The new iPhone 7 is out, and demand for the latest device from Apple is huge. Along with the hype is a sky-high price tag — the 256GB version with 5.5-inch display costs just under $1,000. To offset the steep cost of the new phone, selling your old one is a smart idea.
Perks of Selling Your Phone Yourself
When it comes to getting the best price for your phone, you have to sell it yourself. If you opt to trade it in with your carrier or an electronics store, you may get as little as $75 for your older iPhone. Considering that you likely spent $500 or more to buy it just a couple of years ago, that’s a depressing rate of depreciation. You will get a lot more if you sell it on your own.
These are five places to sell your phone and get the best prices. We used an iPhone SE with 16GB in excellent condition to compare offers.
1. Best Buy
Best Buy’s trade-in program offers a surprisingly good value, paying $200 for the phone. The one downside is that you need to trade the phone in person to get cash. Otherwise, if you decide to mail it in, you will get emailed an electronic gift card.
With Gazelle, you get an offer for your phone right away. Just select your phone model, storage capacity, and condition, and they will give you a quote. Gazelle offered $170 for the iPhone SE, plus a $20 credit toward the purchase of a new device. Gazelle offers free shipping and pays quickly via check, Amazon gift card, or PayPal.
NextWorth offered $142 for the phone, one of the lowest quotes yet. However, they offer more competitive prices on other devices. For example, they offered $150 for the Samsung Galaxy Note, which was more than other sites offered.
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4. Gadget Salvation
Gadget Salvation is willing to pay $158 for an iPhone SE in excellent condition. You can ship your phone to them for free and get paid via check or PayPal.
To get the highest price, eBay is often your best option. It requires more work on your part — and you need to be wary of scams — but selling on the popular auction site is more lucrative than going through an intermediary. Several auctions for the iPhone SE 16GB phones have ended with buyers paying as much as $305 for a used phone. Even after paying for shipping yourself, that’s a lot more money than you would make with the other sites.
Choosing Where to Sell
While it can be time-consuming, it’s a good idea to check each of the sites to see how much you can get for your phone. Depending on supply and demand, some of the sites may offer higher prices at certain times than others. Check each site for a quote before choosing where to sell your phone to get the most money.
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Do your homework before trading in your phone, and you can get top dollar for your old device. That extra money can be a huge help in purchasing a new phone and cut down on your out-of-pocket costs.