No matter how much you love your devices, there almost always comes a point where they begin to outlive their usefulness. Even the best-cared-for gadgets eventually start to break down, become too slow, or are old enough to warrant an upgrade to the latest model. Instead of just tossing your used electronics or throwing them in a drawer and forgetting about them, you could score something in return. Thanks to Costco’s trade-in program, you can get you free cash for old devices.
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Often overlooked, the program is another perk of a Costco membership in partnership with trade-in service Phobio. According to the Costco website, customers start the process by going online and answering a few questions about their device's model number and condition. The wholesaler then provides an instant quote for the item that tells them what it’s worth as a trade-in.
Customers then receive either a shipping label or a box with prepaid postage they can use to send in their device. After erasing all data and packing it up, customers then send the used gadget on its way to an inspection facility, where it will get wiped again and have its condition confirmed for a payout.
As little as one to two days later, you’ll receive a Digital Costco Shop Card loaded with the cash value of your device right in your inbox. You can also opt for a physical Costco Shop Card that ships within seven to ten days.
Of course, how much money you get back can depend on the condition and age of your gadget. But the program is fairly broad and includes many brands, including Apple, Samsung, Google, and more.
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Just how lucrative can it be? Rates can be as low as $15 for a practically obsolete iPhone 8—which was released in 2017—and up to $525 for a MacBook Pro M2, according to the Motley Fool. Even a 13” MacBook Air released in 2017 can net $50 on a product you might be otherwise tossing to the curb, and a wearable gadget like the Apple Watch Series 7 Titanium can net you $75.
Unsurprisingly, shoppers appear to appreciate the service. “Costco is the best. Like seriously the best,” one customer commented on an Instagram post by user @CostcoBuys highlighting the service.
“How great is this?! I have stuff that stopped working,” another wrote.
Arguably, one of the best parts of the program is that it yields some return on an item you might not see any money back from otherwise. It also has the benefit of being properly recycled rather than ending up in a landfill.
“What many consumers might not realize is that even older or slightly damaged items can still hold value in this program,” Samuel Davity, founder of UrbanTufting.com, said, per GOBankingRates. “For example, a cracked screen or an outdated model might still bring in a decent return.”
And besides its age and condition, you might want to keep something else in mind when you go to cash in on your electronics.
“A handy tip not everyone might know is to monitor the trade-in values regularly. They tend to change, especially around the time new models are about to be released,” Dane Nk, the founder of That Video Game Blog, told Go. “This could mean getting a better deal.”
“From my own experience, retaining the original packaging and maintaining your electronics in prime condition could boost your trade-in value notably,” he added.
