker to make a loan on.
Additionally, pawn shops are inclined to loan a good amount of money against medical devices as they understand their inherent value. As long as the device is something that there is demand for and can easily be resold, there will almost certainly be interest on behalf of the pawn shop to take a look at what you have and make you an offer on it.
What To Bring With You:
As far as what to to bring with you when you come to the pawn shop, that will largely depend on the medical device in question.
If it’s something like a blood glucose meter, than bringing extra testing strips makes sense so that the pawn shop can see if the item works (and check their blood sugar while they are at it.)
If it’s something like a powered wheelchair, then bringing the charger for it makes sense obviously (assuming that it doesn’t just use a regular wall plug.)
This is an area where you really need to use your best judgement and bring everything you’d need to show that the item is in perfect working order.
Percentage Of Pawn Shops That Accept This Item 80%
Percentage Of Pawn Shops That Consider This Item Desirable 80%
Average Redemption Rate For This Type Of Item 90%
Percentage of Households That Have This Type Of Item 70%
Percentage Of Times This Type Of Item Is Pawned vs Being Sold 90%
Approximately 80% of pawn shops will take this type of item. When you look strictly at pawn shops that deal in more than just jewelry, that number is closer to 90%.
It’s also considered very desirable for approximately 80% of pawn shops, and again, taking out the group of stores that only deals with jewelry and that number jumps to right about 90% as well.
The redemption rate on medical devices is typically much higher than normal, sitting at roughly 90%. This makes sense of course since most people need these items for their personal health or the health of a loved one.
Nearly 70% of households have some form of pawnable medical device, and 90% of people choose to pawn these items versus selling it. When they do sell it, it’s normally because they’ve inherited it, or are cleaning out the home of a relative that has recently passed.
What Are Some Advantages To Pawning This Type Of Item
- Some medical devices can be extremely valuable and fetch quite a bit at your local pawn shop.
- Almost all pawn shops are open to looking at them and making you a loan on them, so it’s easy to find a helpful pawnbroker.
What Are Some Drawbacks To Pawning This Type Of Item
- If you need the device for your own personal medical care, it can be very difficult to do without. In this case, I would suggest finding something else to pawn.
Other Details on Pawning Medical Devices
Generally speaking, you will want to make sure that whatever you are taking to the pawn shop is very clean and in good working order. Cleanliness is by far the most important factor though.
Keep in mind, medical devices normally touch someone’s body. If you forfeit a medical device, it will be hard for the pawn shop to turn around and resell at a later point in time if it is disgusting. Then they will have to have someone clean it, which nobody really wants to do, and there’s added cost.
So to put yourself at best odds for getting the most for your items, make sure that they are really clean before you head in. If it’s something that uses a battery (like powered wheelchair) make sure they are charged so that you can demonstrate that the item works.
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.