Thrift stores aren’t the only option for bargain hunters. There are also consignment, classified and pawn. These are places where you can save money and still get stellar deals. Differences between these four options are:
- When you get paid
- When you surrender item ownership
- Whether someone else helps you sell your items
Consignment Shops – Loved more by buyers than sellers.
These shops sell an owner’s goods, and the owner will retain ownership until they’re sold. If you cosigned a stereo for $30, the shop would take 50% and you’d receive the remainder of the money. Items are in place for 30, 60 or 90-day cycles. If the item fails to sell, it will be discounted. The Elephant Tree and Boomerang are two examples in the Kansas City area.
Pawn Shops – You get paid, even if the store doesn’t sell your stuff.
The pawn shop will determine the worth of your items and pay you that amount. At this point, the items are no longer yours. Plato’s Closet and Half Price Books are both pawn-shop examples. You keep your money even if the store can’t sell your items – they’re the one taking the risk.
Classifieds – People love classifieds because fees are lower than other shops.
This is a way to advertise your items by listing them in a newspaper or online ad. Classified ads are popular because required fees are less than fees charged by pawn and consignment shops. Craigslist is the most popular option because it’s free and gives more control to sellers. E-Bay and Amazon are also examples.
Thrift Shops – People donate because they know it’s for a good cause.
Most thrift stores are run by non-profits and survive on community donations. Donators receive a tax-deductible receipt for the estimated cost of items they drop off at the store. Most people enjoy donating their items because they know it’s for a good cause. Non-profit thrift store giants are Goodwill, Savers and Salvation Army.