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  #1  
Old 05-23-2010, 3:45 PM
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Default Remington 1100 20 gauge value?

I watched today as a younger guy in his early 20's entered a pawn shop with a 1100 20 gauge. The butt stock had been cut down for a youth, but other then that it was in nice shape with a 28" fixed choke barrel from what I could tell. He approached the counter and asked how much he could sell it to them for. One of the guys behind the counter jumped on the computer to seek out the 1100's value. After being on the computer for a couple of minutes the pawn shop person offers the guy $100.00 for it. The guy asks if he can get $125.00 for it and the pawn shop person quickly has the guy sign a form and proceeds to hand over the $125.00.
So my question is was the guy given a reasonable price for his 1100 20 gauge? After he completed his transaction I spoke with him in the parking lot. He told me that his grandfather has a bunch on shot guns, rifles and handguns and that he's already sold a few of them at the pawn shop. I decided to go back into the pawn shop and ask to take a look at the 1100 that was just sold to them and had stated that I might be interested in purchasing it. I was told that I could not look at it and that there was now a 30 day hold on it for the local police to find out if it was stolen. My guess is that since I knew what they had paid for it they basically were not interested in offering it for sale to me.
On the bright side, I guess that I used proper etiquette in the pawn shop by keeping quiet and not offering to purchase it or asking the guy if he needed any KY jelly.

Last edited by dg29; 05-23-2010 at 7:23 PM..
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  #2  
Old 05-23-2010, 4:13 PM
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Wow, 125.00! The last 1100 .20 gauge cost me 300.00. where's this pawn shop?
I'm pretty sure legally they do have to hold it for it to clear ca doj before selling it.
i'm in the wrong business!
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  #3  
Old 05-23-2010, 4:16 PM
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A pawn shop payout is not a fair price at all. The pawn guys are making a loan with the gun as collateral against the principal. If the guy who pawned it comes back in within the set time period he can pay the $125 and some interest and get his gun back.

If he doesn't come back then the after the time period the pawn shop gets to sell it for whatever they can get. And the pawn shops, generally, want to make at least a 50% to 100%, or better, profit because they've got money tied up in whatever the item is, plus they'd have to pay tax on it as inventory if they can't move it.

The 30 days is the time allowed for the seller to come pay off the loan and get his gun back. They have to lock up all pawned merchandise for that period, can't be sold or displayed.

Go back in a month. You know what they paid for it. If it's straight and in good shape, offer them $250 and you've got a really good deal if they take it. If the gun hits their shelf they'll almost certainly price it higher.
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  #4  
Old 05-23-2010, 6:19 PM
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It's worth $350 to $450, they robbed him.
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  #5  
Old 05-23-2010, 6:51 PM
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Quote:
Originally Posted by ysr_racer View Post
It's worth $350 to $450, they robbed him.
this price is correct but that is retail for a used 1100.

no robbery here. it's worth what someone will pay in cash.

next time jump in and tell him you'll give him $150. what's the worst that will happen? you get kicked out of the store and end up with a 20 ga 1100?
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  #6  
Old 05-23-2010, 7:23 PM
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Quote:
Originally Posted by BigDogatPlay View Post
A pawn shop payout is not a fair price at all. The pawn guys are making a loan with the gun as collateral against the principal. If the guy who pawned it comes back in within the set time period he can pay the $125 and some interest and get his gun back.

If he doesn't come back then the after the time period the pawn shop gets to sell it for whatever they can get. And the pawn shops, generally, want to make at least a 50% to 100%, or better, profit because they've got money tied up in whatever the item is, plus they'd have to pay tax on it as inventory if they can't move it.

The 30 days is the time allowed for the seller to come pay off the loan and get his gun back. They have to lock up all pawned merchandise for that period, can't be sold or displayed.

Go back in a month. You know what they paid for it. If it's straight and in good shape, offer them $250 and you've got a really good deal if they take it. If the gun hits their shelf they'll almost certainly price it higher.
As I stated earlier: "He approached the counter and asked how much he could sell it to them for." It was not a pawn/loan transaction. Do they deserve to make a profit...sure they do. But you tell me just where he (the pawn shop employee) went on the internet that told him it was worth, if we go by your 100% mark-up, $200.00?
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Old 05-23-2010, 7:44 PM
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If they are holding it for 30 days in lockup, that is indicative to me of a pawn. If he sold it outright to the pawn shop, they could likely turn it over as soon as the local LEA confirms it's not stolen.

Note I said that they want to make 50% to 100% or better. If they gave him $125 for a straight sale, then they got the better of the seller. But they are in business to make money, not spend it.

A quick peek at Gun Broker or Guns America, no log in required, would likely give a pretty quick idea of the going market price.
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Last edited by BigDogatPlay; 05-23-2010 at 7:46 PM..
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  #8  
Old 05-23-2010, 8:52 PM
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They gave him $125.00 for the shotgun end of story. The 30 day LE check on the shotgun was pure BS that they told me. If handguns, rifles and shotguns can be cleared in 10 day the 30 day hold was BS. This is the second time I've seen a vendor royally short change someone looking to sell a firearm. Lesson learned and note to self. Next time it happens always have extra cash readily available. An optional location to do the PPT is never that far away.
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Old 05-23-2010, 11:29 PM
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Quote:
Originally Posted by dg29 View Post
They gave him $125.00 for the shotgun end of story. The 30 day LE check on the shotgun was pure BS that they told me. If handguns, rifles and shotguns can be cleared in 10 day the 30 day hold was BS. This is the second time I've seen a vendor royally short change someone looking to sell a firearm. Lesson learned and note to self. Next time it happens always have extra cash readily available. An optional location to do the PPT is never that far away.
10 day is a federal check.30 day is a state check, different agencies looking for different information.

"royally short change someone looking to sell a firearm." ??????????

with all due respect you have been reading this page for too long.

this is the only gun websight i have ever been on where people think their guns and ammo are worth as much or more than the ridiculous retail price they paid when when they bought them new.

i never buy new! quality guns don't wear out. they can be treated like crap but that is really easy to see and that just lowers the price more. very seldom effects functionality.

even the gun auction sights know when they post a ludicrous price they will get no bids but most are holding out for that "sucker" that doesn't know any better.

i hear people say all the time "this is what it is selling for on XXXXXgun auction page" i say NO, that is what they are asking. there is a big difference bewteen the 2. some of my antiques guns have sold for 20X or more of their new price but they are few and far between.

as soon as you walk out the door of a retail shop with a gun IT IS NO LONGER NEW AND CANNOT BE SOLD TO ANYONE KNOWLEDGEABLE FOR NEW PRICE.

same as with a car. the dealer doesn't care what you paid. he will give what it is worth to him.

no one can make you sell anything.

the price you sell it for is YOUR decision.

as i tell people that whine about the price i offer, " if you don't like my price than you really ought to keep it because it is much more valuable to you than to me"

Quote:
always have extra cash readily available.
that's what me and the pawn shop have both been doing since before you were born.
you are welcome to do the same thing!
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  #10  
Old 05-24-2010, 6:37 AM
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Quote:
Originally Posted by ysr_racer View Post
It's worth $350 to $450, they robbed him.
You're apparently unfamiliar with the way a pawn shop operates.

If the guy with the 1100 thought the deal was bad, he'd have gone somewhere else.

Not sure about the PRK, but used 1100's in pawn in ID start anywhere from $250 for a beater and go up from there.

-hanko
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Old 05-24-2010, 7:28 AM
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Quote:
Originally Posted by BigDogatPlay View Post
.The 30 days is the time allowed for the seller to come pay off the loan and get his gun back. They have to lock up all pawned merchandise for that period, can't be sold or displayed.
Im pretty sure the holding period goes for outright sold goods too.
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  #12  
Old 05-24-2010, 7:40 AM
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I sure hope you told him about this site so he doesn't continue pawning his grandfathers guns.
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  #13  
Old 05-24-2010, 11:04 AM
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Quote:
Originally Posted by dg29 View Post
They gave him $125.00 for the shotgun end of story.
Okay.. you were there and I wasn't.

So for the sake of discussion, let's move the transaction hypothetically to an FFLs shop.

How much do you think an FFL would have given the guy? Remember that like the pawn shop, the FFL is in business to make money.

Quote:
Im pretty sure the holding period goes for outright sold goods too.
I was aware of a hold period on outright goods for an LE check, but understood it to be much shorter. Although I am sure that probably varies from state to state like anything else. Thanks for the additional info.
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Last edited by BigDogatPlay; 05-24-2010 at 11:06 AM..
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  #14  
Old 05-24-2010, 11:11 AM
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Quote:
Originally Posted by dg29 View Post
They gave him $125.00 for the shotgun end of story. The 30 day LE check on the shotgun was pure BS that they told me. If handguns, rifles and shotguns can be cleared in 10 day the 30 day hold was BS. This is the second time I've seen a vendor royally short change someone looking to sell a firearm. Lesson learned and note to self. Next time it happens always have extra cash readily available. An optional location to do the PPT is never that far away.
no, it is legit. they have to hold it for 30 days. They can "sell" it before then, but cannot DROS it until after the 30 days.
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Old 05-24-2010, 5:26 PM
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First off, yes I did inform him of this site and had told him that there was a section on it to list other firearms that he wanted to sell.
Second question, I would venture that a FFL shop would probably attempt to offer the same for the shotgun. I stood by and watched during the height of the AR buying frenzy a similar transaction. Guy walks in a shop (that is a vendor on this site) with his complete AR15, spikes lower, CTR stock, two stage trigger, and LMT upper. He has just had a restraining order placed against him and he needs to sell the rifle. The thing is barely used, the guy behind the counter looks at it and takes it to the back. He returns and is told that they'll give him $700.00 for it. He asks them if they could give him $800.00 for it and is told no. He accepts the $700.00 for it and fills out the paperwork. He leaves and I then ask if they will be selling the AR that they just purchased, since their racks are empty of uppers, and I'm told "No we will be using it for a customer range rifle".
Lastly, If I'd purchased the shotgun from him on the spot and then went to a FFL to do a PPT....well how is it that I would only have a 10 day wait on it before I could take it home? Should all PPT actually be 30 day waiting periods before we can have access to used firearms that we may purchase?
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