Table of Contents:
- Should I Sell or Pawn My iPad?
- How to Pawn or Sell an iPad
- How Much Can I Get for an iPad at a Pawn Shop?
- How to Improve the Value of Your iPad
- Sell or Pawn Your iPad to The Vault Jewelry and Loan
If you’ve ever been in a financial bind, you understand the challenge of coming up with funds without going to the bank. Thankfully, there is another way to come up with some quick coin. Pawn shops can be a great place to make some fast cash.
While banks and other loan lenders may have a minimum or maximum amount you can loan at a time, you can get a loan from a pawn shop for whatever amount you need, depending on the value of the items you bring to pawn. Your iPad and accessories may be enough to get you the funds you need to pay off a credit card debt, lower your car payment or make a loan payment to another business or bank.
Technology is always in demand and depending on the condition and model of your iPad, you could receive a substantial loan that helps get you through difficult times or gives you extra spending for the future, without affecting your credit score. Whether you’re looking for a loan or cash, a pawn shop is a great place to get fast, reliable funds.
Should I Sell or Pawn My iPad?
iPads and other smart tablets are almost always in high demand. If you have recently upgraded your technology or don’t need it anymore, you can sell your iPad as well as old iPhones and laptops. Selling your Apple products can be a quick way to make some extra money.
If you want to keep your iPad for the long run, but need some quick cash, consider pawning it. In this case, you can use your tablet as collateral for a money loan that you have to pay back. You won’t receive your device until you’ve paid your loan back, usually within 30 days or more, depending on the pawn shop. Pawning can be a great option if you don’t regularly use your iPad every day but still want to keep it for later use.
How to Pawn or Sell an iPad
You can pawn your iPad for a loan or sell it for cash you don’t have to pay back. Regardless of which path you decide to take, knowing what to expect when you enter the pawn shop will be beneficial.
The general steps to pawning an item include:
- You bring your device to the store.
- The pawnbroker examines the tablet and determines its worth based on the condition and market value.
- If you’re planning to sell, you and the pawnbroker will discuss a price that is profitable for both sides based on the resale value. You can get up to 50% of the expected sales price and sometimes more in some cases.
- If you’re planning to pawn your item for a loan, the pawnbroker will give you a ticket describing your loan, interest rate and return date. You have until the end of the agreed timeframe to pay back the loan, plus interest, to retrieve your item.
- Both parties can negotiate back and forth. You should only accept a deal that you like and benefits both parties.
- The pawnbroker hands you the agreed amount in cash, and you transfer your ownership of the iPad.
- If you pawn your item for a loan, you may retrieve your item once your repayment is complete.
The pawning process is similar to the selling process but with the added component of a loan. When you sell an item, you will not be returning to take the item back. When you pawn an item, you have two options. If you choose to take a loan, the pawnbroker expects you to pay interest on the money you received and retrieve your item once the loan is repaid. Or, you can sell your item outright, and the pawn shop then has the right to sell it for profit.
One of the most significant advantages of taking a loan through a pawn shop is knowing that it won’t affect your credit score. Whether you need a quick $50 loan or something more significant to cover emergency bills, you won’t see it reflected on your statements.
While banks and other lenders require you to pay back your loans absolutely, at a pawn shop, if you find the repayment is too much, you can let them keep your item instead. Pawn shops don’t even need to look at your credit score before lending money, and failing to pay it back won’t lower your score.
The sentimental value of your iPad will not affect the price when you sell the item, but it can affect the loan amount when you pawn it. When you pawn an item, the idea is to have you return for it and repay your loan. If an asset is sentimental to you, you’re more likely to return for it, allowing you to access a bigger loan.
The amount of time you have to pay back your loan and the interest rate varies depending on the pawn shop. You can see an interest rate in pawn shops as little as 5% or as high as 25%. In 2018, 80% of pawners paid back a $150 loan in less than 30 days. Although you will have an agreed end date, you can return for your item at any point to pay off the loan and interest.
How Much Can I Get for an iPad at a Pawn Shop?
There is no set price for what you can receive for your iPad or any other item at a pawn shop. You should certainly expect the pawnbroker’s price to be lower than what you paid for the item because items sold in pawn shops typically aren’t sold at retail prices. Also, the value of older generations of technology decreases every time a new model comes out.
How much a pawn shop will give you for an iPad depends on a couple of different factors:
- Condition: An iPad with few to no minor scratches will sell faster than those with many screen cracks or buttons that don’t work. Pawn shops aren’t required to buy your items, and will give the best deals for things they know will sell quickly and easily. If the store has to pay to get your iPad repaired before reselling it, you can expect to see a difference in the amount the pawnbroker offers you.
- Brand: iPads are Apple products, but sometimes people use the term synonymously with other brands. An Apple iPad will sell faster than a tablet from an unknown brand because most people will be more familiar with and have brand loyalty to Apple. Of course, you can still sell or pawn whatever tablet you do have, but the brand will affect how much you get for it.
- Model: Apple currently has four main iPad types, which are the Pro, Air, Mini and standard iPad. Similar to how all of these products are at different prices when you buy through Apple, you can expect a pawn shop to buy each iPad at a different price from you. Some models will be more popular than others, and which iPad you bring in will impact the price.
- Generation: New technology will sell faster and easier than outdated technology. If your iPad is from a more recent release, you can expect to receive more for it. Keep in mind that Apple released every model at different times. For example, a 4th generation iPad Mini will likely sell for more than a 4th generation standard iPad because Apple released that Mini much later.
- Storage: Typically, the more storage available on your iPad, the more money you can get for it. iPads come in various storage options ranging from 32 gigabytes (GB) to 2 terabytes (TB). You never know what purpose an iPad will serve to the person who buys it, and it’s better to have more space available to meet those needs.
- Packaging: Having the original packaging and receipt makes selling technology easier because it speaks of the item’s authenticity and creates a better shelf appeal for potential buyers.
- Accessories: Along with the original packaging, bring in any accessories that help your device function. Your tablet will be easier to sell if you have new headphones and a working charger. Also, consider bringing in related items. For example, you could sell or pawn your Apple Pen if you only use it on your iPad. The pawn shop you go to may offer more to sell the items as a set or, at the very least, might give you a little extra cash for bringing multiple items.
- Demand: Whether an item is in demand will always affect the price people are willing to pay for it. This also relates to the previous notes about your iPad’s brand, model and generation, as a new Apple iPad will be more in demand than an unknown brand’s tablet that is more than a few years old. Usually, the more recent an item is, the more people are willing to spend on it.
The more you have to sell, the more your tablet will be worth. Everything from the physical accessories to the amount of space available on the device can affect how much you get offered at a pawn shop. Whether you’re looking to pawn or sell your tablet, do some research beforehand to get a realistic idea of how much you can negotiate for your device.
However, keep in mind that the pawn shop will also determine value based on other factors that you can’t control, such as:
- Current merchandise: The value of your item may increase or decrease, depending on the item and the store’s available amount. If the pawn shop doesn’t have any iPads and yours is a newer model, you may get more cash for it.
- Databases: Pawnbrokers will look at online auctions, marketplaces and similar platforms that detail what prices other people and stores are selling the same iPad.
- Sentimental value: If you’re looking for a loan, knowing that you use your iPad regularly can aid in getting a larger loan because you’ll have more incentive to retrieve it when your loan and interest are due.
- Consultations: In some cases, a pawnbroker may call in a specialist to evaluate your item for authenticity and value. While they likely won’t need a specialist to assess your iPad, it is a good thing to note about pawn shop interactions.
How to Improve the Value of Your iPad
Think about what you would want to buy from a secondhand shop if you were looking for a tablet. Chances are, you’re more likely to reach for the brand-name tablet in its original box than you are the lone device sitting out in the open. This logic applies to most people, and you can see your iPad’s value increasing or decreasing based on these factors.
Ways to improve the value of your iPad:
- Delete all information: Ensure that you’ve deleted all data from your tablet, including photos, messages, passcodes and apps. A cleared tablet will increase the value of your iPad because there will be less work on the store’s end to prepare the device to resell. This will also help get your money to you faster and secure any private information you don’t want others to see.
- Unlink Apple ID: Always be sure you’ve unlinked your Apple ID from your iPad before taking it to a pawn shop. A pawn shop cannot resell a device if you still have an account linked to it.
- Original packaging: You can quickly increase the value of your iPad by bringing in all of the original items. The box, receipt, headphones and charger will make your tablet look more complete and will be able to sell for a higher price.
- Clean it off: Take your tablet out of the case and wipe it down from front to back with an appropriate cleaning solution. Make sure you peel off any screen protectors and remove any stickers. Use a cloth to wipe away your fingerprints and remove any heavy smudges.
One way to look at improving your iPad’s value is to imagine how you would want to receive one. When you order a new tablet directly from Apple, you get a new box, a pristine device with no cracks or fingerprints, and all the accessories it needs to function. Try to replicate this as much as you can for the next person who may be purchasing your old tablet. Doing so will increase its value and allow you to bring home more cash, whether you’re pawning or selling it.
Sell or Pawn Your iPad to The Vault Jewelry and Loan
The Vault Jewelry and Loan is a high-end pawn shop specializing in luxury items. Our owners have over three decades of experience in the industry, and our team is highly trained and always prepared to help you. We’ve handled thousands of transactions in-store and online through eBay, dealing with precious metals, apparel, jewelry, instruments, watches and technology.
We’ll always offer you a fair price for your assets, and we leave room for negotiation because we don’t mind working with you to reach a fair deal. We accept a variety of items for loan collateral, and we’ll keep your tablet or other valuable items in a secure location until you can pay back your loan.
If you need some quick cash or a loan to pay emergency bills, contact The Vault Jewelry and Loan to find out what you can get for your iPad. Sell or pawn your iPad to any of our seven pawn shops across Virginia.