Got an iPad 2 for sale?
Apple announces its new iPad. Here's what to do with the old one.
Kai Ryssdal: Personally I was kind of hoping it would be the iPhone 5 being rolled out at the big Apple publicity event today -- that would of been something. Instead: the iPad 3. Better display, faster online, HD video. In stores next week. Sales guaranteed to be bananas.
Including, according to one online poll we saw, 42 percent of people who own an iPad now. They said they plan to buy the new one. So what do you suppose they're going to do with their old ones?
Marketplace's Jennifer Collins got that assignment.
Jennifer Collins: To get a sense of the market for used Apple products, I called up Gazelle, a reseller that buys used iPads iPhones and other electronics. I got executive Anthony Scarsella on the phone just as Apple was making its big announcement.
Anthony Scarsella: It's gonna get crazy right about now. Right when they put this thing on the stage, our site is going to go haywire.
Scarsella says every time Apple announces a new product owners of the older models descend on Gazelle.com
Scarsella: Our best prices were two weeks ago right when rumors of the new iPad started.
Back then, Gazelle was offering about $300 for a used iPad. This morning, it was closer to $260. And after Tim Cook took the stage, it dropped to $225. And you can get more if you sell it yourself on eBay or Craigslist, but either way...
Michael Gartenberg: We're talking real money.
Michael Gartenberg is an analyst with Gartner.
Gartenberg: Which is pretty significant because most consumer electronics once it’s purchased really have little or low resale values.
The resale market for all sorts of consumer electronics is growing, approaching $1 billion this year. And that's because early adopters always want the new thing. And old things, especially Apple products, often hold their value.
Paul Raines is the CEO of GameStop. The retailer started buying and reselling Apple products in September.
Paul Raines: If you went to one of our stores, you'll see our managers have waiting lists of people trying to buy an iPad 2.
But after today, they may not need to wait much longer.
I'm Jennifer Collins for Marketplace.