Now that Apple is set to unveil its latest iPhones, the iPhone 6s and iPhone 6s Plus, now is the perfect time to sell your old iPhone. You’ll be able to get the best possible price for your smartphone, and you can use that cash to offset the cost of buying the new iPhone.
According to rumors, the next generation iPhones will be released on September 18. So while you still have time, better cash in your old phone.
How much is an old-generation iPhone worth?
Based on the prices gathered on eBay and analyzed by NextWorth (a gadget trade-in site), resale values will start falling by about 10 percent in September and October. As many iPhone users prefer to have the latest Apple device, they start selling their handsets as they wait to purchase the new iPhone. The market now becomes infiltrated with a huge supply of older iPhones. As we have learned in economics, when the supply goes up, the prices go down.
By the end of the year, the value of your phone can lose as much as 30 percent of a phone’s secondary market price, according to CNN Money. Nextworth has seen this trend happen consistently for the past four years every time Apple releases the latest iPhone.
Where can you sell your old iPhone?
You’ll want to shop for prices first before you sell your iPhone. Here at iCare Repair, our prices are real-time and are based on the prices of our online competitors. So you can be sure that you’re always given a fair value for your iPhone, no matter the condition.
An AT&T iPhone 6 with 128GB can be sold to us for as much as $293 (as of the time of publication of this article). If you wait until the end of the year, you may only be able to sell it for as low as $205.
A T-Mobile iPhone 6 Plus with 128GB can fetch you up to $315, but by December, it may only be worth $220. Of course, your iPhone’s value will depend a lot on its condition, storage capacity, whether or not it is unlocked, and if it is under a contract.
What to do before selling your iPhone
Before selling your iPhone, make sure to back up your memory and do a factory reset of your phone. You don’t want the next person to be able to get ahold of your personal data. Here’s our Lansing manager, Nando, who will explain the proper steps you should take before selling your iPhone.
On the flipside, now is also the best time to upgrade your iPhone to a later model because of the large supply of iPhones in the market. iCare Repair offers pre-owned iPhones at our several locations, so give us a call and ask for the model you want.