Whether you want to sell off your old smartphone to pay for the new one, add a little cash to your fun money pile, or to put the proceeds toward Christmas, we’re here to help. Read on as we outline the best ways to turn your old gear into money.
RELATED: How to Prepare a Computer, Tablet, or Phone Before Selling It
When it comes to turning your older gadgets into cash, there are three main venues to explore: trade-in programs, auction sites, and local sale. Each of these venues has distinct advantages and disadvantages which, after reviewing our breakdown of the venues below, you’ll need to balance against your own desire for speedy resolution, amount of cash, and degree of risk you’re willing to take.
Note: we originally wrote this article a while ago, but since CES is running this week and there are a ton of new gadgets on the market, it might be time to get some of those old gadgets and get some money for them.
Converting Gadgets Through Trade-Ins
When you want the money right now and you don’t want to have to wait for someone to actually purchase your device, trade-ins are the best option. Instead of listing your device on an auction site or haggling back and forth with a buyer on Craiglist, trade-in services allow you to simply say, “You’ll give me X amount of money for my old iPod? Great. I’ll mail it in right now.”
That’s the huge upside to the trade-in system; assuming you describe the condition of your device accurately when submitting it for a trade-in (e.g. you don’t claim your cracked-screen iPad is mint condition), it’s a frictionless process. They offer you the money for the gadget, you accept, you mail it to them, and you receive your payment for the gadget.
The downside to the trade-in system is pretty straight forward: the resellers you’re trading the gear into want to profit from the exchange, so of course they’ll offer you less than the open market (eBay or Craiglist, for example) would bear. What could sell for $300 on eBay might only fetch $200-250 on the trade-in sites.
So what do the sites look like, and what can you expect when you use them? We put the five biggest trade-in sites through the paces using four common last-generation gadgets many of our readers would potentially sell: 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).
Here’s how we fared checking the trade-in values at the sites. Listed prices are for the previously mentioned items in like-new condition:
Gazelle
Gazelle specializes in Apple products (iPhones, iPads, iPods, as well as Apple computers) as well as smartphones and tablets from other major companies.
Trade-In Breakdown:
Shipping: Gazelle foots the bill for shipping on any item worth more than $1 (why you would pay to ship them an item worth less than a dollar is a mystery).
iPad 3 – $230
Galaxy SIII – $126
Fire HD – $49
Total Trade-in Value – $575
Local Trade-In: No.
Trade-In Breakdown:
iPad 3 – $241
Galaxy SIII – $140
Fire HD – $116
Total Trade-in Value – $697
Local Trade-In: No.
Nextworth
NextWorth offers a more diverse spread of categories than Gazelle and includes not only smartphones, tablets, and laptops but also digital cameras (including DSLRs), video games, and game consoles.
Trade-In Breakdown:
Shipping: Free. There’s a pattern developing here. Clearly the trade-in shops know that most people will balk at spending $20 on shipping for their old gadgets.
iPad 3 – $217
Galaxy SIII – $140
Fire HD – $65
Total Trade-in Value – $557
Local Trade-In: Yes; NextWorth has partnered with over 1500 retail locations (most notably Target) so you can trade your gear in without the hassle of packing and shipping it.
How You Get Paid: You can collect your payment via PayPal, Target gift card, check, or with a NextWorth branded prepaid Discover card.
Best Buy Trade-In
Best Buy
Trade-In Breakdown:
Shipping: Free.
iPad 3 – $220
Galaxy SIII – $126
Fire HD – $50
Total Trade-in Value – $557
Local Trade-In: Yes; you can walk in to any participating Best Buy location (pretty much any major location, barring small holiday satellite stores) and they’ll assess your gear and either accept it or offer to recycle it.
How You Get Paid: You guessed Best Buy Gift Cards? You guessed right. Great for buying yourself or your loved ones more gadgets, not so great for paying the electric bill.
BuyMyTronics
BuyMyTronics, a subsidiary of GameStop, offers something that none of the other major trade-in shops offers: they’ll buy broken electronics. For example, you won’t get the like-new price of $191 for selling them an iPad 3 with a broken screen, but they will offer you up to $60 for it. If you don’t want to deal with repair costs on older gear, it’s worth seeing if they’ll offer you anything at all for it.
They buy ebook readers, camcorders, GPS units, and a wide variety of electronics in addition to the typical smartphones and tablets. What’s strange about their offerings beyond the typical smartphone/tablet listing is that 90% of them are “recycle only.” Why they felt the need to make two dozen listings for different BlackBerry models just to tell us that it was old and they didn’t want to do anything but recycle it is rather puzzling.
Trade-In Breakdown:
Shipping: Free.
iPad 3 – $191
Galaxy SIII – $138
Fire HD – $55
Total Trade-in Value – $533
Local Trade-In: Yes; but the system is only partially deployed. All GameStop locations accept trade-ins for store credit when dealing with game consoles and video games (as they always have) but very few GameStop locations are fully equipped to accept the wide range of electronics you can trade in through the BuyMyTronics web site. Call ahead to see if your local GameSpot is participating.
How You Get Paid: Check (3-5 mailing time) or PayPal (instant).
Auctioning and Listing Your Gadgets
If the upside of the trade-in sites is that you get your money quickly, the downside is that you definitely don’t get the market value for your gadgets. If you want to get top dollar for your gear, you’re going to have to take the harder route and sell it on an auction site (like eBay) or list it on moderated listing sites (like Swappa) or local listing sites (like Craigslist).
The upside of taking such an approach is that you can get top dollar. The downside is that getting top dollar is completely dependent on someone purchasing the product you’re trying to sell, and, in the case of site like eBay, you lose some of the money to fees.
So how do auction sites and listings stack up? We compared the biggest auction site, eBay, against the biggest cellphone and gadget listing site Swappa. Because Craigslist doesn’t have any sort of historical price tracking feature and has more volatile prices, we can’t offer concrete numbers on how much or little money you’d make.
Swappa
Average Sale Prices:
You’ll still need to fork out for shipping the items you sell, but you won’t lose any money on listing/auction fees. Assuming you spent $20 shipping the gadgets we listed above, you’d walk away with around $890.
iPad 3 – $283
Galaxy SIII – $231
Fire HD – $155
Total Sale Value – $909
As we mentioned early on the in guide, you have to find the venue that provides the right balance of return for your effort and convenience. If you want the money right then to spent on a new iPad, driving to a nearby store for an in-store trade is as fast as it’s going to get. If you want maximum return for your money you can try your luck with a buy-it-now eBay auction and eat the auction fees in order to get potentially 50-100 percent more than the trade-in venues would offer. Regardless of how you move your old electronics, though, it’s still better to find yourself with cash in your pocket than a drawer full of rapidly depreciating last-gen gear.
