Many people have asked me how I can afford the latest smartphones and gadgets on the market. The simple answer is to sell it while there is still a market for it. If you hold on to your device for too long, you will be in worse shape than if you had kept it for 6-9 months and then sold it. People want technology that is current. Smartphones have become extremely popular and people are willing to pay a premimum price even if it is several months old.
I purchased my Galaxy Tab in November for $399. After hearing the announcement that the IPAD 2 was coming out, I quickly posted my Tab on Craigslist for $425. It sold within a week for $375. Why? Because the price point is set by the carriers when they offer the price with a contract. People want to buy the technology at that price without signing a contract. The downside to this is that you will have to pay an early termination fee depending on how long you have had your device. Check you local Craigslist and search your phone to see what the going rate is. Craigslist is free and local. I have had many bad experiences with selling electronics on Ebay to foreign scammers. Craigslist is local and face-to-face. I do recommend, though, that you meet in a public place such as McDonald's and never go alone. I have never had a problem following these rules.
While we were waiting in line fro the IPAD 2, many were asking about Best Buy's Buy Back program. In my opinion, it is a waste of money. Basically, Best Buy is setting the minimum price point for resales in a year. So next year, when you want to sell your IPAD 2, know that you will at least get 1/2 of what you paid originally. I purchased my first IPAD for $829 and sold it on Craigslist for $750. The contract for data was month-to-month so there was no early termination fee. From my experience, Apple holds their value well. Don't waste your money on the buy back program... you are just filling their pockets. I could think of a lot more things to do with that money!
So, enjoy your technology and remember... sell it while it's hot!
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