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What To Do When Trading In iPhone

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 7 minute read

Every day it seems like a new smartphone is released onto the market as technology continues to advance at breakneck speeds. Since smartphones, and the iPhone in particular, have become so ubiquitous and new models are constantly being released, people sometimes wonder what they should do with their “old” iPhones after only three months.

Do you throw the old one away when the new and improved one comes out? Offer it up for free? Selling or trading in your old phone is probably the best option if you still have a reasonably new one.

Many individuals consider an iPhone indispensable, not just because it’s trendy, but also because of the convenience it offers them everywhere they go. Students, businesspeople, and stay-at-home parents may all benefit from having one of these amazing phones thanks to the dozens of useful applications available for it. Due to the high level of interest, you may expect to get several offers for your unused phone.

Why Should You Sell Your iPhone?

While Apple has made a phenomenal product, iPhones aren’t designed to be used for too long because of their limited lifespan. They’re always upgrading and launching new models, and if you’re a tech addict, you’ll feel the “need” for the newest one practically immediately. 

Most individuals cannot afford to change their phones every three or six months, but after two years, most carriers will offer you a free or heavily reduced upgrade.

Your current setup may either be replaced or upgraded by then. You may do what most people do and just get the new phone and sell the old one that’s two years old. You can expect to break even (or possibly earn money) on the purchase after subtracting the cost of the update.

It’s also possible to decline the free upgrade, sell your old phone, and continue with it. This tactic will allow you to make money off of your discounted rate and yet provide your customers with a better deal than they would get at full price. The outcome is beneficial for all parties involved.

It’s also important to consider when saying these things. You should get a new phone every other year to coincide with your plan’s renewal, as Apple normally updates the iPhone line every year.

When Should You Sell Your iPhone?

Because newer, more advanced versions of iPhones are consistently released to the market, the value of older iPhones steadily declines. That’s why you should hurry up and make that sale. The value of your old model drops steadily over time as newer models enter the market.

Even if you haven’t already heard, a new model is due to be released. Quick, get that phone out there before the next model becomes all the rage. Wait a month or two for the influx of old phones to subside if a new model of phone has just been released. When you delay, you give yourself more room to negotiate a higher price.

You need to act swiftly if you want to take advantage of the free upgrade and turn around to sell it to others. Get your hands on the latest version as soon as possible, and start pushing it as soon as you can. Buyers from other countries will always be willing to pay a premium for cutting-edge technology.

How to Get Rid of Your iPhone

If you don’t know anyone personally who is interested in purchasing an iPhone, you have two primary possibilities. To discover buyers who are prepared to pay your asking price, you can work with a broker or visit an online marketplace like eBay or Craigslist.

Collaboration with a Broker

An iPhone broker is a firm that deals in the buying and selling of old gadgets, namely iPhones. There are a number of benefits to working with this type of specialist, including efficiency and simplicity. In exchange for these advantages, though, you will have less say in the final selling terms and take home a smaller profit. In most cases, the procedure goes like this:

  1. Provide information about your iPhone, including its condition and model, on the broker’s website.
  2. Take a look at the broker’s offer and evaluate if it’s sufficient.
  3. If you decide to go through with the sale, the broker will supply you with a prepaid shipping label to send your iPhone to them.
  4. As soon as they get the phone and verify that it is in the condition you indicated, they will send you the agreed upon payment via PayPal.

Try these internet brokers and old-fashioned brick-and-mortar retailers if you need to sell something quickly without putting in a lot of effort.

  • SellYourMac. This broker specialized on Apple items, as is evident. First, you must send them an email requesting a quote, and then you must include images and a serial number. After receiving the item and confirming its condition, they will pay you by your option of cheque or PayPal.
  • Gazelle. This firm specializes in the purchase and sale of iPhones and other technological devices. In addition to offering free delivery, they provide complimentary packing on select deals.
  • Amazon Electronics Trade-In. This prominent online store has lately introduced a trade-in program for gadgets, books, and other items. Similar to other brokers, they will offer you an estimate and cover delivery costs. However, they only accept payment in the form of Amazon credit.
  • Repurchase World. In addition to dealing in iPhones and other electrical devices, this dealer provides free shipping.
  • Wirefly. Wirefly is not only an online broker for a range of cell phones, but it also allows you to trade in other electronic goods. They will send you an evaluation for your phone, and if you agree, they will pay for shipping as well.
  • NextWorth/Target. This service can function in one of two ways. You may either enter your phone’s details online and obtain a fast price, or bring your phone into any Target location. If you visit a Target store, you will receive a Target gift card immediately. If the purchase is conducted online, you can choose to be paid by cheque, PayPal, or gift card (or e-gift card). You may anticipate payment within 10 days of NextWorth receiving the device.
  • Best Buy Trade-In. Like Target, Best Buy’s trade-in program gives store credit. With this method, you may visit a retailer and receive credit instantly. Don’t worry if you didn’t purchase your iPhone from Best Buy; they accept all iPhones. The primary benefit of the brick-and-mortar alternative is that your transaction is actually instantaneous and you have access to face-to-face customer care.
  • RadioShack Exchange. This method is also fairly straightforward. Simply stroll into your nearest RadioShack shop and show them your phone. They will assess its value and provide you with a gift card for that amount. You may use the gift card to purchase anything in the shop, even an iPhone upgrade.
  • Wireless Providers Check with your provider since several wireless carriers have launched their own trade-in schemes. Typically, their offer is inferior to that of other brokers, but they provide the extra convenience of credit that may be applied to your future phone upgrade. AT&T and Verizon are two of these service providers that provide a trade-in program.

Selling Your iPhone on a Public Website

You may save time and money by selling your wares on a general marketplace like eBay, Craigslist, or the Facebook Marketplace on your own rather than going via a broker.

You may potentially make more money by skipping the intermediary, but doing so would require you to invest your own time and money with no assurance of return. Be aware of con artists that promise you payment but fail to deliver (e.g. common Craigslist scams). The lack of a solid reputation for customers on these marketplaces means that you can’t always trust their purchases.

Giving Up Your iPhone

If you’re like the average person, your iPhone stores a wealth of personal information, including photos, text messages, phone numbers, and other data gathered via your use of the internet and other apps. No matter how you want to sell your iPhone, it is imperative that you erase all of your data before handing it over to the buyer. You care deeply about preserving your anonymity and your data.

Make sure you have a recent backup of your iPhone in iTunes before attempting a factory reset. Next, choose “Restore” from the menu, and double-check that your phone’s settings have been reset to their original factory defaults, including your contact list and any other personal data you may have stored there.

Bottom Line

Do your homework on the competition, set a fair pricing, and snap high-quality photos of the phone to show potential buyers exactly what they’re receiving. You may sell your phone to one of the many internet brokers who will buy it from you if you don’t want to deal with the trouble of taking pictures and interacting with clients. In any case, you can get some money out of your old phone and put it toward the cost of the newest gadget, starting the cycle all over again.

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