Trade In Old Gadgets for Cash - Get Money for Your Electronics
Turning Your Old Tech into Cash
Perhaps you're looking to offset the cost of a new smartphone, boost your spending money, or save for the holidays. We can assist you in converting your outdated devices into funds.
There are primarily three avenues to consider when seeking to monetize your older technology: trade-in schemes, online auction platforms, and local selling options.
Exploring Your Options
Each of these methods presents unique benefits and drawbacks. A careful evaluation, based on your priorities regarding speed, potential earnings, and acceptable risk levels, is essential.
- Trade-In Programs: These offer convenience and a guaranteed price.
- Auction Sites: Potential for higher returns, but with more uncertainty.
- Local Sales: Direct control over pricing, but requires more effort and carries potential safety concerns.
The optimal choice depends on your individual needs and preferences.
Timing is Key
This article was initially published some time ago. However, with the Consumer Electronics Show (CES) currently underway and a wealth of new devices available, now may be an opportune moment to monetize your older gadgets.
Consider evaluating your unused electronics and exploring the possibilities for turning them into cash.
Converting Gadgets Through Trade-In Programs
For immediate funds without the wait of a direct sale, trade-in programs represent an excellent solution. Rather than navigating auction platforms or negotiating with potential buyers on sites like Craigslist, these services provide a streamlined process. You simply submit your device and, upon acceptance, receive a predetermined amount in exchange.
The primary advantage of trade-ins lies in their simplicity. Provided you accurately represent the condition of your device during submission – avoiding claims of pristine condition for a damaged item – the process is remarkably efficient. An offer is made, accepted, the device is shipped, and payment is received.
However, a key drawback to consider is that resellers require a profit margin. Consequently, trade-in values are typically lower than those achievable through open market sales, such as on eBay or Craigslist. An item potentially worth $300 on eBay might only yield $200-250 through a trade-in service.
To illustrate this, we evaluated five prominent trade-in sites using four common, older-generation devices: an iPhone 4S (16GB/ATT), an iPad 3 (32GB/Wi-Fi only), a Samsung Galaxy SIII (16GB/ATT), and a Kindle Fire HD (7"/32GB/Wi-Fi only). This allowed us to compare offers and assess the overall experience.
The following details the trade-in values offered by each site, based on devices in like-new condition:
Gazelle
Gazelle primarily focuses on Apple products – iPhones, iPads, iPods, and Apple computers – alongside smartphones and tablets from other leading manufacturers.
Trade-In Values:
iPhone 4S - $170
iPad 3 - $230
Galaxy SIII - $126
Fire HD - $49
Total Trade-in Value - $575
Shipping: Gazelle covers shipping costs for any item valued over $1. It remains unclear why one would incur shipping expenses for an item worth less than a dollar.
Local Trade-In: Not available.
Payment Options: Gazelle offers payment via check (requiring mail delivery), PayPal (instant), or Amazon Gift Card (also instant). The availability of multiple options, particularly PayPal, is a significant benefit.
Amazon Trade-In
Amazon Trade-In mirrors the breadth of Amazon’s overall offerings. Beyond electronics, you can trade in books, DVDs, routers, video games, and a wide array of other items.
Trade-In Values:
iPhone 4S - $200
iPad 3 - $241
Galaxy SIII - $140
Fire HD - $116
Total Trade-in Value - $697
Shipping: Shipping is free. Amazon’s logistical capabilities ensure a seamless shipping experience.
Local Trade-In: Not available.
Payment Options: Payment is exclusively provided in the form of an Amazon Gift Card. Given the extensive range of products available on Amazon and through its checkout system on partner websites, this is nearly equivalent to receiving cash.
Nextworth
NextWorth boasts a more diverse range of accepted items than Gazelle, including smartphones, tablets, laptops, digital cameras (including DSLRs), video games, and game consoles.
Trade-In Values:
iPhone 4S - $135
iPad 3 - $217
Galaxy SIII - $140
Fire HD - $65
Total Trade-in Value - $557
Shipping: Free shipping is provided. The trend of free shipping is evident, as most users would resist paying for shipping on older devices.
Local Trade-In: Yes. NextWorth has partnered with over 1500 retail locations, including Target, allowing for in-person trade-ins without the need for packing and shipping.
Payment Options: Payment can be received via PayPal, Target gift card, check, or a NextWorth branded prepaid Discover card.
Best Buy Trade-In
Best Buy offers a trade-in program.
Trade-In Values:
iPhone 4S - $99
iPad 3 - $220
Galaxy SIII - $126
Fire HD - $50
Total Trade-in Value - $495
Shipping: Free.
Local Trade-In: Yes. You can visit most major Best Buy locations (excluding small holiday stores) for an assessment and potential acceptance of your device.
Payment Options: Best Buy Gift Cards are the sole payment method. This is ideal for purchasing new gadgets but less suitable for covering other expenses.
BuyMyTronics
BuyMyTronics, a GameStop subsidiary, uniquely accepts broken electronics. While a functional iPad 3 might fetch $191, a broken one could still yield up to $60. This is beneficial if you wish to avoid repair costs.
They purchase ebook readers, camcorders, GPS units, and various electronics, though a significant portion are listed as “recycle only.” The rationale behind creating numerous listings for outdated BlackBerry models solely to indicate recycling is unclear.
Trade-In Values:
iPhone 4S - $149
iPad 3 - $191
Galaxy SIII - $138
Fire HD - $55
Total Trade-in Value - $533
Shipping: Free.
Local Trade-In: Yes, but with limitations. All GameStop locations accept trade-ins for store credit on game consoles and video games. However, only a limited number of GameStop locations are equipped to handle the broader range of electronics accepted online.
Payment Options: Payment is available via check (3-5 mailing days) or PayPal (instant).
Considering these variables, prioritizing your needs is crucial. If you require immediate funds for expenses like holiday gifts, utilizing the in-store systems offered by Best Buy and NextWorth may be worthwhile, even if it means accepting a slightly lower offer compared to Amazon. Ultimately, the trade-in system provides a convenient way to convert your old devices into cash, regardless of the amount received.
Selling Your Used Electronics: Auctions vs. Listings
While trade-in programs offer speed, they typically don't provide the full market value for your devices. To maximize your earnings, exploring auction platforms or listing sites is often necessary. This approach, however, requires more effort on your part.
The primary benefit of selling through auctions or listings is the potential for a higher return. Conversely, achieving this higher price depends entirely on finding a buyer, and platforms like eBay will deduct fees from your final sale amount.
How do these methods compare in practice? We evaluated eBay, a leading auction site, against Swappa, a prominent marketplace for cellphones and gadgets. Due to the lack of price tracking and price volatility, providing concrete data for Craigslist is not feasible.
Swappa
Swappa specializes in the buying and selling of smartphones and tablets. While you won't be able to list items like an Xbox 360 or Macbook Air, it offers an efficient listing experience similar to eBay, but without the associated listing fees.
However, you remain subject to market demand. If there's limited interest in your item, you might not even receive offers comparable to those from services like Amazon. Swappa conveniently provides the average sale price for your listed item over the preceding months.
Average Sale Prices:
iPhone 4S - $240
iPad 3 - $283
Galaxy SIII - $231
Fire HD - $155
Total Sale Value - $909
Shipping costs will still apply, but you won't incur any listing or auction fees. After accounting for $20 in shipping expenses for the listed gadgets, your net earnings would be approximately $890.
As previously discussed, selecting the appropriate platform requires balancing effort and potential return. If immediate funds for a new iPad are needed, an in-store trade-in offers the quickest solution.
For maximizing profits, attempting a "buy-it-now" listing on eBay, despite the associated fees, could yield 50-100 percent more than trade-in values. Ultimately, converting old electronics into cash is preferable to allowing them to depreciate in a drawer.