We all have a drawer at home where we end up throwing our old electronics. You know what I’m talking about: a drawer full of cables that we don’t know what they belong to, where we keep that iPhone 10 that has had a broken screen for three years. We also keep our old laptop there, a little cramped, which has become too slow to work with.
These electronic devices have been with us for years and have served us faithfully, so it’s hard to send them to the recycling center. Instead, they stay in that drawer at home gathering dust because we don’t know what to do with them.
We could try to sell them on Facebook Marketplace, but for introverts, earning a few dollars isn’t worth it if we can avoid that awkward social interaction. However, Costco has come up with a plan: recently, Costco has started accepting these old electronics in exchange for store credit. If you were looking for an excuse to clean out your house and make some money to fill up your gas tank or buy groceries for the month, Costco has the solution.
Phobio, Costco’s recycling partner
To set up this electronics buyback program, Costco didn’t create a surprise branch out of thin air, but rather partnered with the company Phobio. In other words, it won’t be a Costco employee who reviews your old phone, but rather the process is handled externally, and then you are given a Costco gift card.
Every year, Americans throw away billions of dollars worth of recoverable materials such as gold and copper from our electronics. With this program, everyone wins: these materials are recovered, you get some extra cash for junk you no longer use at home, and Costco comes out ahead with a positive balance.
For now, the devices accepted in this electronics exchange program are:
- Smartphones (Apple, Samsung, Google, etc.).
- Tablets (iPads, Galaxy Tabs, etc.).
- Laptops (MacBooks and certain PC brands).
- Smartwatches (Apple Watch).
- Media players (such as older iPods).
However, Phobio does not currently accept large appliances, loose batteries, or old printers.
Tutorial on how to sell your old electronics
If you’ve decided to clean out that drawer full of junk, the first thing you need to do is go to the Cosco exchange program website. There, you will be asked for the serial number or IMEI of the device.
You will be asked several questions (Does it turn on? Is the screen broken? Do the buttons work properly?) It’s best to be brutally honest here. If you’re not completely honest, the final offer you receive will be much lower.
The system will give you an estimated quote when you answer and submit the questions.
The next step is to unlink all locking systems. If it’s an iPhone, you must turn off “Find My iPhone.” If it’s an Android, you must remove your Google account from the device. If you send the device with the lock enabled, its value is automatically $0 (mostly because it’s only good as a paperweight in that state). Finally, do a factory reset to delete all your photos and personal data—if you watched the second season of American Vandal on Netflix, you know how important this is.
I have accepted the offer, what now?
When you accept the offer, Phobio will send you a prepaid shipping label or a box to pack the electronic device securely. Before putting it in the package, it’s best to make a video (with your current smartphone, obviously) in which you turn on the old electronic device, show its physical condition, and demonstrate that it works. Without stopping the video, you should record yourself packing it and closing the box. This way, you have proof that you have sent a device in good condition.
Finally, take the package to the courier company they tell you to and keep the receipt safe. The only downside is that the process is not immediate. In fact, it can take between 3 and 5 weeks for the electronic device and your gift card to be inspected, so if you are in a hurry, it may be more profitable to go to a traditional pawn shop.