If your love affair with Vampire Weekend lasted all of a single weekend, or if you're no longer a believer in Justin Bieber, Amazon.com (AMZN) has a way out for you.
The online retail giant will now buy back your unwanted CDs. Amazon was already buying back video games, DVDs, books, and select consumer electronics through the Amazon Trade-In Program, and CDs were added to the list on Wednesday afternoon.
How It Works
The Amazon Trade-In Program makes it seamless. Enter the names of some of the discs you want to cash out on, check off whether the disc is in "good" or "like new" condition, and then see if the price is agreeable. Whether you unload a single disc or your entire regrettable CD collection, Amazon covers the shipping costs -- though you have to foot for the packaging.
Once you're all set, Amazon will provide you with a prepaid shipping label to send off your discarded tunes. Once the company receives your music and verifies its condition, an Amazon gift certificate for the amount you traded in will be deposited in your account.
The Market for Your Used Discs
Amazon won't buy back just any disc. If you've lost the case, or artwork or the disc is damaged, you're out of luck. The company also won't buy CDs that are unauthorized reproductions or not eligible for resale.
It's also unlikely to be a get-rich-quick strategy unless you happen to have thousands of CDs you want to clear out.
Muse's Resistance, for example, will net sellers $2.15 in "good" condition or $2.35 in "like new" condition. That's on the generous end. Some CDs will only fetch $0.30 in mint condition.
Sellers can definitely make more if they turn to eBay (EBAY), host a garage sale, or crank out a Craigslist post, but some of those options will cost money, and they will all cost time. Amazon is simply offering an easy way to load up on pre-sale merchandise while it advantageously benefits from paying sellers in Amazon.com credit.
Amazon isn't the only company buying back your unwanted media and merchandise. As you dig into spring cleaning, consider dedicated websites, including Gazelle.com, that exist solely to repurchase your secondhand wares.
If you're in a hurry, there's no need to hit the local pawnshop. GameStop (GME) will buy back your old games, and Best Buy (BBY) will take in a wide range of items. The rub is that most retailers will pay you in store credit, but you were probably making room and saving money to buy something new anyway, right?
Motley Fool contributor Rick Munarriz does not own shares in any stocks in this article. Motley Fool newsletter services have recommended buying shares of Amazon.com and eBay. Motley Fool newsletter services have recommended writing covered calls on GameStop. Motley Fool newsletter services have recommended writing puts on eBay.