Do you have exercise equipment that has been sitting unused in your garage? Or do you have older equipment you’ve since upgraded? You can sell this equipment to create more space in your home and put some extra cash in your pocket. You can also pawn your exercise equipment when you need cash urgently and get it back when you repay the loan.
Process of Pawning Exercise Equipment
You can pawn all types of exercise equipment. However, treadmills, ellipticals, rowing machines and stationary bikes depreciate fast, so selling or pawning them before they lose their value is essential.
Here are a few steps to pawning a row machine, treadmill, stationary bike or other equipment:
- Clean the equipment: The first step in pawning or selling any pre-owned exercise equipment is thoroughly cleaning it to ensure it looks fresh. Clean all the parts and wipe down the seats, if applicable. Also, wipe all the handles and tighten any loose nuts.
- Find the paperwork: It is beneficial to have the paperwork you used to purchase and maintain the equipment. Paperwork with the maintenance history and warranty information can help you fetch a better price, as the pawn shop will see its value.
- Research: Before pawning a Peloton, treadmill or another piece of equipment, research how much you can get. You can look at sites like eBay to see how much a similar model is going for. Another excellent way to get the potential price is to go to your equipment manufacturer’s website and see how much the piece is selling for. Multiply the price by 55% (or 0.55) because most secondhand equipment costs about 50% to 60% of the cost of a new one.
- Visit a pawn shop: Finally, to pawn a treadmill or other exercise equipment, visit a reputable local pawn shop. The experts there will assess your equipment’s value and make you an offer.
What Exercise Equipment Will a Pawn Shop Take?
Many people hesitate at the thought of going to the pawn shop. However, pawn shops are great places to trade in your exercise equipment in exchange for a loan. You can make some extra cash by pawning large exercise equipment, and you’ll get your equipment back when you repay the loan. Most pawn shops will take equipment from well-known brands, as they will fetch a reasonable price and are more likely to sell quickly.
Pawn shops will typically accept the following brands:
- Peloton®: Peloton is a widely accepted brand by pawn shops. The company offers many pieces of exercise equipment, including stationary bikes, treadmills and row machines.
- NordicTrack®: NordicTrack offers treadmills with heart rate monitors, exercise bikes, ellipticals and rowing machines. Most pawn shops will accept NordicTrack equipment.
- Tonal: Tonal is a connected strength training machine that focuses on weight training instead of cardio. It has a promising future, and most pawn shops will accept Tonal equipment.
You can typically pawn large exercise equipment, such as stationary bikes, treadmills, ellipticals and rowing machines. However, most pawn shops will be less willing to accept smaller items like dumbbells.
The Vault Jewelry and Loan Is Very Selective Over The Exercise Equipment We Accept
The Vault Jewelry and Loan has several locations throughout Virginia. If you’re looking to pawn or sell your exercise equipment, you can reach out to see if we would consider your piece. Oftentimes, we will not be able to make an offer.
Jamie Furman
James (Jamie) F., is the manager of our Centerpointe Way location in Woodbridge, VA. With over 14 years in the pawn business, he is an expert in Diamonds, Gold, and Luxury Watches. He is fluent in Spanish and English and enjoys helping customers’ find the item they want at a great deal. Banks and Big Box stores have convinced many that new and expensive is the only way to buy. He aims to change that paradigm and provide exceptional service and quality products at a bargain price to every person who walks through our doors.
