Selling used electronics is always tricky. However, if you're looking to get rid of your old Apple smartphone before the iPhone 6 comes out, the timing may determine how much you get back for your phone.
Apple is expected to come out with the iPhone 6 on Sept. 9 at a press event in Cupertino, California. The company is expected to showcase two versions for the iPhone 6, a 4.7-inch model and a 5.5-inch model.
Think of the rumored launch date for the iPhone 6 as the best time to offload your aging iPhone 5, iPhone 5s and iPhone 5c. Once the new iPhone comes out, the price for older iPhones is expected to drop significantly.
A report cited that failing to act fast means the resale value of an older iPhone can drop by as much as 21 percent about nine weeks after the new model comes out. uSell, a website for selling used gadgets, said that the price of an old iPhone drops by as much as 11 percent two weeks after a new model comes out. The decline is expected to continue after another seven weeks, with the resale value going down by 10 percent. This means that waiting more than two months to sell your old iPhone would amount to a loss of about $62.
You can make enough from your old iPhones, as long as it's in good condition, to soften the blow of the cost of owning Apple's new flagship smartphone. The most popular option for reselling iPhones is through used devices trade-in service Gazelle. On its website, the company is currently offering around $310 for an unlocked 64GB iPhone 5s. The price drops to $180 for an unlocked iPhone 5 and $170 for an iPhone 5c. This may be enough to cover the base price of an iPhone 6 with a two-year contract.
There are also the usual options that may yield a higher price. On eBay, unlocked iPhones are being sold for between $400 and $650, depending on model and storage capacity. On Craigslist, iPhone 5s units are being sold for around $400.
If you're not willing to deal with the hassle of meeting up with strangers and ignoring low-ball offers, there are easier and less profitable ways to sell your old smartphone, such as exchanging your device for a Best Buy gift card or trading it in through Apple's Reuse and Recycle program.
