One method of saving on energy bills involves cashing in on electronic devices that could be worth hundreds of pounds.
It turns out your electronic clutter could be worth a tidy sum. As Brits hunt for ways to stretch their budget, the average household has £842.12 worth of unused tech gathering dust at home, according to research from tech reselling website musicMagpie.
The retailer found that UK households have an average of two unused mobile phones lying around amounting to £448.68. If you're reluctant to let go, the reselling experts have shared how to make parting with your old technology pain-free and profitable.
Whether it's due to the boredom-driven lockdown purchases or abandoned hobbies, their research indicates unused tech in homes has risen 41 percent since the start of the pandemic. So why are Brits holding onto old devices?
MusicMagpie asked Hilda Burke, psychotherapist and author of 'The Phone Addiction Workbook', to understand exactly why people struggle to get rid of their old phones.
She says: "People are quite literally 'attached' to their mobiles so to then give away these items can feel quite discombobulating even if they have a newer, better, shinier replacement."
"It's also important to take into consideration the 'just in case' factor - many of us aren't fully confident in being able to transfer all of our notes, contacts, pictures and more to our new device so we use our old devices as a safety net to keep hold of this information."
How to let go of old electronics and make money
Move quickly to make the biggest profit
Though it can be tempting to hold onto your phone in the hope of a better price, this often isn't the best course of action.
Jon says: "It's often thought that you need to have a new phone before you think about selling your old iPhone, but the reality is that you should start the trade process long before that by locking in a price - that way, you don't need your new phone to hand before you get a price for your old one!
"Once a new iPhone model launches, other models will begin to depreciate in value, so holding onto your old phone for too long will impact how much cash you can bank. In our 2021 Annual Depreciation Report, we revealed the value of older iPhone models will drop by around 10% in the first month after the new model is released and by an average of 23% after 3 months."
"If you're due an upgrade, selling your old iPhone model will help make a considerable dent in the price of your new model - it's a no-brainer, so don't wait around while your phone decreases in value."
Make memories that last
Fear of losing saved memories and cherished camera rolls is all well and good until you're left with a devalued iPhone and wasted tech.
"People often keep hold of their old models and put off selling them due to personal investments, as many fear that precious memories could be lost through the upgrade process," Jon explains.
"Luckily, cloud services provided by the likes of Apple and Samsung allow phone users to transfer digital content to their new devices with ease.
"Photos and videos are considered somewhat of a time capsule for the modern age, and you'd be hard pressed to find an iPhone user who doesn't place great value in them."
Hilda suggests: "It's likely that our phones have accompanied us through many key life events meaning nostalgia is often a major factor for not wanting to let go of a now unused piece of tech. Despite losing its functional purpose, a phone can become ingrained with a special significance of which the memories it holds take priority over the device itself."
Think of the environment
Sure, there's money to be made - but selling your iPhone isn't just about cashing your coins in. Selling your old model will help the environment by improving your carbon footprint and reducing waste.
Jon explains: "Upgrading your phone to the latest model is always tempting - but we can't ignore the fact that it encourages waste. E-waste is an increasingly concerning environmental issue with short phone lifecycles being a major contributor. By replacing our iPhones as frequently as many of us do, we need to consider how we can be more sustainable during this process.
"By opting to trade in your iPhone you can ensure that your device can be refurbished and reused for years to come. You could also consider upgrading to a refurbished phone instead."
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