It all seems like such a hassle. Just when you got used to your current smartphone, it’s time to upgrade to the latest and greatest model.
So how do you know when it’s the right time to get rid of your old iPhone? And how do you know if you’ve gotten the best price?
To help make your life a little bit simpler, I searched the uSell.com mailbag for the most common questions submitted by our awesome users. Here are a few answers to questions you might be asking yourself:
When can people expect Apple to announce the next iPhone model?
According to many blogs and tech publications, it seems that the new iPhone will be launching on Sept. 10.
What should people do with their old iPhone when they upgrade?
You can wait until the new iPhone is released to get rid of it then, or you can lock in a higher sell price BEFORE the launch — and then using the proceeds to help fund the cost of your new iPhone. Locking in your price now is a great way to make sure you get the best possible value for your old phone.
What is the value of older iPhone models?
The value varies according to the condition of your phone and the specific model. But we did a little bit of research and came up with a table with approximate values for those locking in the price right now:
Iphone 5 64 GB (Flawless) $360
Iphone 5 64 GB (Used Good) $315
Iphone 5 64 GB (Damaged) $145
iPhone 4s 64 GB (Flawless) $240
iPhone 4s 16 GB $230
iPhone 4 16 GB $146
iPhone 3Gs 8 GB $30
iPhone 3G 32 GB $35
iPhone 2G 8 GB $5
When does the value of the used iPhone start to drop?
To answer this, I examined hundreds of used iPhone sales on our platform following the 2012 iPhone 5 launch and aggregated this price depreciation data. What I found was really, really eye-opening. Old phones lose a great deal of value each week after the new iPhone launch – starting at just 7 days after the new product comes out.
- 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 can we get the best price for old phones with the least effort?
Simple. By locking in a sale price BEFORE an upcoming iPhone launch (many platforms like uSell.com, which I founded, offer 30-day price guarantees).
So whether you’re stressing, planning or selling right now, it’s worth it to look at all of your options right away. An old iPhone is a terrible thing to waste!
For more information on this and to get competitive bids your old iPhone, check out uSell.com. As a special bonus for Akron Ohio Moms readers, use coupon code FALL13 to get an extra $10 on your iPhone sale.
About the Author:
Guest post by Nik Raman Chief Operating Officer, uSell.com
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.com acquired in 2012. He is a graduate of Harvard Business School.
To encourage users to lock in a higher price before the new iPhone launch date, uSell.com is sweetening the deal with a special coupon code that will expire on Sept. 9 (the day before the new iPhone model launch):
- Coupon Code: FALL13
- Value: An extra $10 on the sale of any used iPhone
- Fine Print: To qualify, the iPhone must have an offer value of $30 or more. (Don’t worry, most iPhones have a much higher offer value than this.)