Guitars are a great instrument that many of us own, providing fantastic entertainment and proving to be a large part of many people’s lives. However, for many of us, the novelty can wear off. As a result, guitars and many other musical instruments can end up stored away in our home, completely forgotten about until we clear out this space. 

For those who have lost interest in playing or simply do not have the time to learn how to play, then it would seem that selling or pawning a guitar would be an ideal option to gain some extra cash when it is not being used. The question is, would a pawn shop be willing to buy one? Here at Cuttings, we break down the answer...

Musical instruments

Musical instruments are some of the most pawned items in the industry. Many of us do not see the worth in keeping these possessions and will find a way to reclaim some of this money back, whether that is a pawnbroking loan or cash for selling.

As they are very popular to pawn, it is unlikely that an individual will gain a lot of money back from their guitar, and in some cases deny you completely. 

However, like many items that are also pawned such as watches and jewellery, its value is determined by several factors. These include the model, condition and current market value.

Guitar model

Same with the different watch and jewellery brands, there are going to be different guitar models that are going to be more sought after than others. Elite Guitar brands such as Gibson, Martine, and Taylor are some of the most popular brands in the world, and as a result, will be sold or pawned for much more than brands such as Yamaha or Schecter. 

A Fender Stratocaster is a very famous model that many famous musicians used such as Hank Marvin and Jimi Hendrix. A model like this one is expensive to buy and is very popular, therefore most pawnbrokers that offer this service would be willing to take a look at the guitar and offer a pawn loan or cash to buy. 

Cheaper models, whether it is an electric or acoustic guitar will affect the potential offer in comparison to the more popular and expensive brands. Pawnbrokers take into consideration that the brand of the item also equates to the rarity of the item. Because popular brands sell more expensive guitars, there will be fewer owners of their products, as opposed to cheaper ones.

It would be ideal to contact the pawnbroker before bringing the guitar in to determine if they would sell or provide a pawnbroking loan for the particular model you have.

Condition

Pawnbrokers loan rates or purchasing price of the guitar you bring in is also highly influenced by its condition. A guitar brought in that is in immaculate condition will be much more desired than one that shows it has slight damage or wear, therefore pawnbrokers will do a rigorous check to determine its condition. 

If the guitar looks brand new, then this will go for a higher price than one that shows some wear and tear. 

Market value

Market value is all determined by the supply and demand of that particular guitar model. This is different from the initial selling retail price of the item and is typically a lot lower. 

Certain models can rise in popularity, increasing its worth due to the level of demand there is for this particular make. If the manufacturer does not produce a large number of these models or does not have stock of it for very long, then its value will continue to increase. 

Pawnbrokers will look for the guitars’ market value and will make an offer below this amount to ensure they can make a profit. However, the value of the guitar will also be influenced by how much stock a pawnbroker already has. If they have many in their stockpile, they may offer a lower value, or if they do not have a large supply, they may offer more.

Here at Cuttings, we specialise in pawnbroking luxury watches and jewellery, so if you require extra cash or a short term loan, then we are here to help. Please get in touch with us here if you have an item you wish to sell or pawn and our friendly team can assist you.