Back story: So I traded an iPhone 4 for a first gen iPad base model a few years ago. I bought the iPhone 4 for $200 and the first gen iPad going price was around $250+. I decided to keep the iPad for personal use.
Recently, I brought my iPad over to a friend's house and compared it to his iPad mini. I fell in love with the Mini because it was so much more portable. So I decided to see if I could sell the first gen iPad and use that money to buy an iPad Mini. I scoured Craigslist for weeks looking for the cheapest price and at the same time listed my iPad for the most expensive price I think I could sell it for ($250). $250 was not very realistic since almost all websites were selling it for much less. The lowest price I saw the Mini go for was $250 and I was too late to catch the deal.
I had to settle with the next best deal I could find; I bought an used iPad mini base model for $260 (it was in almost-new condition minus the finger prints). About a week later, I was able to sell my first gen iPad for $220 on Craigslist. So, I upgraded my first gen iPad to a iPad mini for $40. It was not my intentions to pay anything for the upgrade but I'm happy. (Oh, and I know a new iPad mini is coming out)
I know the same method can easily be done to upgrade cellphones too. Let's say you have an iPhone 4, you can easily sell that for $200 and find an iPhone 4S for that price. (Sorry for all the Apple examples; it's just that they sell like hot cakes)
This was the pristine condition iPad 1 with an otterbox case

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