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Geek Chic

Cash in your gadgets

10/10/2012

Excited for the new iPhone 5, but unsure how you’re going to pay for it? Got an older iPhone or other smartphone you’ll be replacing? Maybe another gadget that is due for an upgrade?                

Did you know that smartphones have pretty good aftermarket value? That means you can trade them in online for cash to pay for your new ones! So don’t go handing it down to your kids for free just yet.                

Depending on how you want to get your money, there are multiple services available, including Glyde, Gazelle and Amazon. Odds are, you’re going to want actual money to help pay for your new phone instead of a gift card, so keep that in mind. Some sites even give you a window on your quote, so you can wait for your new model to come in or before the new model cuts down the value of what you have.                

What I’ve learned from getting quotes from these sites is that, generally speaking, Apple products retain their value longer than any other due to their popularity, even in the second-hand market. From looking at it as an investment, a 2-year-old iPhone might be worth enough in trade-in value to pay for the new model (retail $600-$800, depreciated down to the $200 subsidized price from a carrier on contract). If there’s a lesson to be learned, it’s to always wear protection and keep those gadgets in good condition, regardless of what Jerry Seinfeld might say.                

Consumer electronics aren’t antiques that will appreciate with age and wear. So invest in a protective case even if it defeats the purpose of design. CV

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Robert Anhalt is Director of Content at Geek Speak Forum and contributes to Cityview.

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