Do you have an old smartphone (or two) collecting dust? Well, you could be sitting on around $279 cash.
The average Aussie has 1.5 smartphones lying around at home, with one in five having three unused phones.
The average value of an old phone is $186, according to new research by OPPO, meaning Aussies could cash in about $279 each.
Popular finance influencer Queenie Tan said Aussies were missing out on money at a time when they needed it more than ever.
“Old phones are getting thrown into the bottom of the junk drawer to deal with later. The trouble is, they often get forgotten about until it’s too late,” the licensed personal finance content creator said.
“I’m a huge fan of making everything you have work harder for you, to get you where you want to be financially, faster!
“There’s a huge opportunity to either sell these old phones to make some quick cash or trade in the old tech for a new phone with massive savings, so you can get the phone you want without the outlay.”
Here are her three tips to be financially savvy with your old phones.
1. Sell it
“Sites like eBay make it super simple to sell old phones. My tip is to take great pictures and craft your copy with some personality with the detail – turning listings from drab to fab,” Tan said.
There are a number of Aussies listing their old smartphones online. On eBay, for example, an Apple iPhone 8 with 256GB storage recently sold for $109, while a new Apple iPhone X with 256GB storage and a cracked screen sold for $129.
2. Trade it in
Another option is trading in your old phone to get a discount on a new one. OPPO, for instance, is currently running an EOFY deal giving Aussies who trade in their old device up to $750 off its Find X5 Series.
“The old phone can be any brand and it doesn’t even need to work. So, if you still have Snake on your old phone you can still receive the massive savings,” Tan added.
Any OPPO Australia phones that are traded in are retained for refurbishment purposes, while other devices are supplied to its trade-in partner, Moorup. If the phones had no economic value, OPPO said Moorup securely recycled them.
If you want to recycle your phone yourself, you can also do this through not-for-profit MobileMuster. Drop your phone at any participating retail store, including your local Officeworks, Telstra, Optus, Vodafone and Samsung.
3. Donate it
You could also donate your phone to someone who needs it.
“Many places such as DV Safe Phone will take your old phone and ensure it goes to someone that’s in need,” Tan said.
“Even ones that don’t work can be recycled to fix other broken ones, to ensure as many people as possible can receive vital communication options that can hugely impact their lives.”
Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to our free daily newsletter.