Looking to cash in on your old phone instead of letting it collect dust?
Device buyback programs have become immensely popular over the past few years. And it’s easy to see why.
The global used smartphone market was valued at around USD 46.52 billion in 2024 and is expected to grow at an annual rate of over 15% through 2034.
Trillions of dollars in sales of pre-owned devices.
But here’s the thing…
Most people have absolutely no idea how device buyback programs actually work.
They think their old phone is worthless. Or that the process is too complicated or time consuming.
They could not be more wrong.
So today we’re going to explain exactly what a device buyback program is. How it works. Why the market is booming. And the top reasons you should be using one.
What you’ll learn:
- What Is A Device Buyback Program?
- Why Device Buyback Programs Are Booming
- How The Buyback Process Actually Works
- Top Benefits Of Using A Buyback Program
- Getting The Best Value For Your Device
What Is A Device Buyback Program?
A device buyback program is a service offered by companies that will purchase your old electronics. They can either give you cash, store credit, or a discount on a new device in exchange.
Device buyback programs accept all kinds of devices such as smartphones, tablets, laptops, and smartwatches. The value of your device is based on its condition. So a brand new iPhone will be worth substantially more than a model with a broken screen.
If you want to sell your smartphone Calgary residents have a few local buyback services that make the process quick and easy. Local buyback shops will usually provide you with the fastest option as the pick up, evaluation and processing times are reduced.
Simple as that.
Device buyback programs work because they create a win-win-win situation. Sellers get money for devices they don’t need anymore. Buyers get refurbished devices at a lower cost. And the environment benefits from a reduction in electronic waste.
Why Device Buyback Programs Are Booming
Let’s start with the numbers.
According to the UN’s Global E-waste Monitor 2024, global e-waste generation reached a record 62 million tonnes in 2022. This was an 82% increase since 2010.
Disturbingly, only 22.3% of that waste was collected and recycled properly.
This is where device buyback programs can help…
Buyback programs divert functional devices from landfill. They allow the recovery of valuable materials. And provide consumers with a simple way to trade in old devices rather than throwing them out.
The upfront costs of flagship phones is now over $1,000 for most devices. Many people simply can’t justify spending that kind of money on a phone. Buyback programs offer a way to reduce the effective cost of upgrading through trade-in credits.
Another important driver is environmental awareness.
Younger generations are increasingly opting for refurbished devices over brand new models. This is creating huge demand for pre-owned phones and other electronics.
How The Buyback Process Actually Works
Surprisingly, the device buyback process is much simpler than most people think.
Here’s the process in a nutshell…
Step 1: Get A Quote
Fill out a short form with details about your device including make, model, storage, and condition. Most companies offer online quote tools to get an instant estimate.
Step 2: Device Inspection
You then ship or drop off your device at the buyback company. They will inspect it for damage, test functionality, and confirm it hasn’t been reported lost or stolen.
Step 3: Data Wiping
Buyback companies use certified data erasure methods to protect your personal information.
Step 4: Payment
You then receive payment in the form of cash, store credit, or a discount on a new device purchase. Most companies process within a few business days.
The key to a smooth process is to be honest about the condition of your device from the beginning. Overinflating the condition leads to the offer being revised down later.
Top Benefits Of Using A Buyback Program
Device buyback programs have several advantages over selling your devices privately or just recycling them.
Financial Recovery: Your old device has value, even if you’re not aware of it. Buyback programs help you turn idle electronics into cold hard cash. This offsets the cost of upgrades and puts more money back in your pocket.
Convenience: Selling devices privately is a big hassle. Private sales require creating a listing, fielding inquiries, meeting strangers, and dealing with payment issues. Buyback programs are 100% hassle free.
Data Security: Professional buyback services use certified data wiping methods. This ensures your personal data is destroyed and cannot be recovered.
Environmental Impact: Buyback programs support the circular economy. Devices get refurbished and resold rather than ending up in landfills where toxic materials can leach into soil and water.
Fast Transactions: Private sales take weeks or longer. Buyback programs can complete the entire process in less than a week from submission to payment.
Getting The Best Value For Your Device
So you want to maximize your payout from a buyback program? There’s some simple things you need to do…
Timing Is Everything: Devices depreciate in value the minute you take them out of the box. The optimal time to sell is just before a new model is released. Device values plummet as soon as the latest version is released.
Condition Counts: Devices in pristine condition will sell for top dollar. Always use screen protectors and cases from day one. It will pay off at trade-in time.
Include Accessories: Original box, charger, and cables can give you bonus value. Not all programs require them but those that do accept accessories often pay more.
Compare Offers: Quotes vary substantially between buyback programs. Don’t settle for the first offer you get. Compare at least 3 providers before you commit.
Factory Reset Correctly: Perform a backup of your data and factory reset the device before you send it in. Some programs will charge you for additional data wiping services.
Wrapping Things Up
Device buyback programs are one of the most straightforward ways to turn your old electronics into cash.
They are simple. You get a quote. Ship in or bring in your device. You receive payment. The whole process is usually done in days, not weeks.
The used smartphone market is projected to be worth nearly $190 billion by 2034. Growing consumer demand for affordable devices and environmental pressures mean the market for buying old devices will continue expanding.
The bottom line?
That old phone in your drawer is worth money. The simplest way to unlock that value is by using a device buyback program. Stop letting your old devices go to waste. Check out a reputable buyback program today.
Frequently Asked Questions
What devices do buyback programs accept?
Most programs accept smartphones, tablets, laptops, smartwatches, and gaming consoles. Some programs also accept accessories like headphones and smart home devices. The range of accepted devices differs by provider so read the details before you start the process.
How is my device’s value determined?
The value is based on the model, age, storage size, and physical condition of the device. Functional issues such as cracked screens or battery problems will reduce the offer. Market demand for the specific model also factors into pricing.
Is my data safe when using a buyback program?
Your data is safe. Reputable buyback programs use certified data destruction services that meet industry standards. As an added level of protection, you should always perform your own factory reset before submission.
How long does the buyback process take?
3-7 business days after the device is received is normal. Some local services will pay you on the same day. Shipping speed and the company’s inspection queue will impact timelines.
