Thursday, February 25, 2010

Cash Converters and Gold Buyers Australia

I have been conducting an experiment over the last week or so. I wanted to see how much different places such as Cash Converters, Gold Buyers etc... give you for your things. I knew it wouldn’t be much, but I also wasn’t expecting so low.

In Cash Converters some things I had things that were new and worth a lot and I saw similar in their windows for $500 - $1,000. They offered me $5. That’s right $5!!! So unless I was absolutely 100% DESPERATE for instant cash on the spot I need it RIGHT NOW I would never deal with them.

Gold Buyers is no better. They weigh your gold and give you a quote after working out what carat etc... I was offered $100 for 30grams of gold jewellery. Gold is worth a whole lot more than that. I won’t give a specific because it changes every day, but based on $75g which it was a while ago the 30g would be worth $2250, so I was offered about 5% of what gold was worth a while ago. I realise it is a business but that is EXTREMELY low. Also, they do not care if you have beautiful stones (I already knew this) so you get nothing for the stones.

I also went to a games place to see how much I would get for what I had, about 6 Xbox games, 6 psp games, an Xbox and 12 DVD’s. I was offered a grand total of $50. Xbox’s aren’t worth much these days, which I knew. I was told the Xbox would be worth about $15 but they would only take it if I sold everything else. It’s not mine, so I couldn’t decided right then, but I don’t really think you’d get much elsewhere for it, as eBay seems to be doing poorly at the moment.

All in all I decided I would not touch Cash Converters or the Gold Buyers with a 10 foot pole and after seeing how little they pay people I am inclined to also never shop there. The games place was not great, but also about what I expected. If you actually want money you are better off trying to sell the stuff elsewhere, like online or a garage sale I think.

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