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The Growth Of The Trade-In Device Market

As long as consumers use technology, there will be a market for refurbished electronics

(image credit: Best Buy)

The latest and greatest technologies often come at a high cost. Yet, in the electronic age, it shouldn’t come as a surprise that many consumers want to get their hands on the latest pieces of technology. It could be the newest smartphone, smartwatch, tablet, or pair of wireless earbuds.

Especially with the way the pandemic has pushed more people to adopt remote working trends and technologies that cater to that kind of work, getting your hands on reliable devices is more important now than ever before.

Fortunately, some people sell their old or unwanted gadgets through trade-in programs and websites. Many tech companies such as Apple, Best Buy, and Amazon run programs that allow customers to trade in their devices for store credit or pure cash. Not only does this help the seller, but this makes devices more accessible to those on a budget, too.

Below is some more information about the growth of this trade-in device market and what to expect in the future.

Used Electronics: Popular During the 2021 Holiday Season?

This holiday season is expected to be quite challenging for different retailers, and consumer electronics companies are no exception.

There’s evidence of a major global chip shortage, among other issues like staff shortages, supply chain disruptions, and new variants of the COVID-19 virus. This affects the types of tech products holiday shoppers can buy for their loved ones.

As a result, smaller businesses in the resale market are thriving, as more customers are turning to buy older models of electronics or refurbished products. Some people are also choosing to have their damaged phones repaired instead of purchasing the latest model, especially when it comes to the iPhone.

(image credit: It’s Worth More)

However, it shouldn’t come as a surprise because Apple hasn’t made any mind-blowing changes between models in the last few years. Unless the tech giant introduces a major shift in the iPhone, users will continue purchasing refurbished or second-hand models.

Sometimes, it’s better to work with a reputable dealer when buying used items compared to breaking the bank on the newest item on the market.

For years, customers were limited in what they could do with the dusty laptop sitting in their closet. Maybe they could sell to friends, family, or someone they trust locally.

There are challenges associated with meeting someone online through eBay, for example, as it isn’t the safest option. It’s better to work with a trustworthy source when trading devices.

Below are some of the most popular trade-in programs customers can use if they’re looking to earn cash for their old devices.

Trade-In Programs Growing in Popularity

There are several options for customers looking to sell their old technology. However, the challenging part is finding the right option to give customers the best deal.

No customer wants to give their electronics away for a low price — that’s why customers must know what an acceptable price for their unwanted technology is.

These are some of the trade-in programs that are growing in popularity:

DeCluttr is a website that accepts all different types of unwanted electronics. When customers trade in their items, the turnaround time is quick, and they receive their payments pretty fast. Payments come through PayPal, direct deposit, or customers can choose to send the money to a charity.

Apple’s trade-in program accepts many devices, and devices from other companies are no exception. Additionally, if a customer brings in equipment that has no trade-in value, Apple will recycle it free of charge. It takes a few weeks to complete the trade-in process, but it can be much quicker if customers visit an Apple Store close to them.

ItsWorthMore will take old electronics from customers and give them cash in exchange for them. Customers will answer questions about their old electronics, so the site knows how much it’s worth. The site will give customers an offer and a prepaid shipping label to send only if the offer is accepted. Payments are made through PayPal, Zelle, or check.

Amazon accepts many different devices, from smart home doorbells to smartphones and beyond. Amazon will offer customers a trade-in value when they plug in basic information about the device’s specifications. Usually, after Amazon receives the unwanted item, it’s checked and the order is reviewed before customers receive payment in the form of an Amazon gift card.

Best Buy
Best Buy has an online trade-in estimator on its website, so there’s no guessing what items may be worth. Best Buy gift cards are given in exchange for unwanted or older devices. The turnaround time for the trade-in process is a bit longer compared to the options listed above, but Best Buy will recycle products that have no value.

(image credit: Best Buy)

These programs, among others, highlight how the trade-in market for used electronics will continue to thrive. As long as people use technology, there will be a demand for refurbished products.

Trade-In Programs Will Continue to Thrive

As long as consumers use technology, there will be a market for refurbished electronics. The planet will benefit because these old electronics will not end up in an already jam-packed landfill. Consider using some of the programs listed above to trade in old devices!

See also: CES 2022: Sony Brings Star Power to CES