The used cell phone market is about to change for two reasons:
– Fewer carriers are offering discounts for new phones if you sign a contract.
– The new iPhone and some Androids are expected to hit the market within weeks.
Here are some strategies to getting top dollar for your used phone.
1. Hit Up Your Contact List
Sean Cobourn says he has sold two iPhones, and selling to people you know ups the value because buyers can trust you are not selling them a dud.
“If you can make $300 to $400 bucks on something you’re getting rid of, why not, it makes sense,” he said.
With new models about to come out, you’d be wise to put yours on the market now. But if you’re not ready to sell, don’t worry, StayMobile predicts as more carriers do away with contracts that discount new phones, the used phone market will be heating up.
“There are going to be a lot of shoppers looking for used phones that are maybe a year old or two years old but not full price, I think paying full price is going to be sticker shock for a lot of people,” said Eliot Stone with Staymobile.
Repair shops like Staymobile are also dealers who buy and resell your phones. And you can compare their prices with online resellers like Gazelle or Nextworth. You won’t get top dollar, but the transactions are safe.
4. Auction And Selling Sites
Craigslist, eBay and Amazon will likely bring in more money, but watch out for fees and scams. If a buyer ever asks to pay you through wire transfer be suspect. And make sure any PayPal transaction is legitimate, since some scammers have successfully copied PayPal sites.
College campuses, libraries and churches are hot spots for people looking for used stuff.
6. Social Media
Facebook is full of selling pages. You usually have to get invited, so ask your friends if they belong.
If your phone is broken, you can still trade it in at stores like Target, Best Buy and Walmart for store credit.
Whatever you do, make sure to backup your data, and wipe the phone clean before you sell. Most phones have a simple 3 step process by going to:
Repair experts with Staymobile insist the factory reset really does erase all data.