Selling and buying to your advantage always depends on how good someone plays with market demand and supply. You can sell your phone online or physically, depending on where the clients are readily available. Demand involves the number of goods consumers are willing or able to buy at specific prices over a given period, while supply means producing what the consumers need at a given time. In both demand and supply, time remains the most crucial aspect determining your gain as a consumer or supplier. Good timing will always turn a product to have high value, and this brings profit. However, bad timing can make your product depreciate on price leading to a loss. Timing helps business people notice business trends, which helps them quickly adapt and maximize the newest treads. Although there is criticism of market timing that it is not very accurate as it underperforms sometimes, it feels like an excellent method for products that depreciate faster, such as electronics.
With advancements in technology, many companies are producing their newest electronic trends by which they compete on the best brand that have the best features. This leads to the production of a lot of electronics that fill the market. Humans want to keep up with the world, and people will always find luxury in having the newest phone or laptop. So it’s not a surprise that the recently released electronics depreciate at a large margin. Statistics show that when a smartphone is released on the market in the first year, it depreciates with a 40-70% degree, and then the curve slopes slowly afterward to a 3-10% degree of depreciation. Depreciation rates vary depending on the gadget. For example, iPhone prices depreciate slowly because of the quality of the phones, and the brand has taken pride in keeping the phones expensive hence protecting their special skills in producing phones with unique features.
Considering the way electronics depreciate, selling a second-hand phone at a reasonable price might be a difficult task as the release of new phones is at per. However, a well-taken care second handphone can reduce the depreciation margin, and this can be done by preserving breaking the phone’s screen or repairing it after any damage and investing in it. This will give the seller an advantage in selling it at a reasonable price. To learn more about second-hand phones, visit the list of gadget store brands.
Below are some time factors to consider when selling the second handphone
- During inflation- Inflation is an economic model where there is a rise in the price of goods and services in a specific country. Furthermore, this has happened in the USA, and many are against this economic model to improve the economy of the USA because citizens are going through a tough time. This is a good time for all companies that collect second-hand items to sell later to gain profits because people will prefer second-hand stuff to that expensive new stuff. Therefore, displaying a second-hand phone at this period and selling it slightly at a lower price will attract customers.
- During pandemics and lockdowns-In 2020-2021, the world has been fighting this virus called covid-19. It has been a deadly disease and has killed a lot of masses. Many industries were closed, and the production of products went down because of the lockdowns put by the governments. So this period when there are fewer products in the market is the best to display a second-hand phone on the market, and it will attract customers easily.
- During “The iPhone effect” factor-The phrase, the iPhone effect was generated when the iPhone company was producing new iPhones that didn’t have any new special features. This effect can also happen to other phone brands where new phones have minimal changes compared to recently produced ones. When a company does this, and you have their recently produced second handphone, it is easy to talk to a customer about these features and convince them to buy the second handphones.
When the phone is just a liability, and you do not need it –Electronics require maintenance, and maintaining a phone that you don’t need might be an extra cost. The more you keep it, the more it depreciates, so selling it is the best option, and targeting a market that is not so crazy about the new trends can save you from selling it at a throw-away price. To best understand if a phone is a liability, visit mobile waste.
The above timings are among the best to sell a second-hand phone without selling it at a throw-away price. They’re so much to consider on the market when concentrating on selling second-hand items, such as when and where to display the items.