I needed a spare mobile phone..being close to CC I went in to browse, the prices they were asking for used mobile phones were outrageous, the cheapest was a rather old Nokia $79. So I went to Dick Smith a few shops away..Brand new Nokia with VGA camera, Video, etc etc etc. $85.00
I now know why they are called Cash Converters...they convert your cash into theirs.
That place would have to be one of the worst rip off's in the retail industry
Some of their used stock is priced at more than what they sell for new
A few years back I saw their advert on TV about selling unwanted goods & how they will give you all heaps of $$$ lol, I had a 2nd TV I no longer needed... Long story short - they said, "We don't have any use for it but if you want to get rid of it I'll give you $10 for it"
In the shop was the same TV for just under $300
You should do your homework before you hand over your money in any shop. I have been lucky so far in buying slightly used power tools from the local Cash Converters. Price haggling usually reduces the price by about 15% off their marked price and 50% of full retail prices.
Posted: 02 May 09 22:48 Post subject: Overpriced goods. Organisation name: Not Applicable Issue type: Comment
I once tried to sell some hifi equipment to them, they refused to tell me how much they would pay, even tried to tell me it was "against the law" for them to offer me a price, I had to give them a price that they could either accept or reject and when I queried what the name of the "law" was they "couldn't remember" all sounded fishy so i told them the price i could get for it on ebay (based on previous sales of same model) then i took off $100 as profit and a further $50 for me not having to bother listing and posting, they turned it down and implied i would have to take 2/3 off my price. I told them to get stuffed went home listed it on ebay and a week later made lamost double the price id originally told cash converters i'd take.
Posted: 07 Jun 09 15:24 Post subject: Overpriced goods. Organisation name: Not Applicable Issue type: Comment
Cash Converters is a franchise and like all franchises, they're in it to make money.
I managed a pawnbrokers for close to 5 years. Each owner uses different tactics and most pawnbrokers want the buyer to say the price they want first.
For instance, I encounter a customer with a item that I would pay $200 for and I'll ask the seller what they want for it. They may say $100, so i've sold myself $100.
The thing is with CC and other pawnbrokers is this.
If a customer takes out a loan on a item, the loan term is 3 months. So, if the customer takes out a loan, they have 3 months to redeem the item. If they pay interest, it extends the loan.
So its possible, especially with electronic items, to give a loan, and when it expires, the loan amount was more than the new sale price.
Inexperienced pawnbrokers will loan too much and lose money.
I've found CC to be expensive but i'll never pay sticker price on anything. To me, a $50 item is worth half that, and that's what i'll offer.
Post subject: Overpriced goods.
