By CaseQ. , Jun 26, 2020 11:20 PM EDT
Did you know that American families have at least $43billion in cash hiding in their homes from their unused tech?
This is according to a survey that was noted by The Sun mentioning that a majority of the people still hold on to their old or obsolete devices instead of selling it or recycling it.
If this continues, another $11 billion in value might be lost within the next year alone when families can use that extra income for incurring expenses like rent and water and electric bill.
The Sun noted in a survey among 2,000 Americans, an average person has at least $199 in unused devices that are now depreciating in value.
The Depreciation Value of Devices
Devices such as cell phones, computers, tablets, gaming consoles and wearables depreciate in value by an average of 26 percent over the course of a 12-month period based on data from Decluttr.
The data indicates that 80 percent of Americans are sitting on a mobile phone they’re not using and at least 40 percent have three to five obsolete pieces of technology hiding in plain sight while an ordianry person holds on to an old cellphone for over a year after they stop using it.
Furthermore, at least 600 respondents weren’t aware that they can trade off their old devices for cash. The data further indicates that an ordinary mobile device depreciates by 36 percent to 40 percent of its value in just a year. For iPhones, at least $108 every year is lost while for Samsung phones, it is $66 every year.
For laptops such as Macbook, the depreciation value can range up to 41 percent and $140 of their value each year while tablets depreciates at least $85 every 12 months and wearable watches by $90 every year.
Read Also: How Mobile Phone Recycling is About to Take the Hit?
It’s Never Too Late to Start
Because of the number of Americans staying home due to the pandemic, families are now closer than ever, more books are being read, and people have learned surprising new hobbies.
So, if you’re going to start decluttering, do it now before the value of your mobile device drops even further.
According to the New York Post, closets and drawers were among the most common places that the respondents have asnwered where devices were cluttering up at 39 percent and 51 percent respectively. For bedrooms, it is at 23 percent.
Liam Howley, the Chief Marketing Officer for Decluttr is encouraging everyone to scrounge their homes and collect their unwanted devices and trade it. “…they’d be surprised how much cash they could get back by trading it in, But they need to be quick, because as we’ve seen, the value of it can depreciate rapidly.”
At 43 percent have resorted to tossing old devices in the trash as they declutter their homes while some are taking the greener route and giving their devices a second life by reselling them. But there are also people who think it’s important to keep them.
“Beyond the money left on the table, many don’t realize the toll that electronic waste is taking on the environment,” Howley added as he continues to encourage people to resell them in order to fuel the circular economy where they will get a second life.”