Where to sell your old phone?

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Here’s a quick comparison of iPhone selling options, thanks to Flipsy.com¬†where you can learn more:

Carrier trade-ins
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Pros
– Convenient, since you can trade in your old phone when you buy a new iPhone
– Carriers are offering iPhone X discounts for qualified trade-ins

Cons
– Carriers pay less than the private market and dedicated trade-in/buyback companies (an average of 30% less than trade-in/buyback companies)
– Payouts are in credit, not cash, usually applied as bill credit over several months (up to 24)
– No price locks (which let you lock in a set price for up to 30 days, then sell it later at that price no matter how much values have dropped in the interim) – iPhone values tend to drop by 15% to 25% in the weeks surrounding a new flagship launch
– No guarantee of sale

Local retailers and cell phone repair shops
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Pros
– Instant same-day cash payments
– No shipping delays

Cons
– Pay less than the private market and trade-in/buyback companies
– No guarantee of sale
– No price locks

Online retailers
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Pros
– Guaranteed sales
Cons
– Pay less than the private market and trade-in/buyback companies
– Pay in store credit, not cash
– Must wait for shipping
– No price locks

Local pawn shops
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Pros
– Instant same-day cash payments
– No shipping delays

Cons
– Pay less than the private market and trade-in/buyback companies
– No price locks
– No guarantee of sale

Local kiosks (ecoATM)
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Pros
– Instant same-day cash payments
– No shipping delays

Cons
– Pay less than the private market and trade-in/buyback companies
– No price locks
– Process can take 30 minutes or more

Private market (Peer-to-peer selling platforms like Ebay, Facebook Marketplace, Craigslist, and LetGo)
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Pros
– Pays more than other options
– Pays in cash

Cons
– No guarantee of sale
– Could be shipping delays
– Buyers can say your iPhone didn’t arrive in its described condition (Ebay typically sides with buyers on this), leading to customer support issues and returns
– Potential for hassles like no-shows, time-wasting “tire kickers” and scams
– No price locks

Dedicated trade-in/buyback companies
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Pros
– Pay more than most other options
– Cash payments
– Guaranteed sales
– Fast sales
– Price locks offered

Cons
– Pay less than the private market
– Must wait for shipping

Flipsy.com‘s free suite of iPhone value research tools makes it easy for anyone to tell whether they’re getting a good deal.
You can check out how it works for the iPhone 7 here: https://flipsy.com/sell/iPhone-7-Verizon?capacity=32GB

by Phil Baker

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