Giving the gift of an upgrade this holiday season won’t be cheap. It can cost $400, $500 or more. But as Suzanne Kantra with the consumer electronics website Techlicious explains, there's a way you can cut the costs and get rid of some outdated devices.
“You can trade in tablets, you can trade in computers, you can trade in cameras. There are a range of devices,” said Kantra.
Suzanne said device trade-ins is a growing industry. Cell phone carriers, retailers and online companies will take your old items and turn them into savings.
“If the retailer feels they can turn around and sell it, you're going to get maybe a third, 25% of whatever you paid for your device,” explained Kantra.
So who offers the most? Let's say you're trying to upgrade from the iPhone 4s with 16GB of memory or the Samsung Galaxy III. If your phone is in good condition, the carriers will offer $100 - $200 for the iPhone. The Galaxy will fetch $50 - $120.
Best Buy offered $90-$110 for the iPhone. The Samsung brought slightly more at $105-$115.
Amazon's a little higher.
Amazon came in slightly higher, between $150-$175 for the iPhone and $100-$175 for the Galaxy.
Lastly, the website Gazelle deals only in device trade-ins. It offered $75-$100 for the iPhone and $70-$125 for the Galaxy.
Before you hand over your device, do a factory reset to erase your personal information. If you go with an online retailer, know the risks with shipping your device.
“If something does happen in transit, they're not going to know if it happened at your home or when it happened on the road,” said Kantra.
Also, don't assume your refund will be cash. Some retailers only do gift cards. Regardless, Christmas is a time of giving but that doesn't mean you have to break the bank. So take advantage of the savings.