New Site Helps Appraise Your Junk

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During the past few years, dozens of new websites have popped up to help people buy and sell their used goods, but one problem still lingers: How do you know you’re getting a fair price?

That’s where WorthMonkey.com comes into play.

WorthMonkey, which launched earlier this year, analyzes the asking prices of products from websites like eBay, Craigslist and Amazon in order to figure out the average range. In this way, users can figure out when an item is fairly priced and when it’s overpriced. The site collects numbers on everything from motorcycles to clothes, but mostly focuses on electronics like video games, smartphones and computers.

So, if you are looking to buy or sell an iPhone 3GS, an old model, the fairest price is between $155 and $160, despite the fact that some try to charge nearly $200 for the smartphone. Similarly, if you’re looking at a PlayStation 3, the fairest price turns out to be somewhere between $239 and $247.

In general, when selling your used products, it’s important to keep in mind that some secondhand goods hold their value better than others. DVDs, for example, may lose all or most of their initial purchase value over time, while older iPhone models actually become more valuable.

Check out MainStreet for more tips on how to buy and sell secondhand goods.

—For a comprehensive credit report, visit the BankingMyWay.com Credit Center.

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