smart spending

Where to sell your junk for cash

If you're cleaning out the garage, basement, attic or closet, you might be able to make a little money in the process.

EBay and a host of TV appraisal shows have reawakened Americans to the value of clutter. But you don't have to stumble across a box of ancient artifacts or antique silver to clear a little cash after a cleaning binge. Old clothes, cell phones, books, CDs, DVDs, stereo components, furniture and even office equipment can bring you a little extra money if you know where to unload them.

First, take anything that might be really valuable out of the mix until you get a professional evaluation, preferably from several different sources.

Then investigate some of the popular venues for the items you have left. Here are some options, what you can typically sell and how to get the most out of what you no longer want:

Consignment shops: These can be a good market for a variety of goods from used clothing and toys to furniture. Most stores specialize in certain items -- usually a particular type of clothing or brand of furniture. Others carry a variety of items.

"You need to match the goods to the items the store is carrying," says Adele Meyer, executive director of the National Association of Resale & Thrift Shops. Otherwise, you might not get the highest price for it, she says.

Typically, the store will take your goods and have you sign a contract. If they sell the items, you get a percentage of the sales price, typically 40 percent to 60 percent, says Meyer. A good rule of thumb: "A third of the cost of new is the sum of resale," Meyer says. But in some cases, like that designer handbag or new items with the tags still on, the selling price could be more.

While you give up a portion of the profits, you could make more in the long run than with a garage sale, flea market or even an online sale, says Meyer. "Consignment or resale stores will get the full value because store owners know the real value," she says.

Resale shops will see to it that the item is attractively displayed, plus you don't have to spend your weekend tagging and organizing merchandise or having strangers and nosy neighbors trampling your yard.

And if a buyer bounces a check, "it's not your problem," Meyer says.

Ask how the shop's consignment process works because every store tends to be a little different, says Meyer. Some stores, especially those that sell clothing for kids or teens, will offer the option of giving you cash upfront. Some let you choose between getting less cash now and a potentially larger sum when the item sells.

With some stores, if an item doesn't sell you can reclaim it. With others, it may become the property of the shop or be donated to charity. "Find out what your options are and understand everything completely," says Meyer.

The goods that sell best at consignment shops: "Almost any kind of goods," she says, especially gently used clothing, kids' toys, furniture, costume jewelry, DVDs, CDs or sporting goods.

EBay: Sometimes described as the world's largest garage sale, you can find a buyer for just about anything on eBay. A case in point: Four toilets once owned by Jerry Garcia sold for a little more than $5,000 in 2005.

At the same time, "You shouldn't treat eBay like a rummage sale," says Brad Schepp, co-author of "eBay PowerSeller Secrets: Insider Tips from eBay's Most Successful Sellers." "Selling takes work."

If you want to get a good price for your stuff, put in a little time doing some research and limit yourself to items you can sell and ship fairly easily, he says.

Skip antiques and collectibles until you've learned more about the items and have a little more eBay experience.

It can be a great venue for upscale or specialty clothing like furs or designer dresses or children's clothing from recognized labels, says G.G. Carbone, author of "How to Make a Fortune with Other People's Junk."

If you want top dollar, it also pays to be time-sensitive, she says. Spring is the wrong time of year for fur, but "it's a perfect time to put prom dresses on eBay," Carbone says.

advertisement

EBay stores: These are often billed as an option that offers the convenience of a consignment store with the marketing advantages of eBay. You take your items to the store and the purveyor sells the items on eBay, ships them to the buyers, accepts and vets payments and gives you your cut of the purchase price. (You can monitor the selling process from your home computer.)

"I think they're great," says Schepp. "They're going to do a little triage on what someone walks in with."

Show Bankrate's community sharing policy
          Connect with us
REFINANCE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed refi 4.08%  0.04 4.12%
15 year fixed refi 3.18%  0.03 3.21%
10 year fixed refi 3.21%  0.04 3.25%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.30%  0.03 4.27%
50K FICO-based HELOC 3.96%  0.01 3.97%
100K FICO-based HELOC 3.81%  0.01 3.82%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.75%  0.10 2.85%
48 month used car loan 2.99%  0.07 3.06%
60 month new car loan 3.20%  0.05 3.25%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 0.99%  0.01 0.98%
2 Year CD 1.22%  0.02 1.20%
5 Year CD 1.87%  0.04 1.83%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.76%  0.01 15.77%
Cash Back Cards 16.44%  0.04 16.48%
Low Interest Cards 11.04% --0.00 11.04%
 
Next
advertisement
FRUGAL NEWSLETTER

Discover new ways to cut costs and save more every day. Reduce your spending, not life’s pleasures. Delivered weekly.

advertisement
Partner Center
advertisement

Connect with us