Imagine replacing things you no longer want or need to buy groceries. What a convenient exchange! That’s what Costco is offering through their trade-in program, and you don’t even have to have a Costco membership to take advantage of this trade-in program.
“Costco’s trade-in program is a fantastic opportunity for consumers looking to extract value from their used electronics,” said Dane Nk, founder of That Video Game Blog. Keep watching this article to learn what types of electronic products the store is looking for and how much you can get.
Got Old Gadgets? Costco Will Turn Them into Gift Cards
Costco’s trade-in program is supported by a third-party company called Phobio. Throughout the entire process, you won’t have to set foot in a Costco warehouse. Instead, the program has a link on Costco’s website that will take you to Phobio, where you’ll choose the model of your device, answer questions about its current status, and get a quote for its trade-in value.
“Basically, you rate the value of your item online through Costco’s partner site, ship it for free, and if it meets the criteria, you’ll receive a Costco Shop Card. Payment can vary significantly, depending on the condition of the item and its relevance in the market,” Nk said. Shipping options include printing the shipping label or choosing to receive a box to ship your device after you have erased all your data.
What Type of Devices Does the Costco Trade-in Program Accept?
The program is currently supporting used Apple devices including phones, laptops, tablets, smartwatches, desktops, displays and media players. In the case of Mac or iMac, the models must be from 2013 onwards.
Samuel Davity, the founder of tufting.com, said that if your device is not in perfect condition, you should still consider making the trade-in. “What many consumers may not know is that even older or slightly damaged items may still have value in this program. For example, a broken screen or an outdated model can lead to decent performance,” Davity said.
Jonas Torrang, co-founder of IsBrave.com, agreed with Davity that getting something in exchange for your device, no matter how damaged it is, is better than nothing. “In my experience, even older, well-maintained models can offer surprisingly good trade-in values, making them a worthwhile option to affordably upgrade your technology,” Torrang said.
Swap Old Electronics for Costco Credit, Claim as Much as $1,080
“The amount you receive varies depending on the current market value and condition of the item,” Torrang explained. According to the Phobio website, you can receive up to $1,080 for your used device. That especially refers to a used Apple laptop. For desktop computers, you can get up to $1,025; for smartphones, up to $750; for tablets, up to $450; for screens, up to $400; for smart watches, up to $200, and for media players, up to $40.
You’ll want to receive your Costco gift card immediately, but unfortunately, it’s not that fast. The process can take up to three weeks for Phobio to value your device and send you your gift card.
However, opting for a digital card could make the process more streamlined. Receiving a Costco gift card in the mail may take up to 20 business days after your device undergoes Phobio appraisal.
Validate the value of your trade-in before sending your device to Costco
You may be tempted to accept whatever Costco offers you. After all, you’re looking at saving hundreds of dollars on a trip to Costco. However, Nk warned against this and made the recommendation to keep the packaging the device came in.
“A useful tip that not everyone knows is to periodically monitor trade-in values. They tend to change, especially when new models are approaching the launch, which could mean getting a better deal,” Nk said. “In my own experience, preserving the original packaging and keeping electronic devices in optimal condition could significantly increase the trade-in value.” Torrang agreed and said you might want to wait until before launch to make a trade.
“One tip I would like to share is to trade items right before new versions are released, as values can peak during these periods.” However, if you are a frequent Costco customer, simply send in your device using Costco’s trade-in program.
“My personal experiences have shown that while the trade-in value does not always match what can be obtained by selling directly to another buyer, the convenience and advantage of receiving a Costco shopping card makes it worth it, especially if you are a regular Costco shopper. Plus, those purchasing cards can be used for anything in-store or online, offering flexibility and added value,” Davity said.
