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Dealer has offered check for a purchase, is this ok?
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<p>[QUOTE="Lucille.b, post: 327016, member: 51"]I supposed it depends on the item -- gold or sterling meltdown (not suggesting the OP's set is melt down) or something that has <i>instant cash-in value</i>, I would expect more than 50%. However, for everything else, I've even heard 25-30% is what a brick and mortar dealers pay, if buying things outright. Things can sit in a store for months on end taking up space, there might even be returns, theft, breakage, the cost of rent, heat, etc. Maybe the biggest, is paying tax on the sale - both Fed and State. Let's say he/she bought something for $50 and sold it for $100. State tax on that might be $8, depending on the state, and then Federal (on the profit) another $12, which leaves a less for the dealer. They aren't really doubling their money when you think about it. (And I think why some dealers offer $25-30%.) When you receive cash in hand you don't have any of these expenses or worries. Again, don't know what you were selling, but where I live, and outright payment of 50% would have been a better deal than average.</p><p><br /></p><p>As for the original question to the post, for that kind of money I'd ask for cash to be exchanged at MY bank, and I'd tell the dealer I would bring the item, and have ready a receipt of purchase showing the amount paid.[/QUOTE]</p><p><br /></p>
[QUOTE="Lucille.b, post: 327016, member: 51"]I supposed it depends on the item -- gold or sterling meltdown (not suggesting the OP's set is melt down) or something that has [I]instant cash-in value[/I], I would expect more than 50%. However, for everything else, I've even heard 25-30% is what a brick and mortar dealers pay, if buying things outright. Things can sit in a store for months on end taking up space, there might even be returns, theft, breakage, the cost of rent, heat, etc. Maybe the biggest, is paying tax on the sale - both Fed and State. Let's say he/she bought something for $50 and sold it for $100. State tax on that might be $8, depending on the state, and then Federal (on the profit) another $12, which leaves a less for the dealer. They aren't really doubling their money when you think about it. (And I think why some dealers offer $25-30%.) When you receive cash in hand you don't have any of these expenses or worries. Again, don't know what you were selling, but where I live, and outright payment of 50% would have been a better deal than average. As for the original question to the post, for that kind of money I'd ask for cash to be exchanged at MY bank, and I'd tell the dealer I would bring the item, and have ready a receipt of purchase showing the amount paid.[/QUOTE]
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