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More and more people are doing home projects themselves.
And part of a DIY project is having the right tool.
But what do you do when you are done with the tool?
If you no longer need the tool, you can sell it or pawn.
While there are pros and cons to each, by far the fastest way to get cash for your power tools is to pawn them.
This is because you don’t have to try to find a buyer.
Simply take your used tools into your local pawn shop and walk out with cash.
But what are the best tools to pawn for fast cash?
And how can you ensure you are getting the most money for your power tools?
In this guide, I’ll show you the best tools to pawn, how much money you can expect to earn, and tips to get the most money possible.
Table of Contents
Best Tools To Pawn For Fast Money
The first thing to know when it comes to pawning tools, is that brand names matter.
As with many things in life, top brands will fetch a higher price on the secondary or used market.
Think of it this way.
What is going to cost you more, a used BMW or a used Kia?
The BMW will because it is a luxury brand.
The same goes for power tools.
The higher end tools will earn you a higher price.
Here are the brand name tools you will get the most money for:
Here are the brands you will get less money for:
- Snap On
If you have the brands of power tools that typically get the most money, you are in great shape.
And if you have the best brands that don’t go for the most money, don’t give up hope.
These are still quality tools that have a resale market.
You just won’t get as much cash for them.
Types Of Tools To Pawn
There is a wide variety of tools and it is important to know the difference as this can have an effect on price.
Pneumatic Tools: Also known as air tools, these tools are powered by air. You hook them up to an air compressor and the force of the air is what operates the tool.
Corded Tools: These tools are powered by electricity. They have a cord that you plug into a wall outlet or extension cord to operate.
Cordless Tools: These tools are powered by batteries. You snap a battery pack onto the tool to power it. When the battery dies, you use a charger to recharge the battery. The charger works off electricity.
There is no universal truth that all pneumatic tools bring in a higher price than cordless tools.
It all varies based on other factors.
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Factors That Determine Price
In addition to the brand, the model also impacts the price.
The entry level drill will get you less money than a top of the line model with all the bells and whistles.
The age of the tool also is a factor.
A chop saw that is 10 years old is going to be worth less money than one that is 2 years old.
Of course, how much it was used also is taken into account.
If the 10 year old chop saw is new in the box, you will get more money for it than another 10 year old saw that has been in use that entire time.
That brings us to the condition of the tool.
One that is in newer condition, without dings or scuffs is worth more than a beat up tool.
Finally, the type of tool matters.
A drill will get less money for the seller than a larger chop saw.
How Much Money Can You Expect To Get
There are a lot of factors that come into play when determining how much money you can get for your power tools.
As mentioned, brand names have a large impact.
So too does the condition of the tool.
When you pawn can also have an impact.
For example, if you are trying to pawn lawn equipment in December, you will get less money for it than if you try in May, simply because of demand.
Chances are in the middle of winter, there is going to be less demand for a lawn mower, and as a result, the lower the price you get.
The good news is many of these factors you have control over.
The going rate for power tools is anywhere from $30 up to $200.
Obviously, power drills will get you less money than a chainsaw, since it is a smaller tool.
To give you a better idea, I came up with a small list of tools and called local pawn shops to see what I could get for them.
This was over the phone, so the quote was just that.
I needed to bring the tool in to be inspected to confirm the quote amount.
When getting the quote, I said all the tools were in excellent condition and came with all included accessories.
Here is the breakdown of what I was quoted.
Power Drills And Other Small Tools
|Brand||Highest Price||Lowest Price|
Circular Saws And Chop Saws
|Brand||Highest Price||Lowest Price|
|Brand||Highest Price||Lowest Price|
As you can see, brand does matter as does the type of tool.
Popular Tools To Pawn
While you can pawn any tool for instant cash, which ones are the best kind of tools that will fetch you the most money?
If you stick with popular tools, those that both DIYers and contractors use, you are in good shape.
Here is a short list of tools to keep in mind:
- Air compressors
- Cordless drills
- Circular saws
- Power saws
- Nail guns
- Wrench sets
These items tend to get you the most money because of high demand for them.
But if you use the tips I outline below, you can get even more money for these tools.
Tips To Get The Most Money Pawning Power Tools
Now that you know that the best tools are to pawn and you have an idea of what you can expect to make, how can you ensure you get the most money for your tools?
Here are 5 tips to help you.
#1. Make Sure The Tools Work
Without a doubt, you need to make sure the tool works.
If you are trying to get rid of a broken tool, the resale value will be a lot less, if anything, compared to a tool that is in working condition.
So first check to make sure it is in working order.
#2. Charge Any Batteries
Cordless tools are very popular these days.
If these are what you are looking to get rid of, make sure the batteries are fully charged.
Not only does a charged battery help you prove the tool works, seeing that the battery can hold a charge is another way to get top dollar for the tool.
#3. Clean The Tools
Take a few minutes to clean the tools as best you can.
Dirty old tools will fetch you less money.
Think about it.
If you see the exact same tool next to one another, one being covered in dirt and the other one shiny and clean, which one are you going to buy?
Most people will opt for the clean one.
And with a greater demand, comes a higher price tag.
If you sit old tools that are cleaned up to look new next to new tools, most people will have a hard time picking between the two.
I can attest to this fact.
When I sell my cars, I take the time to not only wash the exterior, but also give the interior a deep clean.
I even lift up the hood and wipe down the entire engine area.
When potential buyers lift the hood, they are stunned with how clean it is.
It gives them the idea that this car was well cared for.
As a result, I usually get what I am asking for the car, which is typically more than what the used car guide say.
#4. Gather Accessories
Another thing you want to do is gather all the accessories that came with the tool.
If you aren’t sure what all came with it, you can jump online or visit your local hardware store.
Look at the box to see what was included and then take some time to try to find everything.
Again, having all the accessories is only going to allow you to get top dollar for it.
#5. Find The Manual And Box
Having the owners manual is another great thing to do.
I keep a box where I put all the user manuals in so if I ever need them, I know where to look.
At the very least, you can go online and print out a copy of the manual too.
If you have the original packaging, this can help you get a higher price too.
While it isn’t always convenient to keep the box, if you have the space for it, it could make sense.
There are the best tools to pawn for fast money and the tips to help you get the most money possible for them.
I highly recommend you take the time to follow the tips that will help you get the most money possible.
They are simple to do and will only take you a few minutes.
And if you get good at this, you can start going to yard sales, a garage sale, and flea markets to buy second-hand tools if they are a good price and in good condition.
Then turn around and pawn them for quick cash.
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I have over 15 years experience in the financial services industry and 20 years investing in the stock market. I have both my undergrad and graduate degrees in Finance, and am FINRA Series 65 licensed and have a Certificate in Financial Planning.
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