How to sell used tech for extra cash

dollar, dollar, bills ya'll gif make money selling used tech

Should you sell your tech?

Many of us have used tech and electronics around the house that we look at from time to time, but never use. Here's a few short steps to think through when deciding whether or not it's time to sell your tech that's collecting dust.

  1. Do you use the device frequently? We often hold onto things thinking one day we may use it or it could come in handy, but if the last time you opened that laptop was 6-12 months ago, it's doubtful you need to keep holding onto it. Maybe you'd be better off with a tablet or your smartphone gives you all of the internet surfing abilities you
  2. Do you have more than one? With items like cameras, gaming consoles, controllers, and external hard drives, we often find ourselves with a growing collection. Do you need multiple cameras? And would you rather have cash in your pocket to buy upgraded lenses, a flash, or other accessories for the camera you use most often? Think about why you're collecting so many and if they really bring value to your life.
  3. Is an updated version being released? If you're willing to part with your tech before the updated version is announced, you could get a great deal and have money to buy the newest version! For example, many xBox users sold their xBox One before the xBox Series X was announced. This was a smart move on their part because they were able to sell their xBox One for a great price and pocket that money to go towards the xBox Series X once it was released! The trick here is that you may have to go a few months without playing your favorite game.
  4. Are you looking for a change or update? Maybe you've had the same lamps for a few years but they don't really match your home decor any longer. Or maybe you have a great espresso machine and recently realized you prefer pour over coffee. Many people sell their used electronics simply to get something new and different! Lovd even has some sellers who consistently change out their home electronics for new ones just to mix it up!
check list for how to sell used tech lovd NYC

When to sell your tech?

It’s important to sell your tech as soon as you realize you don’t need it. Not only does selling quickly declutter, but it also helps you get the best price! Most of us have pre-Lovd tech or electronics that simply collect dust in our house or live permanently in one of our drawers. The faster you decide to sell your used tech or used electronics, the more money you can make. Let's look at why that is and how you can start making extra cash selling your old tech and secondhand electronics.

Due to constant improvements in the technology we use every day - cell phones, smart phones, smart TVs, robot vacuums, digital cameras, computers, laptops, etc. tech becomes outdated really fast. Your smart TV isn't so smart a few years later when the newer versions can make you lunch.

Apple iPhones are a great example - your iPhone becomes worth less money as soon as Apple announces the launch of a new model. And every month you wait after the launch, the price continues to decrease. Think of tech as a car- it loses value the second you drive it off the lot.

Prep for selling your tech.

Protect your privacy.

Make sure you remove all of your personal data from your devices. This ensures that the buyer won’t have access to any of your personal information, accounts, or internet data.

Not sure how to remove your data? If you sell your used tech on Lovd, we’ll handle that for you!

Luckily most companies make it fairly easy to remove your data and factory reset laptops, smart phones, smart watches, and more.

Here are more resources on resetting devices:

Clean your devices thoroughly.

Buyers won’t be happy if they receive a dirty laptop or grimy coffee maker. Many of us might think a simple wipe down is good enough, but buyers can be pretty picky since they are sending their hard earned money.

When cleaning your laptop or keyboard, pay special attention to the spaces between the keys. You can buy a compressed air duster to get every last crumb out so that your keyboard looks brand new. We also recommend using a microfiber cloth to wipe down all surfaces and make sure the screen is as clean as possible.

For your smartphone, be sure to remove the case and any protective screens and wipe down the device with a disinfectant spray or isopropyl alcohol. Then follow up with a microfiber cloth to remove any dust or marks left over from the cleaning product.

If you’re including accessories like charging cables, be sure to wipe those down as well. Remove scuffs, dirt, and grime as much as possible.

Research your tech’s worth.

If you want your used tech and secondhand electronics to sell, be sure to price them right. According to experts, you should price your tech at 50% or less than the retail price.

Check a site like eBay or Google to see how much your device is selling for today. Check to be sure that you’re offering the same accessories and quality as the other items you’ve found. Consider the platform fees and shipping costs for where you decide to sell. For example, if the platform offers pick up, handles the cleaning and listing for you, and delivers to the buyer - a higher commission fee might actually leave you with more money in your pocket than a platform that requires you to do that work and pay for delivery.

Two important things to consider when determining how much your gadget will sell for is how long you’ve had it and how much did it cost in the first place. You can make more money by selling devices sooner rather than later.

You can also make more money if you have tech that is difficult to find and of short supply. A great example currently is the Playstation 5. Since it is so difficult to find a new Playstation 5 right now, owners can sell their used gaming console for the same price or more than new Playstation 5.

Infographic detailing how seller's can price their electronics

Sell used tech yourself.

If you decide to sell your tech on your own, there are many marketplace options and it’s important to look at the pros and cons.

Pros:

By selling your pre-Lovd tech on your own, you can cut down on commission costs (on some sites). You have the option to control the price, description, and who buys your used tech. You can also take the photos yourself and make sure they go with your aesthetic.

Cons:

When you choose to sell your old tech yourself, you are responsible for researching the best price and keeping up with lowering the price if needed. You also have to use your own time to create the listing that includes taking clear and high-quality images, taking video of your tech, writing descriptive and accurate listings, and communicating with potential buyers.

Speaking of communicating with buyers, when you choose to sell your tech on your own, you have to deal with price negotiation and potentially grouchy buyers.

You have to deal with shipping the sold items to the buyer and hope no damage occurs during the shipping process. Often this means you have to pay for shipping fees, boxes, packing materials, and more to ensure it arrives safely and on time. If you opt for local pickup, you have to take the risk of meeting up with a complete stranger.

If you opt for local meetup, be sure to meet in a public place, bring a friend, and accept only cash or electronic deposits (like Venmo or PayPal).

Trade in.

Trading in your used tech is another viable option when looking to make cash from your old devices. Many companies offer trade in programs and they can give you credits fast. This can be beneficial if you want to spend that money in the same place that provided the trade in.

There are many website dedicated to offering trade in credits for electronics or you can opt to trade in with the original retail provider like Apple.

Use Lovd.

The Lovd app is a great way to sell your used tech and pre-Lovd electronics without the hassle of selling on your own and with the benefit of avoiding trade in credits. Lovd was created with sellers in mind and our goal is to make selling used tech safer and easier than ever.

Lovd will pick up your tech directly from your front door or provide shipping labels so you can send it to our HQ in New York City. Then we clean and verify your tech. We’ll do the market research to find the best price while writing a compelling description and taking high-quality photos and videos. That’s right, we do all of the hard work while you relax!

One major benefit of using Lovd is that we list your used tech not only on Lovd but we also list it on other online market places to make sure it sells fast. And once buyers are interested, we’ll handle the communication, negotiation, and delivery.

It’s really that easy.

Time it takes to sell used tech infographic

On average, sellers spend 4-6 hours of their time on selling each item they list. What is your time worth? If you price your time at $20 per hour, you’re spending up to $120+ to list your own tech. Let Lovd handle the work for you!

How selling is more sustainable.

If you love having new tech and the most advanced electronics but also want to reduce your carbon footprint, selling your old tech or buying used can make a big difference!

By selling your used tech and used electronics, they won’t end up in landfills. Most of these landfills are located overseas where vast areas are heavily polluted by all types if ICT (information and communication technology) waste. This waste contains heavy metals and toxic chemicals that deeply penetrate the soil and contaminate local water sources. Selling pre-Lovd tech also helps reduce water resources. It takes about 240 gallons to manufacture one cell phone and by selling your old devices, you’re adding to the supply of used devices for people to shop.

According to the World Economic Forum, smartphones account for nearly 10% of e-waste globally and contributed 580 million tonnes of carbon emissions in 2020. When producing technology, the creation of every part of that device produces carbon emissions.

When looking to upgrade your gear, check used items first. But we completely understand how some people want the newest tech or maybe even need advanced tech for their work. You can make a big difference by selling your old tech even when you purchase new tech.

shop for used tech sustainably with lovd