Can You Still Make Money Reselling Video Game Consoles in 2021?
Can You Still Make Money Reselling Video Game Consoles in 2021?
With the release of the Xbox Series X and Playstation 5 in 2020, it was a very profitable time to be a reseller. If you managed to buy one of these game consoles in the first few months of their release date, you could instantly double or triple your money by selling on platforms like eBay.
For these consoles, the hype was there, the demand was there, and the supply was nonexistent. Both the Series X and PS5 were extremely hard to come by as we entered the holiday season. Kids wanted them for Christmas and parents were willing to shell out thousands to have it under their child’s tree.
This trend of low supply and high demand lingered into the new year but started to take a downward turn in the last few months. The demand was still there but the supply had gotten much larger.
As we approach the middle of 2021, one question lingers for resellers thinking about flipping a Series X or PS5: Are these consoles still profitable?
Juiced IO members already know the answer to this question. Not only that, but Juiced IO members have known the answer to this question for months at this point. They know the risk they’re taking by buying a Series X or PS5 and trying to resell it. Members also know the going price for these consoles on eBay and exactly how much profit they could potentially make by reselling a console.
If you’re unsure whether or not to buy and resell an Xbox or PS5 then a Juiced IO membership might be exactly what you need.
In short, the answer to the question is that prices have dropped significantly for the Xbox Series X but not quite as much for the PS5. With that said, there is still money that can be made on both if you know how to resell them.
Sell locally One quick tip for resellers to be aware of is that local sales can bring you a lot more money than selling on online platforms. It’s because you don’t have to worry about selling fees.
List your console on Craigslist or OfferUp and see what happens. You might be able to sell your console at the current aftermarket price but will make more because you won’t have to pay fees.
If you take the route of selling locally it’s best to meet at a neutral location or police station. You don’t want anything going wrong during the transaction.
Focus more on PS5s As it stands at the time of writing this story, PS5s can net you a profit of around $150. It’s a nice chunk of change for anyone reselling items for money. If you’re a reseller who has the option between an Xbox Series X and a PS5 it’s best to go with the PS5 simply because they are selling for more.
Keep in mind that this could change drastically in a matter of days depending on how PS5s continue to be released. Demand and supply play a huge role in whether or not the aftermarket price of an item goes up or down.
Takeaway on reselling consoles It’s still profitable to buy and resell an Xbox Series X or PS5, but you can increase profit margins if you know the best way to sell each item.
Be aware that future market changes could affect the resale prices of these items quickly. That’s why neither of these items is a great long term hold and should be sold as soon as you find a buyer who is willing to pay what you want.
Looking to start reselling? Sign up now at https://juicedio.com
