When you upgrade your devices, what do you do with the old tech? Most of us hang on to it just in case we might need it again. But truthfully, it will only end up in that one drawer collecting dust.
Shoving old technology into a cupboard not only takes up unnecessary space, but it’s stopping you from making a bit of extra cash by not getting rid of it. According to a recent study, Americans have amassed $43 billion worth of unused tech. Tap or click here to find out how to get paid $2,400 to ditch tech for 24 hours.
Second-hand goods chain Decluttr found that one in 10 Americans will keep old technology lying around for more than three years. If you haven’t used something in the last six months, you should seriously think about letting it go.
Here’s the backstory
You forked out hundreds of dollars for that new iPhone and have captured some good memories with it. But after you have upgraded to a new model, you need to let go of the old one as soon as possible.
Every month the device is sitting idle in storage, it is losing value. As time drags on, you will only get a fraction of the price you paid when it was still new. In the study conducted by Decluttr, it was discovered that smartphones, tablets, and wearables lose on average 26% of their value over 12 months.
Collectively, that means unused technology in American homes will depreciate by $11 billion in the next 12 months. The company estimates that the average American could make $199 by trading in their old tech.
With the economy in a bit of a tough spot right now, it would be an excellent idea to round up all the unused tech in your house.
Fastest depreciating devices
When is the right time to get rid of old technology? The short answer is as soon as possible. Ideally, you want to sell it before a new model of the same device is released. The longer you wait, the less money you will get.
Mobile phones are some of the fastest depreciating gadgets on the market. Because new models are released quickly, even a 256GB Apple iPhone X will depreciate 40% in 12 months. That means if you paid $1,000 for the device, it’s worth just $600 a year later.
Samsung’s Galaxy S10+ doesn’t fare much better. After 12 months of sitting idle, a 128GB version will depreciate 36% or $185 off the original price.
Take a look at this chart of average depreciations:
How to sell you old tech
You could take your chances with online classifieds or Facebook Marketplace, but there are several risks involved. There is another easier solution, though: sell your old technology through Decluttr. Tap or click here for our complete guide to using Decluttr.
Using the site’s Sell option, you pick what you want to get rid of, fill in details from the available options and select the device’s condition. Once that has been completed, Decluttr will provide you with an offer price.
If you decide to go ahead with the transaction, pack your things into a box and Decluttr will send you a free shipping label to mail it to them.
Once the box arrives at its warehouse, a team checks over your device’s condition and removes any personal information. After it has been verified, you should receive payment the next day. That’s it, easy peasy!