In a world where new smartphone models are released almost as frequently as quarterly reports, it’s no surprise that the smartphone resale market is booming. If you’ve got an old iPhone lying around, there’s a slice of the market eagerly waiting to offer you cash in exchange for the device.
Before you rush into selling your iPhone for cash, there are a few important things to consider to ensure that you get the most out of your sale, both in terms of convenience and profit.
Why Sell Your iPhone for Cash?
There’s more to offloading your gently (or not so gently) used iPhone than the prospect of cash in your pocket. Selling your iPhone usually yields higher returns than trade-in offers from retailers. Plus, by selling directly to a consumer, you cut out the middleman, meaning no store credit and a better deal for you.
Another perk of selling is the ability to control the price. You set the value of your iPhone, and if it’s competitive, you choose when to sell. This is not the case with trade-ins or buyback programs, where prices are fixed and can vary widely.
Though it may take a little more legwork than trading in, the potential benefits, a higher selling price, instant cash, and the satisfaction of handling a transaction yourself, make the effort worthwhile.
What to Consider Before Selling
Prepare Your iPhone
Before you can sell your iPhone for cash, you need to ensure that your personal data is securely wiped. This means logging out of accounts, removing the SIM card, and performing a factory reset. Don’t forget to back up any information that you want to keep on your new device.
Find a Reliable Selling Platform
Choosing the right platform to sell your iPhone is crucial. Consider the fees, the audience, and the level of protection the platform offers. A popular choice is Sell My Mac.
Market Conditions
Just like buying stocks, selling a used iPhone requires a little market insight. Knowing when to sell can make a difference in how quickly you unload your device and at what price. Typically, iPhones hold their value better than other smartphone brands, but current model releases or holiday seasons can impact resale prices.
