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Should You Buy Refurbished Technology?

7/1/2018

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People who buy refurbished phones and laptops choose these products for two reasons. They want to add something to their vintage collection, or they merely want more by paying less. A large number of people fall into the second category where the aim is to get more features, better hardware at a low price. Whether it’s a bike, car or an electronic device, when it comes to buying repaired or used items online, the first question that comes to mind is “Should I buy a refurbished product or settle down for fewer features with a brand new product?” Here’s a guide to help you go through this process.

What is refurbishment? It is a process of distribution of electronic items which were returned to a vendor or the manufacturer. Remember that the reason behind such returns can be anything from faulty hardware components to a damaged body part or the user not willing to keep the phone. 

First things first.No matter how inexpensive the deal is, always check who refurbished the product. In some cases, manufacturers sell refurbished products and refurbishment is done by the manufacturer only. In other cases, vendors who sell in a marketplace also get phones repaired from a third-party supplier. Make sure that you ask about which company has restored the device and make sure you’ve checked that company’s track record.

Warranty. Check the warranty that’s offered on the repaired item. If there’s no warranty available for the product, you should prepare yourself to see the product die soon after its arrival. This is one of the biggest mistakes people make with refurbished phones.

Almost every brand new smartphone and laptop comes with a year-long warranty, but with refurbished products, the warranty can be somewhere between zero to six months. Check if the product you like has at least 3 to 6 months warranty because buying a refurbished smartphone or laptop with one week or 10-day warranty is like inviting trouble.

When to buy & when not to buy. You should look for the existence of the product in the market. Let’s say you are getting a good deal on a laptop and the seller is giving you a warranty of three months. It can be a good deal only if the manufacturer is still making the product and the components are likely to be available in the market for a long time. Don’t buy anything that is out of production, especially electronic items.
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Many companies sell refurbished phones and laptops directly as a way to clear their inventory and make some money on the old stuff. Before buying anything, check the seller’s track record and make sure that you’re buying from a reliable company who takes responsibility for sale transactions.

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    Author

    Rick Richardson, CPA, CITP, CGMA

    Rick is the editor of the weekly newsletter, Technology This Week. You can subscribe to it by visiting the website.

    Rick is also the Managing Partner of Richardson Media & Technologies, LLC. Prior to forming his current company, he had a 28-year career in technology with Ernst & Young, the last twelve years of which he served as National Director of Technology.

    Mr. Richardson has been named to the "Technology 100"- the annual honors list of the 100 key achievers in technology in America. He has also been honored by the American Institute of CPAs with two Lifetime Achievement awards and a Special Career Recognition Award for his contributions to the profession in the field of technology.

    In 2012, Rick was inducted into the Accounting Hall of Fame by CPA Practice Advisor Magazine. He has also been named to the 100 most influential individuals in the accounting profession in America by Accounting Today magazine.

    In 2017, Rick was inducted as a Marquis Who’s Who Lifetime Achiever, a registry of professionals who have excelled in their fields for many years and achieved greatness in their industry.

    He is a sought after speaker around the world, providing his annual forecast of future technology trends to thousands of business executives, professionals, community leaders, educators and students.

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