Wouldn't it be Great...Cash converters content

thecolourbox

Wouldn't it be great if people sold stuff on Ebay/Gumtree etc for the price they'd get at Cash Converters? Or at least somewhere nearer to it.

Saw a lovely Mexican Strat at my local one for £200, the way I recall them buying stuff they find the selling price (£200), take off the VAT (£166.67), then halve it (£83.33), which as you'd all agree, would be a bargain.

I get that people do it cos it's quick and easy, but if its costing them effectively almost £117 to do it, seems nonsense. I know this is not big news as this has been true forever, but just seeing such a nice shiny strat got me thinking if only...

Niallmo

Having run one I can attest to the fact that most people think they can sell their Strat to CC for £250 because that's what they sell for. Ideally I used to look at used market price and look to make 30/40% profit from that so with VAT it works out about half used value. It's really very simple, the shop exists to make a profit. Don't forget that often, the majority of CC stock comes from unredeemed 28 day buy backs, not from cash buys.

thecolourbox

Yeah i know why and I'm not in anyway bashing Cash Converters, its one of my favourite lunchtime trips, great shops. But just wish i could chance to be in there when somebody brings something like that in lol so i could tempt them to sell to me instead

stonevibe

My mate bought an early '70s Norlin Les Paul Custom for £500 a few years back.

He was in a guitar shop and the guy was going to part ex and get under £500 towards his guitar or thereabouts and my mate Tom went up to him whilst the shop assistant helped someone else and said I'll give you £500 cash now for it instead.

Niallmo

It's always a chance that the goods are stolen, that's why CC have stringent policy on taking full id and address details from sellers to help police if goods are actually hot. You would have no recourse if you bought stolen goods and no way of IDing the seller, Don't get me wrong, it would be lovely to be on the right side of a sweet deal but it's fraught with complications. I'm not really defending as such, just pointing out the practices and it's actually a lot more complicated than people think. I've given people £50 on buy back for euitars that would sell for £500 because that's all the loaned needs to cover a very short term cash flow problem, then if they don't redeem them I would have no issue selling it at market value and making a rather large profit!

Gassage

thecolourbox said:

Wouldn't it be great if people sold stuff on Ebay/Gumtree etc for the price they'd get at Cash Converters? Or at least somewhere nearer to it.

Saw a lovely Mexican Strat at my local one for £200, the way I recall them buying stuff they find the selling price (£200), take off the VAT (£166.67), then halve it (£83.33), which as you'd all agree, would be a bargain.

I get that people do it cos it's quick and easy, but if its costing them effectively almost £117 to do it, seems nonsense. I know this is not big news as this has been true forever, but just seeing such a nice shiny strat got me thinking if only...

VAT is only chargable on profit on 2nd hand good, no?

Niallmo

Yup.

GuitarMonkey

stonevibe said:

My mate bought an early '70s Norlin Les Paul Custom for £500 a few years back.

He was in a guitar shop and the guy was going to part ex and get under £500 towards his guitar or thereabouts and my mate Tom went up to him whilst the shop assistant helped someone else and said I'll give you £500 cash now for it instead.

Wow. Does Tom always carry £500+ in cash?

DannyP

GuitarMonkey said:

Wow. Does Tom always carry £500+ in cash?

He doesn't anymore, he carries a Norlin Les Paul.

DrJazzTap

I struggled to sell a Burns Marquee for months. It was immaculate, I just never took to the guitar. It cost £330 I think, I pitched it at £180 in the local free ads paper. I was too wary of selling a guitar on ebay (never sold anything before at that point). So cash convertors took it off of me for.......£79.....yeah smart move! :op

ThePrettyDamned

My local crack converters had an esp Japan James hetfield sig with the relic job for 500 quid.

Should have bought it...

stonevibe

GuitarMonkey said:

stonevibe said:

My mate bought an early '70s Norlin Les Paul Custom for £500 a few years back.

He was in a guitar shop and the guy was going to part ex and get under £500 towards his guitar or thereabouts and my mate Tom went up to him whilst the shop assistant helped someone else and said I'll give you £500 cash now for it instead.

Wow. Does Tom always carry £500+ in cash?

He does when in the market for visiting a guitar shop to buy a guitar. Plus I think he used a cash machine.

Its a nice guitar too!

Jetfire

Swansea crack converters only has shit guitars in it..  

Octahedron

In CCs in Australia they look for the current "best price" online of a new one, then they halve it and that's what they'll sell it for, and the seller gets half of that...

So say $1500 for a Les Paul Studio new, they'll sell it for $700-750 and the poor git who sold it to them only left with $350-400, a quarter of what he paid for the guitar BNIB. 

Hopeless and some lucky git gets off with a "bargain", and I only hope they know the poor git who sold the LP got royally screwed and ripped off! 

If you want to buy... CCs is great. If you're looking to sell, don't bother. Gumtree, eBay, private sell, classifieds here, whatever! Or part-ex/trade-in at a guitar retailer who knows what they're doing.  

Adam_MD

I think cash converters are horrible places I've been in a few and they've been downright depressing. The shops and stock were filthy and the prices were ludicrous.

The shops I visited are in N Ireland I genuinely don't know if the ones in England are any different.

Niallmo

It's all about the store manager, they generally dictate the feel of the shop. They are mostly franchises, they HAVE to make profit and therefore push buying prices harder. I tried to be fair and make sure the seller actually felt valued and not ripped off. Don't confuse the buy back system with cash buys, most of the stock comes from buy backs rather than bought straight out for cash.

jeztone2

I was in CEX in Slough last week having a mooch & these girls came in with a load of games consoles & as the assistant checked them out. They were told they wouldn't be buying them as certain serial numbers were missing internally. They had about 9 of them so I felt very grateful for all the bolts on my front door:0