You’ve probably heard: The new iPhone 6 launches tomorrow. If you’re planning on getting your mitts on a new phone and you’d like to sell your old iPhone, take note: Your device will start losing value as soon as the new iPhone hits shelves.
Just two weeks after a new iPhone launch, old iPhones have lost 11% in value, according to a study by uSell.com, an online marketplace for used gadgets. Let it ride for seven weeks, and you’re looking at 21% less for your phone.
For an iPhone 5s, that’s a loss of potentially $62, depending on the model and condition. For an iPhone 5c, you could lose $44 by waiting, and for an iPhone 5, you’d get $42 less.
So what’s a savvy consumer to do? You could lock in a sales price for your phone now and ship it after you get your new phone.
How, you ask?
Check out uSell.com, where a 32GB Verizon iPhone 5S in good condition currently fetches about $275. Lock in your sales price and the site will send you a free shipping kit. You have 30 days to drop your phone in the mail, and once the buyer receives your device, you’ll get payment via check or PayPal—your choice.
“What you see is what you get, and our buyers are all obligated to pay within five business days,” says Nik Raman, uSell’s chief operating officer.
You dropped your iPhone too many times and it doesn't work anymore? Or it's got a cracked screen? No problem. That same 32GB iPhone 5S, damaged, will net you $96 on the site. “You get pretty decent value for damaged phones, which is something people don’t realize,” Raman says. “Our buyers are professional resellers and refurbishers.”
You do have other options for reselling your iPhone, of course. Here are a few other marketplaces for used electronics:
- Glyde: Like eBay, Glyde helps sellers and buyers find each other and takes a piece of the sale price. (But you may not find an immediate buyer.)
- Gazelle: Like uSell, this site offers an immediate sales price, which you can lock in for 30 days, along with free shipping.
- SellCell: This is another marketplace that offers an immediate sales price, although once you accept an offer you’re directed to the buyer’s site, where you complete the transaction.
In short, there are a variety of ways to do this—but it’s key that you do it soon.
One big caveat: It may be too late for you if you haven’t already ordered your iPhone 6 or iPhone 6 Plus. More than four million pre-orders poured in within the first 24 hours of sales, according to Apple, and some customers may be waiting until November for a glimpse of their new device—well past the 30 days you have to ship your old phone with many online marketplaces. Check your local retailers for availability.
