I am an techno dinosaur. Till today, I do not know how to use Excel. When a reader asked if I would consider starting a Tweeter account, I couldn't figure out the reason why I should start one. At a recent visit to a customer's shop, one person asked how many in the room had an iPhone and I was the only one who did not answer in the affirmative. Why an iPhone? Maybe, I am an endangered species.
A few weeks ago, I read that people were selling their iPhone 4s at $1,300 to $1,400 at Sim Lim Square! They would re-contract, get their iPhone 4s and sell them for a quick buck. Does it really work? Recently, my contract came to an end and remembering what I read, I went to Singtel to see if I could get an iPhone 4 and, perhaps, make a quick buck in the process too.
Here's the deal: I had to pay $480 for a new iPhone 4 and upgrade my plan which means paying an additional $20 per month. I did some math. It worked out to be $480 + $20*24 = $960. I figured if I could sell the phone for $1,300, I would make $340 right away! That's not bad. So, I told the salesman I would take the iPhone 4.
The salesman gave me a look, that kind that suggested he had seen my type before. Was I that obvious? Maybe, I took too long to do my mental sums. He asked in a voice that sounded rather bored if I had made a reservation. A reservation? Yes, apparently, we had to make a reservation to get an iPhone 4 as there was a long line of people waiting!
Wow! Apple is definitely rolling in the dough. This is the best kind of business to be in, goods are presold and no stocking is required. A HTC or a Samsung and I would not have to wait. Nokia only came to mind belatedly.
Anyway, I went ahead and made the reservation after being advised that it would take about 3 weeks before I could get the phone. I then found out that evening that the price of the iPhone 4 had fallen to $1,080 in Sim Lim Square. Apparently, the price was very high weeks ago because of shortages. The supply is not so tight now. I was too slow.
I could still make $120 at $1,080 but the price could drop more in another 3 weeks while I waited for my phone. Sheesh! So much work for so little profit plus lots of uncertainty thrown in. I will stick to a free phone.