Electronic giant Apple launched its latest iPad last week, armed with a full HD display which will have a sharper picture than most 40" televisions. Costing anything up to $829, you can be sure that technology fans worldwide will be rushing out when they become available later this month. However, what does this mean for the iPad 2, launched just a year ago?

Thanks to the pace of technological development, gadgets become obsolete at a frightening pace. As a result, many of us have virtually brand new electronics that are now "out of date." We replace our smartphones each year, televisions get bigger and offer higher definition, Apple produces an annual upgrade on their product range.

The good news is that there are ways to make money on these items, so read on for advice on profiting from your old electronics.

Where Can You Sell Your Items?
The most commonly 'upgraded' electronic is the phone and Exchangemyphone.com is a great site that allows you to sell your phones (and iPads), even if they are broken. They offer instant price quotes, and if you decide to sell, they'll even pay for the shipping. What's nice is that you have the option of either taking the money yourself or donating it to a U.S. charity of your choice. They wipe all phones of the user's data and either recycle or up-cycle the phones that they receive.

eBay.com is a good option if you are prepared to put in the effort yourself. You will need to take photographs of the phone or gadget, create the listing and ship the item. If you sell on eBay, then be sure to wipe the data from the phone or computer yourself before you ship it. Take into consideration that if you are selling larger items like PCs or TVs the shipping costs may be very high. In these cases, consider running local listings on websites such as Craigslist, where the items can be collected.

Some large companies will offer a service where they will buy back items purchased from them when you want to upgrade to a better model. Bestbuy.com and amazon.com are two companies that offer this service. This is easy and convenient, but just be warned that the buy-back price offered is rarely competitive.

Best Time to Sell
When you get a new phone, it can be easy to leave the old one languishing in a drawer gathering dust. While you can always sell older models, you will get the best possible price the newer it is. The prices of electronics naturally go down over time, so if you're no longer using it, sell it! If you upgrade to a new model, take the opportunity to sell the older model - as this is a great way to subsidize the cost of your new phone.

Top Tips
If you can sell your phone with the box, charger and instructions, you will be able to command a much higher price. When you get a new device, just be sure to hold onto the packaging and manuals. It will really help to maximize the re-sell value when the time comes.

It is still true that well-known brand electronics have a stronger value on the second hand market. So although an Apple computer or a Samsung TV may cost you more when you buy them, they will generally hold their value better over time.

The Bottom Line
­Most of us are surrounded by electronics in o­ur homes: phones, computers and game consoles, among other digital gadgets. And each time we upgrade to the latest model, we've got an electronic device on our hands that is no longer of use to us. This device could soon be money in your pocket, so follow the steps outlined and stop these items gathering dust once and for all.

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