Some people absolutely love the LG G8 and there’s good reason.
It’s a great smart phone. But does that mean it’s something that all pawn shops take in for a loan or to buy outright?
How 'Pawnable' Is This Item
What Value Does This Item Have
Well, cell phones have a bit of a storied history with pawn shops. Cell phones like the LG G8 are one of those items that are very frequently stolen from people and because of that, some pawn shops won’t take them in at all.
That having been said, there’s still many pawn shops out there that do work with cell phones. Because there’s still some pawn shops out there that will take slightly older cell phones like the LG G8, it get’s a “Fair” rating in terms of pawnability.
Unfortunately because of the history with pawn shops and cell phones, they don’t tend to bring what you think they might normally bring at pawn shops. That’s why the LG G8 only ranks in with a “Poor” in terms of value.
With how expensive cell phones are, you would expect something like the G8 to bring a lot more money than it does at most major pawn shops until you understand what the pawn shop is considering.
Most major flag ship phones aren’t bought outright anymore. Instead they are financed. When a phone is financed, if it is not fully paid off, the carrier blacklists the ESN so it can’t be activated again, basically making the phone an expensive paperweight.
Pawn shops often get stuck with this blacklisted phones. Because of that, they treat every phone as if it is already blacklisted and pay according to those prices, not the prices for a good, fully working phone of that model.
What To Bring With You:
If you take your G8 into a pawn shop you should certainly bring the original power cord and charging brick. They are a higher quality than the aftermarket ones that you find on eBay or Amazon and it may help you negotiate for just a couple extra dollars when you are talking to the pawnbroker about buying it or making a loan on it.
Percentage Of Pawn Shops That Accept This Item 40%
Percentage Of Pawn Shops That Consider This Item Desirable 20%
Average Redemption Rate For This Type Of Item 30%
Percentage of Households That Have This Type Of Item 10%
Percentage Of Times This Type Of Item Is Pawned vs Being Sold 50%
Understanding how cell phones are viewed by pawn shops, you might understand why only 40% of pawn shops tend to take in a phone like the LG G8. Of those pawn shops, only 20% of them consider an older phone like the G8 to still be desirable.
The average redemption ratio for this phone sits at right around 30%, partially due to it’s age. There’s roughly 10% of households that still have it, and of those that do, 50% make loans on them and 50% choose to sell them when they take it into a pawn shop.
What Are Some Advantages To Pawning This Type Of Item
- The G8 is a little older now and you may have upgraded to a newer phone. If that’s the case, then you are generating money out of something that you no longer use and that’s always a good thing.
- If you do find a pawn shop that takes it, you are still able to get an acceptable amount of money out of a G8.
What Are Some Drawbacks To Pawning This Type Of Item
- It may be tough to find a pawn shop that will accept a LG G8 for loan or even as a sale, so be prepared to search around for a little bit until you do. Normally pawn shops that do cell phone activations for Boost or Metro PCS are a good target for accepting phones like this.
Pawning or Selling A LG G8 to a Pawn Shop
When it comes to making a loan on or selling your LG G8, there’s unfortunately not a lot of options.
While some pawn shops still take them in, the majority do not. There’s a bit of a bad history in the pawn industry with cell phones, so it’s a hard sell in some cases. On top of it, the LG series of phones just isn’t as well known as the iPhone or Samsung phones, so demand is lower.
If you intend on outright selling your phone, it may not be a bad idea to consider Craigslist or the Facebook Marketplace as options to help you do that and get a little more than your local pawn shop may be willing to give you.
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.