old iphone on a table

December 26, 2019 2 min to read

College saving 101: trading in your electronics for cash

Category : Lifestyle

Whether you’re slogging through the semester or preparing to enroll, going to college is a tough exercise in financial responsibility.

Cash isn’t always easy to come by, so anything you can do to increase your income is a smart move.

Unfortunately, part-time gigs, asking the ‘rents for money, and other traditional ways to get funding aren’t that sustainable.

The good news is that you’re probably already sitting on a valuable economic treasure trove – your old devices.

Although you’re unlikely to recoup the full sum you initially spent on that once-shiny Apple device or Android phone, trading in when you upgrade is a great way to stretch your meager budget a bit further.

How Does an Apple Trade-in Work?

If you’ve ever bought a car or watched dealership commercials, then you’ve probably noticed that these businesses offer discounts on new cars if you sell them your old one.

This process, also known as trading in or selling back, lets consumers extend their purchasing power by using their outdated possessions as partial payments for upgraded versions.

Hardware companies, device resellers, and mobile carriers offer similar programs. There are various Apple sell back programs that allow you to sell your Apple devices.

When you purchase a phone, you can turn in the old one to get a credit that shaves some money off of the purchase price. As with car dealerships, however, this process isn’t universal.

Exploring Your Trade-in Options

Different companies maintain unique trade-in terms. For instance, carriers like Verizon, T-Mobile, and AT&T all have buyback limits that cap the maximum amount you can receive.

Other common trade-in restrictions with cell phone service providers include:

  • Having to be a new or current plan subscriber,
  • Only being allowed to trade in a single device per month for every active line you maintain,
  • Needing to use the company’s online trade-in value estimator to be eligible, and
  • Receiving company credit or gift cards instead of cash.

The official Apple sell back program is a prime example of this. You can only trade in specific Apple devices, and you’ll only receive Apple gift cards in return.

While it’s nice that the company offers free recycling for your ineligible old hardware, its trade-ins will only get you so far.

If you’re going to be stuck with a gift card, then you might as well trade in with Amazon so that you can enjoy a broader range of spending options after the fact…
 
Continue reading the article and learn more about making some money on Life Is An Episode website.
 
 

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