Luminox watches are very popular, but does that make them something that every pawn shop will take?
Unfortunately the answer to that question is no. There’s a lot of consider when it comes to timepieces that pawn shops will typically take. Here’s what you need to know about pawning or selling a Luminox watch to a pawn shop.
How 'Pawnable' Is This Item
What Value Does This Item Have
Luminox watches only score a “Fair” in terms of pawnability. When pawn shops are looking for timepieces, they are normally looking for brands like Rolex, Tag Heuer, Breitling, etc.
Luminox watches are decent timepieces and can cost hundreds of dollars when new, but they just don’t hold up in terms of quality and value like these other timepieces.
When it comes to the value that you get for a Luminox watch at a pawn shop, they score a disappointing “Poor.”
In most cases, you will be looking at well under $100 for a loan or if you are trying to sell it outright. This unfortunately is far lower than what most people expect when they walk into a pawn shop with their watch in hand.
What To Bring With You:
When it comes to watches, these some standard things that you will want to be sure that you bring with you when you walk into to pawn or sell your Luminox watch.
- Any additional links that you may have had removed from the bracelet to fit you originally.
- Any additional bands or bracelets that you may have purchased for the watch.
- Original box, insert, and paperwork if you still have it.
- Any service documentation for work that you may have had done to the watch while you’ve owned it.
Percentage Of Pawn Shops That Accept This Item 60%
Percentage Of Pawn Shops That Consider This Item Desirable 20%
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 50%
Luminox watches are less desirable overall when we are talking about pawn shops. Only 60% will consider them for a sale or loan, while only 20% of those shops consider them to be desirable.
The average redemption rate for Luminox watches are below the national average for pawned merchandise at only 50%.
Less than 10% of households have a Luminox watch that they could make a loan on. The pawn versus sell ratio for Luminox watches is roughly 50/50 when they do come into pawn shops. This is often due to the lower than expected prices the customer is offered for their watch.
What Are Some Advantages To Pawning This Type Of Item
- The loan will typically be a lower dollar loan, making it easier to pay back when the loan comes due.
- You likely won’t miss your watch while it is in on loan.
- If you accidentally forfeit your watch, it should be fairly easy to buy back from the pawnbroker if they have it out for sale.
What Are Some Drawbacks To Pawning This Type Of Item
- Far lower than commonly expected offers for Luminox watches.
- It may have a little difficult to find a pawn shop that will accept your Luminox watch.
Pawning Luminox Watches
When it comes to Luminox watches and pawn shops, sadly you will find that not every pawn shop is willing to take them in.
This is understandably upset for some people as the watches aren’t cheap when new. Unfortunately, most models of Luminox watches just don’t hold their value when on the second-hand market.
Because of that, pawn shops can’t offer a lot of money for them. Remember the golden rule of pawn shops: They only buy what they know they can sell.
When people come into pawn shops looking for a nice, previously owned watch they are typically looking for Rolexes, Tag Heuer’s, or a Breitling. Luminox is just not a popular brand with buyers in pawn shops and therefore, they can be hard for them to sell.
Selling Your Luminox Watch
If you’re not happy with the offer you receive at a pawn shop, you always have the option to sell your watch on the second-hand market yourself.
I would suggest something like Craigslist or the Facebook Marketplace.
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.