How I made $350 by selling junk

Selling junk like your old xbox can make lots of money

If you’re anything like the average person, you have unused items lying around your house and garage from hobbies long gone. I started to realize that many of the possessions that weren’t giving me any real benefit were also potentially valuable to others. So I sold my Xbox and games that hadn’t been used in several years.

This process was about as painless as you can imagine – the games went on eBay because they are light and easy to post, and the Xbox itself went on gumtree (Australia’s version of craigslist).

In my situation selling was obviously the right thing to because:

  • I immediately earned $350
  • I hadn’t used the item for over 2 years
  • Selling wasn’t time consuming or expensive
  • It removed any temptation to buy a game which would have wasted both time and money
  • The Xbox wasn’t providing me with any service or benefit I couldn’t get elsewhere

When you should consider selling junk

  • If you haven’t used the item for more than 6 months
  • If the item is redundant because of another item you have
  • If the item is valuable to others
  • If it’s lightweight or able to be posted cheaply
  • If it’s in storage – strongly consider how much you really need this stuff!
  • If the cost of purchasing the item again is not much more than the potential sale price
  • If there is a sizable second-hand market for the item – like Xbox games

Clearly it’s a matter of discretion, but by and large, if you haven’t used something for a considerable period and it’s still a valuable item, consider selling it. The money is much more profitably used by paying down debts, investing or setting up an emergency fund if you don’t already have one. 

Selling old items avoids depreciation costs

When you keep an item that is worth $1,000 that depreciates by 10% per year, it’s costing you $100 every year to own.

Even if you might one way want that item again, selling it can still be a good option because it forces the market to wear the cost of depreciation for you. For example, in my case the Xbox sold for $200, but in 3 years it might only be worth $50.

By selling, I am gaining $200, the ability to use that money while I’m not using the Xbox, but also I’m avoiding the cost of the depreciating asset.

If I want to purchase the Xbox again in three years, I’m $150 better off.

It also means you don’t have to store or maintain the item – not so relevant for an Xbox, but consider the camper-van you haven’t used for three summers, or the spare car?

Cast your eye around the house and see if you can find an item that would be more useful as cash in your pocket. It takes only a little bit of effort and time, but the results can be quite dramatic. Particularly if you’re fond of a minimalist lifestyle or find that your possessions own you rather than the other way around – get rid of the junk!

Do you have anything lying around the house you’ve been thinking about selling?

Related Posts Plugin for WordPress, Blogger...
If you enjoyed this post, please consider leaving a comment or subscribing to the RSS feed to have future articles delivered to your feed reader.

Comments

How I made $350 by selling junk — 19 Comments

  1. This is agreat post! I totally agree- out with the old, in with the new! I dont like clutter so I try to get rid of stuff that we aren’t using. That is awesome that you made some extra cash for stuff you didn’t even want anymore….just in time for Christmas.

  2. This is something I need to work on. When I was younger we would have subdivision wide garage sales. But now I haven’t seen one since my wedding day, we happened to get married the day of the sub sale talk about eyes on us.
    Coming this spring we might clear out a bunch of stuff. It was laziness.

    • Maybe list one item a week on ebay? If you do it on Sunday when you have a bit more time you’ll get on a roll – also Sunday evening is a really good time to sell on ebay because lots of people will be on the net when the auction ends (7 days exactly from the start).

  3. We had a garage sale not too long ago where we unloaded a bunch of junk. I really liked the point you made about depreciation as I haven’t though much about that in terms of getting rid of things at the proper time.

    Great post!

  4. Great post ! Having an accounting background means I LOVE depreciation talk. hehe I do have a car stereo that’s never been used sitting around my house that I forgot about for years. I’ll probably try to sell it, and since it was a gift anything I get will be profit !

  5. We’ve sold off a bunch of items before moving. Now we have cash to buy stuff we actually need and less stuff to move. :) I got rid of an xbox as well – hadn’t played it or even used it as a dvd player in YEARS. Also got rid of some weird lamps and knicknacks, excess furniture… the list goes on.

  6. In the US, it’s also worth looking into sites like Gazelle if you have used electronics. It’s a super painless process that I’ve done for selling old smart phones, and I’ve gotten pretty close in value to what the list prices on ebay or craigslist were without any of the hassle.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>