Why the smart money is on second hand tech

Technology has sped up so fast over the last decade that most improvements from one year to the next are incremental. If you add a crowded market to the equation, it’s easy to see why those in the know are opting to shop second hand for their new electronics. In this article, we take a deep dive into the preowned electronics market. We’ll look at the jargon, best practices, how to stay safe, and the pros and cons of buying older tech.

Jargon busting: what do we mean by second hand?

Before we go on, let’s look at the different terms used in the tech world. We’ll go over them one by one, as there’s a bit of crossover in some of these categories. A couple of them include items that are technically new, but commonly often found on second hand marketplaces.

• Pre-owned: As simple as it sounds. A pre-owned device is just something that once belonged to someone else.

• Grey-market: Less sinister than its namesake, the grey market is just a term used for items that have been overstocked, or undersold. These often find their way into the second hand market

• Refurbished: These items have had some work done. This might be as simple as a clean or a software update or you may find the item has been completely overhauled.

• Generic: As with grey market goods, generic items are often new. Sometimes they are clones or imitations of more expensive products and some unscrupulous sellers may even try and pass them off as genuine. Some, however, are just less expensive variants of so-called ‘flagship’ devices. Thanks to their low cost, generic products also find their way onto the second hand market.

• N.O.S. or New Old Stock: There’s a cross over here and grey market products. Grey market goods may also be NOS and vice versa. Either way, New Old Stock is exactly as it sounds. Products that are new but haven’t sold for one reason or another. It’s a good idea to try and find out the history of NOS items as this can vary and vary a lot. Some NOS items exist because the manufacturer made too many, while others sold too few because the design sucked, or maybe someone found a lost shipping container.

• Trade-in: lots of retailers and suppliers take trade-ins. Regardless of which these are items that folks handed over to get a better deal, or cash off something else. Some trade-in devices become refurbished devices, so there’s a crossover here too.

Meeting your match: how to ensure your new device is up to the job

As discussed above, smartphone technology has somewhat plateaued. Sure, this year’s crop of new handsets boasts snazzy AI features, folding screens, and camera upgrades, but that seems to be it. In terms of processing power and memory, you’d need a degree in electronics to separate them from last year’s models. The best way to compare old from new is to use sites like Kimovil, GSM ARENA, and Versus. We recommend you leverage similar comparators and trusted review sites for any type of electronics before deciding.

Understanding grading

Unless you’re buying from an individual, and on occasion even then, you’ll find devices have different grades. These are simple enough and pretty much as you’d expect. A or A+ devices will look and feel virtually new, while C and D-grade devices will come with battle scars and a hefty discount.

Know your product

Believe it or not the ‘pig in the poke’ scam is still a thing. This time though, it’s a phone in a box. If you go to see a device, don’t just accept the box at face value. Even if they show you the device and offer to put it back in the box, make sure you take it out again before you leave. At the same time, make sure you know the model and the specs of any device you’re buying. These days, almost every device comes in multiple iterations. These devices can look identical, but their specs can be wildly different. When buying a preowned device make sure you look at the specifications. This is usually found in the settings menu under the heading ‘about device.’ It also helps to watch a few videos or reviews for the device on YouTube or a similar channel. This should give you a better idea of what to expect from the device itself and might alert you if something is off.

Physical inspection

If you get the chance, always test the device for yourself. Try searching for common faults for that specific model. Be careful to ensure the device charges, holds its charge, and that its speakers, cameras, and microphones all work. If you know how to, you can also confirm the drive has the correct IMEI and model numbers. It’s harder to trade in stolen phones these days, but criminals always find a way and one method involves swapping the unique IMEI number. You can check the number here and make sure the number is registered to the correct phone model. Some brands like Apple or LG offer an online service or documentation where you can verify the validity of an item’s serial number at the early stage of your discussion with the seller. Beware, this is not because the serial number seems valid that the device can not be counterfeit. But if it’s invalid, it’s time to switch opportunities.

Know your seller

Professional retailers often use online marketplaces, and classified sites, and may even have their own eBay stores. They should be easy to identify and have clear guidelines and policies for grading and customer service. When in doubt try to find their actual websites and look for any T&Cs at the foot of their homepage.
Individual sellers, however, are a different entity. The first thing to do is evaluate the seller. Before you part with any cash (including transfers/Paypal etc.) make sure you know who you are dealing with. Most online marketplaces offer seller ratings, from eBay’s star rating to Meta’s general recommendations. Red flags to watch for are obviously fake profiles with few friends and posts, and prices that look too good to be true.
In today’s harsh economic times, many people have turned to the second hand market as a side hustle. That shouldn’t raise an automatic red flag, there’s nothing wrong with earning a crust if folks are decent. That said, there’s no harm in asking why the item is for sale. Amateur sellers may just want rid of an old phone due to an upgrade, but make sure you see the device working and charging before you pay.
In some cases, you may find a seller has a little business doing repairs. Again, this doesn’t have to be a deal breaker. Anyone with the skills and time can buy two broken devices with different problems and turn them into one that works. A private seller may even be a small-scale reseller with grey market contacts. There’s nothing wrong with that either. The key to a successful trade is honesty. Sellers who are open and honest from the outset are a good sign. The danger comes when someone tells you they’re selling a phone due to a recent upgrade, yet their profile suggests they’re selling 20 identical phones. When in doubt, you can reverse image search profile and product pictures.

Getting the best deal

When sealing the deal, the more info you have the better your chances. Analyse second-hand electronics price differences between most online marketplace by searching with Riloop. That will help you estimate the current going rate for your model. Set a figure in advance of your meeting and don’t be afraid to walk away if you don’t feel comfortable. Remember, the condition is key to the resale value, so set your price accordingly. No two models are identical and the fact that a cosmetically nicer model recently sold for €X, doesn’t mean a scuffed version is worth the same.

Money talks

When you’re ready to shake hands, make sure you have some comeback if things go wrong. Most online escrow services like Paypal and Venmo offer customer protection against fraud and the like. Bank transfers are another good way to send cash, but be careful of current scams.

Staying safe in the second hand market

When you’re ready to shake hands, make sure you have some comeback if things go wrong. Most online escrow services like PayPal and Venmo offer customer protection against fraud and the like. Bank transfer is another good way to send cash, but beware of current scams.
Common Sense is always your best friend when buying something second hand. Do some research on the seller, don’t agree to meet in risky areas, and take a friend with you if you can. Above all else, don’t forget the golden rule: if it looks too good to be true… it is! If you’re concerned about buying second hand take a look at our guide for avoiding second hand scams. Remember, you can skip a lot of the worries above by using a trustworthy service like Riloop when you’re looking for preloved goods.

Verify the invoice and validity of the warranty

Not all but many of the second-hand electronic devices are put for sale during the first two years of their life, which would imply they are still covered by the minimal warranty duration in the EU. Double check that you can get a hand on the original invoice and that it’s coming from a reputable shop. Also review the conditions each brand describes in their warranty policy to maximise the chance you’ll get a refund, repair or replacement in case it loses functionality or breaks down unexpectedly.

In conclusion

It’s obvious that the best way forward for all parties means pivoting towards a more sustainable technology market. Once the tech bros get the message that we’re not content to doom the planet for ever faster wifi and bigger screens they’ll be forced to rethink how they develop new devices. The truth is you don’t have to do it alone either,Riloop exists because there was a need. The Riloop platform includes many custom-built tools designed to help both part-time and full-time buyers and sellers. From in-depth price analysis, user-defined alerts, and broad marketplace integration, we built Riloop so you didn’t have to. Use Riloop and find your next second-hand electronic bargain today!