Sometimes we all need a little extra cash and that’s perfectly reasonable. If you happen to have a Xbox One that you can part with for a few weeks then you just may be able to get the extra cash you need.
But of course, the next major question that most people ask are just how much will pawn shops pay for a Xbox One?
Will they pay more than the major electronics resale places like GameStop or do they pay less?
More importantly, why do they pay more and less and will your Xbox be safe with the pawn shop while it is in on loan?
Well, the answers probably won’t surprise you to be honest.
The fact is that a pawn shop is almost always a better option than electronics resellers like a GameStop and that’s because of the type of business that a pawn shop is in, where they deal with all sorts of different types of merchandise and not just video games and systems.
How Much Do They Pay
Typically speaking a pawn shop will pay you roughly 50-70% of the value that a used Xbox One in similar condition would sell for on a site like Amazon or eBay. This is a little higher than the percentage that they might pay for other items because a pawn shop knows how well these systems sell right now.
In addition, there really haven’t been any kind of big reliability issues with the Xbox One as of yet. They almost always work perfectly and as long as the previous owner hasn’t abused it in any way, there’s never a huge problem with them. The only real concern is if it is heavily marked up or if it had a bunch of stickers on it or something like that which can definitely impact the value of the system when you take it down to your local pawn broker.
As of right now though, you can expect to get between $180-225 for an Xbox One, but as time goes on, that dollar amount will go down of course. If you have the Kinect sensor you can expect to get an extra $10.
Tips On Pawning A Xbox One
There are some things that you should really think about doing before you take your Xbox One down to you local pawn broker. Doing these things can help you get more for the system than if you had not.
Make Sure It’s Clean – Spend a few minutes and really wipe the system down, clean off the controller(s), make sure any games are free from major defects or fingerprints… just make it look presentable. This in turn would make the system easier to sell if you ended up defaulting the loan and that is always a good thing in a pawn broker’s eyes.
Have All Of The Cords & Cables – Another thing to be sure that you do is to make sure that you have all of the cords, cables, controllers, etc. The pawn shop will want to be sure that the system works and if you ended up forgetting something that they needed at home, that would very much negatively impact the pawn value of your system.
Bring A Few Games – Not all pawn shops buy the games but most do which will mean more money in your pocket. On top of it, even if they don’t buy the games they will normally need at least one game just to make sure that the system works as it should.
If You’re Selling It – Take a minute and format the hard drive so that all of your personal account information is off of it and it is all ready for the next owner. This will save the pawn shop a little time preparing it for resale and protects your Xbox Live account as well.
The Bottom Line
Pawn shops will pay more for Xbox One’s than other major electronics retailers because they don’t have to make every penny of their profits off the sale of these games. They have other services and merchandise that they deal with and that normally means that they are less likely to try to low ball you just to make a buck.
On top of it, pawn brokers are always happy to see these systems come in their doors and will do what they have to do not only earn your business today, but your repeat business in the future.
Lastly, while you can only sell your system to other electronics retailers, with pawn shops you have the option to just make a loan against it meaning that you can get in back in the future when you are able to repay the loan.
All of these things add up to an amazing win for you as the consumer and are definitely great reasons to consider taking your Xbox One to a pawn shop over other major buyers.