[myavu]

I sold my Mi Max 2 back in 2019 and iPhone SE last year through Cashify. I was more than happy with their offers.

[ninjatalli]

Has anyone attempted their repair services? My current S20 FE has a display issue and while I'm looking at refurbished options, I'm also interested to understand how good their repair services are.

[Rajat347]

Cashify is my Go to place for selling used Phones -

So far i have sold, 8 old phones ( we are a family of 4 Adults ).
1 ONIDA 43 Inch LED
Planning to sell my old DSLR as well -

Not sure, if they offer good deal or not, but they offer convenience which no one offers.

[warrioraks]

Originally Posted by SmartCat

I think it is because of their unusual accounting practices. Actually, when they acquire a phone or laptop, it should be considered an 'asset' in their balance sheet and not 'cost'. That's because the gadgets they acquire has a value and they intend to sell them at a profit. But they are showing all their procurements as 'cost' and that has shot up from Rs. 450 cr to Rs.750 cr

This is indeed weird. Usually inventory is classified as a current asset which although does not depreciate, still keeps the cost off books till the moment the respective item is sold.

In this case, could it be that the company has considered these procured phones/laptops as raw material and not inventory?

PS: Not an accountant here but an engineer who sometimes likes to dabble into P&Ls, balance sheets and cashflow statements.

[dee_dust]

Originally Posted by ninjatalli

Has anyone attempted their repair services? My current S20 FE has a display issue and while I'm looking at refurbished options, I'm also interested to understand how good their repair services are.

I have used Cashify several times to either sell old mobiles or repair older models. My views on repairs are more "Hit or Miss", as I have gotten a battery replacement and multiple screen replacements for Iphone 7 plus. The screen replacement wasn't a great experience as the aftermarket display they installed had touch issues and display issues. After multiple attempts, they could source a decent screen without issues. Was patient as I didn't have any immediate use for the phone and the store employees are honest and friendly in nature.
Costs are at par with other unauthorized stores and they provide 6 months warranty with repairs, which is satisfactory.

As for the Samsung S20FE, did you try the authorized Samsung store as the parts aren't very expensive and S20FE is my trusted workhorse in spite of having other new age ones. Just providing the link for Samsung authorized repair prices , if you haven't checked it yet.

https://www.samsung.com/in/support/s...t-for-repair/#

[invidious]

While I’ve never bought anything off Cashify, I’ve sold a few phones there. I think they used to offer an extra 7% of the value if you opted for an Amazon GC. A decent competitor is Instacash which consistently gave better value.

Second hand market is huge and disorganized. Kudos to these guys for venturing into this space

[JediKnight]

Originally Posted by SmartCat

CONS:
- Still requires a huge leap of faith to buy refurbished phones
- Prices are NOT exactly mouth-watering. You can probably find equivalent performance new phones at similar prices.
- No instant gratification. Took 10 days to arrive.

There is another con though not specific to cashify, but in general to buying and selling old mobile phones/Laptops. Each mobile phone will have unique IMEI number. Similarly, the Wifi on the laptop will have unique MAC address. Somewhere there will be log that will link your credentials to the MAC/IMEI which can be problematic, in case there is a probe by some law enforcement agency. You will probably be able to prove that you were not with the device when something happened, but it can be an unnecessary hassle.

Another thing one needs to be careful is data theft from old devices. When a file is deleted the data actually still exists on the device. You need special tools to actually remove the data from the device.

[shankar.balan]

Originally Posted by JediKnight

Another thing one needs to be careful is data theft from old devices. When a file is deleted the data actually still exists on the device. You need special tools to actually remove the data from the device.

When one completely resets the device to factory settings after removing all the data by following the procedures laid down by the company that made the device, for example Apple, does this not ensure that all data is wiped?

This video seems quite clear on the subject.

https://youtu.be/JPToPVvs3_I?si=mPn5aMl6bvdb-iAV

[JediKnight]

Originally Posted by shankar.balan

When one completely resets the device to factory settings after removing all the data by following the procedures laid down by the company that made the device, for example Apple, does this not ensure that all data is wiped?

This video seems quite clear on the subject.

https://Youtu.be/JPToPVvs3_I?si=mPn5aMl6bvdb-iAV

Probably it does. Am not an apple expert. Apple does not use SSD on its latest laptops. Instead they have their have own proprietary controller with the NAND flash chips directly mounted to its mother board. Most likely the data will be encrypted and they would probably wipe the encryption keys on reset. Except for probably laptops manufactured for Chinese market as government does not allow disc encryption, in that case they would probably do a sanitize erase. Apple is on of the most responsible manufacturers that way.

My point was be careful. Look at your device specifics. Do a factory reset or use a tool to wipe your device securely. Just don't assume that since you deleted all your files and emptied the thrash folder and you are safe.

[hrman]

I had a pleasant experience with Cashify a few yeas back (selling my Redmi note 4) and 3 months back, selling a 5 year old Realme U1 and 3 year old Redmi Note 9. The phones were in good condition, were being used by my wife and me. We got a good price for the phones, which was in line with what was showing on their app. The pickup person arrived and took a good 1 hour to check both phones thoroughly based on their guidelines.
Post this when I was ok with the selling amount, they transferred equivalent Amazon vouchers to my Amazon wallet. It was a smooth transaction and I will recommend Cashify.

[t3rm1n80r]

Originally Posted by SmartCat

Cashify.in is a VC funded startup that buys and sells old smartphones, tablets, laptops etc. They also offer screen/battery replacement and other repair services.

Interesting! My biggest concern with old phones including the ones that are lying around in my house is the reduction in battery backup over multiple charge/discharge cycles. I always keep my devices charged between 40% and 70%, unless I'm going to be out for an uncertain period of time. Even few of those times, I carry a power-bank with me and keep it within the aforementioned charge range. But the same cannot be said about a refurbished device. We wouldn't know the charging habits of the previous owner(s).

How has your experience been with it's battery backup? Would cashify replace it's battery free of cost if the SOT is unsatisfactory?

[SmartCat]

Originally Posted by t3rm1n80r

Interesting! My biggest concern with old phones including the ones that are lying around in my house is the reduction in battery backup over multiple charge/discharge cycles. How has your experience been with it's battery backup? Would cashify replace it's battery free of cost if the SOT is unsatisfactory?

As mentioned in my review, they seem to have replaced the battery (iOS battery health shows 100%). They did not mention anything about battery at the time of purchase though. I'm getting about 5 to 6 hours of screen time. However, remember that the battery capacity is just 3200 mAH. I usually recharge the phone after 24 hours.

Originally Posted by Fuldagap

For 20k I'd rather buy a new Moto phone probably.

The performance seems to be in between Edge 40 (Rs. 29k) and Edge 40 Neo (Rs.24k). This is the score when I run the Antutu benchmark test on my phone:



So while the performance is excellent, XS Max (Rs.20k) loses out to new Rs. 25k to 30k android devices in these aspects:

- Lower screen refresh rate (60 hz vs 120 hz)
- Lower storage space (just 64 GB)
- Average low light photography (because no night mode)
- No more OS updates (2024 is the last year of OS updates for XS Max, they might continue security updates for a couple of years)

But has features like:

- Wireless charging
- Bang for the buck (performance to price ratio)
- Premium in-hand feel (glass back, metal frame)
- IP68 dust/water protection rating (Moto Edge/Neo too has these, but not all 20k to 30k android devices do)

So I guess one needs to research what they are gaining or losing when they buy an old flagship phone. I just wanted to experiment

[Fuldagap]

Originally Posted by SmartCat

The performance seems to be in between Edge 40 (Rs. 29k) and Edge 40 Neo (Rs.24k). This is the score when I run the Antutu benchmark test on my phone:
:

The Antutu score might not give real world performance capability. A recent Moto with even a 6nm processor is quite handy for everyday use.

Originally Posted by SmartCat

So while the performance is excellent, XS Max (Rs.20k) loses out to new Rs. 25k to 30k android devices in these aspects::

I was even thinking of a Moto G84 instead of the Edge series. G84 has a fantastic processor for everyday use and can be used as a workhorse. Battery is fantastic. Phone is rugged to say the least. A OnePlus might also be a great alternative but haven't used any One Plus extensively. Unless one runs games, these cheaper phones are more than enough for anybody's work or leisure use. Multiple heavy apps have never let me down on Motos.

Originally Posted by SmartCat

I just wanted to experiment

That is also why I'd try buying via Cashify too one day.
And no one can negate the premium feel of an Apple and also the camera.

[alpha1]

Originally Posted by SmartCat

I think it is because of their unusual accounting practices. Actually, when they acquire a phone or laptop, it should be considered an 'asset' in their balance sheet and not 'cost'. That's because the gadgets they acquire has a value and they intend to sell them at a profit. But they are showing all their procurements as 'cost' and that has shot up from Rs. 450 cr to Rs.750 cr

Originally Posted by warrioraks

This is indeed weird. Usually inventory is classified as a current asset which although does not depreciate, still keeps the cost off books till the moment the respective item is sold.

In this case, could it be that the company has considered these procured phones/laptops as raw material and not inventory?

PS: Not an accountant here but an engineer who sometimes likes to dabble into P&Ls, balance sheets and cashflow statements.

Counterpoint: For a company like cashify which is into trading with perhaps slight value addition - the price at which it buys mobile (which should be treated as raw material) should be shown as Cost of goods sold. Otherwise, how will they calculate the operating margin?


Similarly, if they account for this in assets (which kind of asset?), how will they measure the inventory days, DSO etc in comparison with indsutry comeptitors?

[SmartCat]

Originally Posted by alpha1

Counterpoint: For a company like cashify which is into trading with perhaps slight value addition - the price at which it buys mobile (which should be treated as raw material) should be shown as Cost of goods sold. Otherwise, how will they calculate the operating margin?
Similarly, if they account for this in assets (which kind of asset?), how will they measure the inventory days, DSO etc in comparison with indsutry comeptitors?

I think this is how it should be:

- Let's assume Cashify paid Rs. 1,000 cr to acquire inventory of electronics in FY24
- Let's assume they sold goods worth Rs. 800 cr (which were acquired for Rs. 700 cr). So revenues should be Rs. 800 cr and expenses should be Rs. 700 cr. Salaries, spare parts, packaging & shipping costs would be other operating expenses.
- Rs. 300 cr is the unsold inventory (Rs.1000 cr minus Rs.700 cr). Only this amount should go into 'assets' (and not expenses).

But then, I'm not exactly an accounting expert myself . I could be wrong.