Why is the second-hand device market booming?


The second-hand device market is booming as manufacturers continue to aggressively refresh their product lines, and electronic devices continue to proliferate.

Second-Hand Devices Retain Value

Consumers that upgrade to the latest and greatest technology are often left with electronic devices that are only a year or two old. As these devices are often in good condition, and still carry considerable value, they’re no longer left languishing in a drawer. Savvy consumers have identified a flurry of ways to offload their old technology. Online websites such as eBay and Gumtree have traditionally been the ‘go to’ places to sell electronic devices, but selling can be a lengthy process, and there are no guarantees. Consumers can also recycle their phone online, but this is far from the best deal. Brokers such as Cash Generator offer a fair price, and instant cash for most electrical goods.

They Offer Better Deals

Costing on average 30% less than first hand gadgets, used devices, including smartphones, laptops, tablets, desktops, and televisions, are witnessing a huge demand from bargain hunters searching for a discount. The majority of these devices are still in good condition, as consumers have learnt that this will get them more cash or credit. Some devices will even come in the original box with a manual. It’s thus no surprise that consumers are becoming more accepting of buying used, and refurbished goods. Gartner is predicting that the global market for refurbished phones alone will grow to 120 million units by 2017, up from 56 million last year.
A discounted device is not the only reason to buy second hand. Buying a used or refurbished device will save you money in the long run, as the resale value of electronic devices doesn’t diminish. It doesn’t make a difference whether a device is second-hand or third-hand, and there will always be people who are on the lookout for a used smartphone or laptop.

They Reduce Your Carbon Footprint

By purchasing electronic devices second hand, consumers are also relieving the increasing pressure on natural resources. A report by Green Alliance claims that buying second hand reduces the carbon footprint of an electronic device by up to 50%. The report also highlights the value of used devices, and suggests that the parts of a two-year-old iPhone could be worth up to £170, almost a third of its original sale value.

Damaged? No Problem

Even damaged goods tend to have some value as electronic devices can often be fixed. Consumers are starting to realise that even a tablet with a cracked screen may have some value. Brokers will often employ staff with the ability to repair cracked screens, and fix other cosmetic damages.

Businesses Can Benefit Too

The second hand market for electronic devices is showing no signs of slowing down. The market used to be dominated by young males, but now everyone is looking to buy and sell consumer electronics, including businesses. By buying second hand, small businesses that work with low capital can acquire desktops, laptops and tablets at a low cost, improving their margin of profit.
There’s no longer a good reason to keep old or unwanted electronics in a drawer. Consumer electronics can save you money, make you money, reduce your environmental impact, and help boost the economy by giving small businesses a better deal.

Photograph by Matthew Pearce

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