It's not too late to sell your old smartphone. (Yasuyoshi Chiba/Getty Images)
Editor's note (9 September, 2014): This story has been updated to reflect the Apple iPhone announcement.
Have you set your heart on an iPhone 6? It’s time to sell your old one — quickly.
The price of second-hand iPhones had been tumbling for weeks ahead of the 9 September launch of Apple Inc's new iPhone 6. According to used gadget online retailer Gazelle, old phones drop an average of 20% in the month leading up to the launch of a new model
Values are not likely to pick up. NextWorth, a buyer and seller of second-hand electronics, tracked eBay sales around the September, 2013, introduction of the iPhone 5S and 5C. It found prices had dropped by up to 40% over the period three months before and after the launch.
“It’s not just the most recent iPhones that are worth proportionately less,” said NextWorth’s chief marketing officer Jeff Trachsel. “Values on older models tend to fall faster.”
In fact, it’s becoming difficult to find a quoted price for an iPhone 4 or anything older. These models will not run the latest version of the Apple operating system, iOS 8, due to be available for other devices this autumn.
Still, it’s not all bad news if you plan to upgrade to an iPhone 6. The sheer number of trade-ins creates a massive business opportunity for auction sites and other sellers of used gadgets. At one point Gazelle was handling five iPhone offers a second and it says volumes are up 50% on last year.
That means plenty of businesses want to help you sell your old iPhone (or buy one) and they make it as easy for you as possible. For one, they allow prospective sellers to see how much they’ll get for a pre-owned phone with only a few clicks. If you’re selling, it pays to shop around to find the best combination of price and convenience.
The differences in offers can be massive. A day before the purported 9 September launch of the iPhone 6, uSell was offering $260 for an unlocked 16GB iPhone 5S in good condition. Ebay estimated the same model would fetch $520 at auction.
Whatever trade-in method you use, prices are dependent on model, condition and carrier. Unlocked phones are the most valuable.
Bear in mind that “condition” can be subjective and you may end up being offered less — or possibly more — for your phone once the buyer has actually seen it. If the offer is revised, remember you do not have to accept it and you can ask for your old iPhone to be returned.
Don’t forget to check whether quotes include post and packing. Some services send a prepaid shipping kit to your door, so you can sell without leaving the house. Others leave you to do everything from drawing up advertisements to standing in line at the post office.
As a rule of thumb: Less hassle for you means a lower price from the buyer.
Where to sell your iPhone
- Amazon.com: Offers consistently among the highest prices for trade-ins.
The catch: You have to take your payment in the form of a gift card rather than cash.
- Ebay: Provides potentially among the best returns and is currently offering a $100 gift certificate if your iPhone doesn’t sell.
The catch: Getting the highest price could leave you without a smartphone while you wait for the iPhone 6 to ship.
- Craigslist: Has no transaction costs. It’s just you and the buyer. In theory that should give you the best possible price.
The catch: You do the haggling, arrange for the exchange and take all of the risks.
- uSell and Glyde: Act as middlemen linking you directly with a buyer.
The catch: They are less hassle than eBay, but you could come away with a little less cash.
- Gazelle and Nextworth: Buy your used iPhone directly from you. Simple.
The catch: You won’t get the best possible price.
All these outlets except Craigslist and eBay offer some form of price lock-in which means you can agree how much you’ll get for used iPhone now and then send it off later. That means you won’t be left without a phone and you can change your mind if you decide not to upgrade.
The winners: Those with very old phones. Some people will be happy to see used iPhones falling in price — because it’s an upgrade for them from an even older model. What’s more, wireless carriers and other retailers are also likely to offer the last model for much less than it did just a week ago. Retailers will be clearing inventory and there are bargains around for those who don’t have to have the latest iPhone model.
“If you aren't too bothered about having absolutely the latest technology then it’s definitely worth waiting a few weeks to get a low-cost iPhone 5 or 5s,” said Gazelle’s senior tech analyst Alyssa Voorhis.
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