Pawning Luxury Handbags – The Do’s and Don’ts

That luxurious, stand-out-and-WOW! designer bag, is sitting in the back of your wardrobe, and perhaps a last minute bill has come in, holidays are fast approaching, or you’ve simply run out of cash to fill it with?

Fear not! Pawnbroking and Pickwick has entered a new world of designer goods and luxury assets, and this no longer rests solely on your diamond ring or gold necklace. Designer bags are fast becoming the smart new investment, giving you instant cash whenever you need it, and instant glamour when you don’t.

Designer Handbags

Pickwick will offer you cash against Chanel, Hermes, Louis Vuitton, Prada, Gucci, Burberry and many more – giving you 7-months to pay back the loan and interest (see example below). These glorious Birkin bags, Kelly bags and Totes are being increasingly used to fund businesses, unexpected bills, or even the nice things in life such as holidays or weekends away. And shhhhh, don’t tell anyone, but even celebs are finding themselves popping in to local pawnbrokers to raise funds against their coveted arm-candy.

So what are the do’s, don’ts and sins or wins, of buying, or pawning your designer bag?

When it comes to buying, do keep it classic, iconic and timeless. Bags with wacky designs and crazy colours might be amazing, but the best sellers and pawners, will always be the bags you can buy when you’re 20 and still love at 40.

Always choose from the biggest brands – Hermes, Chanel, Gucci and Louis Vuitton as again, these are classic makers that you will find generally hold their value better than the less well know, or less quality designers. And whatever you do, make sure you buy from a reputable seller – not a shop where the owner ‘insists’ the bag is 100% genuine despite the handle falling off (quality is the only true measure), or a website with little to no contact details. Buying second-hand on an online auction site can also be tricky – be careful of buying from individuals where you have no authentication documents – even the best of the best people in spotting fake bags cannot tell simply by a photo. Either buy directly from the designer stores and boutiques, or if you are buying second-hand, make sure you get a guarantee and a certificate of authenticity, or original receipt for purchase. Try our online store for a range of designer handbags and other luxury items – click on Shop Now and browse away. Be wary of a ‘designer’ bag that’s too cheap, remember the rule – if it seems too good to be true – it probably is.

If you are spending good money on your designer bag purchase, whether you intend to use it as an investment or as that lovely thing you use – make sure you keep all receipts, authenticity cards, dust bags, boxes etc. The general rule of thumb is don’t throw anything away! All these things help to prove the authenticity of your bag, but also increase the value considerably if you are using it as collateral on a loan, or one day, to sell. Whatever you plan to do with your designer bag, you will really regret it if you haven’t held on to these vital pieces of authenticity, as they give buyers peace of mind – and in turn, this means the price you will achieve will be higher.

If you are looking to raise cash against your designer bag by getting a loan then you can get an online quote on our website. Have a look and make sure you can afford to pay your loan back plus the interest within the 7-months. You can make part payments during the term of the loan to help make this more manageable and save you money in the long run.

So, next time you are trying to find money for that bill, new business, or just need some cash to treat yourself – remember that there may be more value in your wardrobe than your jewellery box, and you still won’t have to forever part-with your much loved designer bag.