A sudden failure of a product or a component may result in loss of valuable data or interruption in the task being carried out. In order to eliminate these kind of scenarios and to avoid unnecessary investments on the used products, the remaining life need to be predicted/estimated. In this work, a comprehensive two-phase approach is proposed. In the first stage phase, statistically analyzing the behavior of components for reuse, a well-known reliability assessment method, the Weibull analysis, is applied to the time-to-failure data to assess the mean life of components. In the second phase, the degradation and condition monitoring data are analyzed by developing an Artificial Neural Network model (ANN model). This project is aimed on estimating the remaining useful life of washing machine and LED bulb. © 2021 Institute of Physics Publishing. All rights reserved.