I was recently browsing Amazon and stumbled upon a new section that caught my interest. Amazon is now offering customers the ability to trade in items such as cameras, cell phones, iPads, iPhones, MP3 players, tablets and more.
I know that Best Buy has a similar program and trading in used equipment is becoming more popular. Let's have a look at Amazon's Electronic Trade In Program in more detail.
Electronics Trade In
This offer is currently is beta which means "we're still testing and fixing all the bugs".
1. Select Your Item:
You can trade in items even though you never originally bought them from Amazon. Find out if the item is eligible by visiting Amazon.com/TradeIn. After product selection, it's time to determine the trade in value. This is based on usage, wear and tear, and if the device can be resold.
For example, Amazon will inspect to make sure that camera lens is really in "good condition" and not damaged.
2. Ship Items For Free:
Select between shipping methods (USPS and UPS). Pay close attention to the next line...
Print out the shipping labels and packing slip. Place all merchandise in 1 box and drop it off at a UPS or USPS location.
Shipping is free but limited to a total value of $750.
3. Get An Amazon Gift Card Credit:
You'll get a confirmation email with the amount of the gift card value.
3rd Party Trade In vs. Selling Online
The best way to make sure you get maximum dollars for used equipment is to sell it yourself ( ie. Ebay or Craiglist).
The trade in value is usually significantly less than the resale value. So why bother trading in at all? Well that's because it's faster, easier, and more convenient than selling it yourself.
Unless your product is very popular and hard to find, don't expect to easily have prospective buyers. Selling your own good may involve work and a bit of patience.
Personally, I like the idea of Amazon's trade in program and I'd make sure that I set a minimum return on every package. If their valuation falls below a certain acceptable level, then I'd sell them on the open market.