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Family Money

trade in valueMany people think that trade-in value and negotiation is just for cars. Children can also learn negotiation skills when trading-in their movies, video games, consoles, accessories, iPods, iPads and iPhones.

Trade-in – At GameStop, the more you have to trade-in at one time, the better return on your bottom-line for your next purchase. The same holds true for electronics as it does for cars: the newer the item, the more credit you'll receive. Unlike car negotiations, you can't negotiate prices with a store associate.

Another example is Amazon.com. In order to participate in the "Amazon Trade-In Program" you must be at least 18 years old, but you could always enlist the help of an adult. The steps to trade in items are easy. First, find eligible items you want to trade-in, submit your items and print a shipping label. Once they are received and accepted, you get paid in gift cards that you can use for future purchases.

Negotiating Price – With an adult's help, children and teens can utilize craigslist.com or the myriad of local Facebook pages to post items for sale. They may get more return on their sale this way since the store isn't taking a cut, but keep in mind buyers may negotiate for a lower price like they do at yard sales.

Another option is to trade-down to younger children. A younger child's parents may be more likely to buy an older generation of a gaming system than to go out and buy the newest. You set the sale price, and depending on what games and/or accessories you have to offer, you may be able to negotiate a sale. You'll have sold what you no longer need or want for cash towards the purchase of a "new-to-you-gadget."

Value – Remember the value of used movies, gaming systems and other gadgets is only worth what someone else will pay. Keep prices competitive and you will have a quick sale.
The key to any negotiation, whether you are the buyer or the seller, is to do your homework. Knowing the value of an item before sale will in all likelihood get you better bang for your buck.

Nikki Ducas is a Fredericksburg mom of two boys, a 5-year-old and nearly 2-year-old. She enjoys teaching by example that you can afford nice things without going into debt.

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