The iPhone 5s is coming out tomorrow…dun dun dun. So what does that mean for your old one? We asked Rik Raman, the COO at uSell.com about how to get the most cash back for your old phone, here’s what he had to say:
Imagine you’re at your local car dealership, salivating over that hot, red convertible you’ve been eyeing for months. You’re about to say a tearful goodbye to your dream car, but suddenly the salesman says they can give you more cash than you expected for your old, beat-up ride.
Before you know it, you’ve just cut a major chunk off the the out-of-pocket cost of your car upgrade and you’re handed the keys to your new ride. What if upgrading your iPhone could work exactly the same way? What if you could get some cash for your old, beat up smartphone?
Luckily, you absolutely can. And the time to do it is right now.
Because the new iPhone model was announced just last week, by locking in a sale price right now (many platforms like uSell.com offer 30-day price guarantees), you can substantially increase the value of your old phones.
How much more can you expect to get? To come up with an answer, I took a look at used iPhone sales from last year immediately after the iPhone 5 launch. Here’s what I found:
- 1 week after a new iPhone launch, old iPhones lose about 5% in value.
- 2 weeks after launch, old iPhones depreciate about 12%.
- By weeks 3 and 4, old phones are worth about 20% less.
So how much more could your old phone be worth if you lock in a good price sooner rather than later?
- iPhone 5: Potentially worth $72 more (compared to 3 weeks later)
- iPhone 4S: Worth $46 more
- iPhone 4: Worth $29 more
What does this mean? You can lock in a sale price right now, but then wait to ship your old phone until right after you get your new model.
To make this process even easier on you, we’ve created a free iPhone app that tells you exactly what your phone is currently worth based on real-time offers from a platform of 50 professional buyers.
So don’t delay…. My advice is for you to start thinking now about selling your phone, and make sure you lock in a good rate!
About the Author:
Nik Raman is Chief Operating Officer of uSell.com, an online marketplace that helps you sell your used electronics in 3 minutes or less through a
network of professional buyers who competitively bid on your gadgets. Nik is an expert on the used iPhone industry and helps create the user experience for uSell.com’s smartphone marketplace.
Nik’s path in the “re-commerce” industry began as founder of EcoSquid in 2010, an electronics trade-in and recycling aggregator that uSell acquired in 2012. He is a graduate of Harvard Business School.