Nothing quite makes a statement like luxury items. Designer bags and luxury watches, in particular, can signal to the world that you’ve achieved a certain level of success and sophistication. But what if these high-end items could do more than just make you look good? What if they could actually fund your dreams?
It’s possible, and here’s how:
How to understand the value of your luxury items
Designer bags and luxury watches are often seen as status symbols, but can also be seen as investments. These items retain their value over time and, in some cases, even increase in value.
The value of designer bags and luxury watches is determined by a range of factors. First, the brand plays a significant role in determining the value. Renowned luxury brands like Rolex,
Cartier, Hermès, and Chanel typically hold their value well over time. The item’s condition is also paramount — items in excellent condition, preferably with original packaging and certifications, are likely to fetch a higher price. Limited edition pieces or those with historical significance can also command high value due to their rarity.
But even mid-range designer bags and watches like Michael Kors, Kate Spade, and Fossil can retain a good portion of their value. This means that even if you decide to sell these items after a few years of use, you can still recoup a significant amount of your initial investment.
How to turn luxury items into cash (without selling them)
You don’t have to sell your treasures to reap the benefits of their value. Instead, you can pawn them for cash. This allows you to keep ownership of your beloved items while still being able to access the funds you need.
Many pawnshops specialize in providing loans against designer bags and watches. These shops have expert appraisers who can determine the value of your item and then offer you a loan based on that value. The best part is that you’ll still get to keep your item while using its value to fund your dreams.
How to choose the right pawnshop for your luxury items
When choosing a pawnshop, look for competitive interest rates, convenience, and security. Pawnhero, the Philippines’ first BSP-regulated online pawnshop, ticks all those boxes. With interest rates as low as 3.5 percent, a hassle-free online process, and secure storage for your items, Pawnhero makes it easy to turn your designer bags and luxury watches into cash.
How does pawning with Pawnhero work? Simply upload photos of your luxury item and complete a form on their website. Then, you’ll receive an initial appraisal and loan offer. If you’re satisfied with the amount, you can schedule a free pickup or drop-off for your item for further authentication and appraisal. Once finalized, the funds will be transferred to your bank account.
So, what can you do with the money from pawning your luxury items? The possibilities are endless. You can use it to fund your education, invest in a business, or even take that dream vacation you’ve always wanted.
