Use Your Old Smartphone to Buy a New One

Thursday, 28 Aug 2014 06:29 AM

By Michelle Smith

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If you're concerned about the price of a new smartphone, one way to cut the cost is by trading in or selling your old one.

Fewer than 20 percent of smartphone owners trade in their old phones, according to a study from Consumer Intelligence Research Partners. That means a lot people are just sitting on hundreds of dollars, Business Insider notes.

How much you get for an old smartphone depends on the model, the condition and who you sell it to. But the International Business Times says it's possible to get up to $400 for popular models such as the iPhone 5s and Galaxy Note 3.

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Now consider that many people sign a new two-year contract when they get a new phone. In exchange for that renewed commitment, many of those customers get subsidized rates, which generally drop the price of their new phone to $200 to $300.

Most of those upgraders unnecessarily dig into their wallets to pay those subsidized rates, thinking they're getting a great deal. But the deal could be even sweeter because the new phone could be free if they would sell their old smartphones.

Also consider that sometimes when you renew your contract your carrier offers some phones for free already. In that case, if you sell your old phone, it's like getting paid to upgrade.

Selling an old cell phone is not difficult and there are numerous options. Wireless carriers, such as Verizon and T-Mobile, purchase old phones.

There are trading services, such as Gazelle, Networth and Glyde. With these companies it's as simple as getting a quote, mailing in the device and waiting to receive the money, the Times explains.

Retailers including Wal-Mart, Target, Best Buy and Amazon also buy used smartphones, but they only pay with gift cards for their business, which may not be ideal for every consumer. Or, you can sell old iPhones back to Apple, but that company offers the least money of all the exchange programs, according to the Times.

If you want to sell your smartphone and get the best prices, the best option is Craigslist and eBay, Business Insider notes, but you'll have to do a little more work selling the device that way.

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