Determining the value of an old iPhone can be complex, as it depends on a number of factors. While you may not get a fortune for an older model, understanding these variables can help you get the best possible price. Here is a guide to assessing your old iPhone’s resale value, including a table outlining key factors.
Older iPhone models generally have less resale value because of outdated technology and limited software support. Newer iPhones, especially those within a few generations of the current release, will retain higher value. But that doesn’t mean you won’t get SOMETHING for your old iPhone. There’s always a second-hand or used market out there because of how many iPhone users there are. Whatever your iPhone model, you’ll be able to get something for it.
Checking eBay is a good way to get an idea of how much your iPhone is worth.
Here’s what to consider:
Key Factors that Affect an iPhone’s Resale Value
- Model and Age: Newer models are always worth more. Once a new iPhone is released, the value of older models can drop significantly. iPhones that are no longer supported by the latest iOS updates tend to have a much lower value.
- Physical and Functional Condition: This is one of the biggest factors. A phone with a cracked screen, dents, or non-functioning buttons will be worth far less than one in “like new” condition. Even minor scratches can reduce the price.
- Storage Capacity: Devices with more internal storage (e.g., 256GB or 512GB) will generally sell for a higher price than their lower-capacity counterparts.
- Carrier Lock Status: An unlocked iPhone that can be used on any network is more valuable than one that is “locked” to a specific carrier like Verizon or T-Mobile.
- Battery Health: A battery with a health of 80% or above is more attractive to buyers. A significantly degraded battery signals that it will need to be replaced soon, which lowers the phone’s value.
- Original Box and Accessories: Having the original box, charger, and cables can increase buyer confidence and may lead to a higher offer.
Trade-In vs. Private Sale
When it comes time to sell, you have two primary options, each with its own pros and cons.
| Private Sale (e.g., eBay, Swappa) | Trade-In (e.g., Apple, Carrier, EcoATM) | |
| Potential Payout | Generally higher. You can often get more money by selling directly to a person who wants the specific device. | Typically lower. You get a credit or a check, but it’s often less than the market value. |
| Convenience | More time-consuming. You have to take photos, write a listing, communicate with potential buyers, and arrange shipping or meetups. | Very convenient. The process is fast, and you can often get instant credit towards a new device. |
| Risk | Higher risk of dealing with scams or difficult buyers. You are responsible for handling the transaction and ensuring a safe exchange. | Low risk. You’re dealing with a reputable company that handles the data wiping and logistics. |
| Payment | You receive cash or a direct payment via a service like PayPal. | You often receive store credit or bill credit, though some services offer cash. |
How to Prepare Your iPhone for Resale
Before you sell or trade in your device, always follow these steps to protect your personal information and maximize its value:
- Back up your data: Use iCloud or a computer to back up all your photos, apps, and other information.
- Unpair your Apple Watch: If you have an Apple Watch, unpair it from your iPhone.
- Sign out of iCloud: Go to Settings > [Your Name] and scroll down to “Sign Out.” This is a crucial step to remove the Activation Lock.
- Erase all content and settings: Go to Settings > General > Transfer or Reset iPhone > Erase All Content and Settings. This will completely wipe your personal data from the device.
- Remove the SIM card: Don’t forget to take out your SIM card before selling the phone.
Factors To Consider
Whether your old iPhone still has some value depends on several things. Here’s a breakdown of what determines how much you can get for it.
Storage Capacity
Generally, the larger the iPhone’s storage capacity, the higher its potential resale value. Phones with limited storage might not be as desirable, especially considering the large size of modern apps and media files.
Condition
An old iPhone’s physical and functional condition is a crucial factor. Devices in pristine condition with no scratches, dents, or malfunctions will command a higher price than those with cosmetic flaws or technical issues.
Functionality
A fully functional iPhone with all its features working as intended will be worth significantly more than one with broken components (like the camera or buttons) or software issues.
Market Demand
Specific older iPhone models might be in demand among collectors or those seeking a more affordable Apple device. This can fluctuate, so consider researching current market trends.
Resale Platforms
Different resale platforms, like online marketplaces, buyback programs, or direct selling to individuals, will offer varying prices for your old iPhone.
Table: Estimated Resale Values for Select iPhone Models
| Model | Approx. Release Year | Estimated Resale Value |
|---|---|---|
| iPhone 13 Series | 2021-2022 | $200 – $600 |
| iPhone 12 Series | 2020-2021 | $150 – $450 |
| iPhone 11 Series | 2019-2020 | $100 – $300 |
| iPhone X Series | 2017-2018 | $50 – $200 |
Please note: These are just estimates, and actual resale values can vary based on the factors discussed above.
Assessing the Value of Old iPhones
When it comes to old iPhones, their value can vary greatly. This depends on various factors like the model, its condition, and storage capacity.
Determining Resale Value
To determine an iPhone’s resale value, one must first consider the generation of the device. For instance, an iPhone 6 or 6s generally fetches a lower price than newer models such as the iPhone 11 or 12 due to advancements in technology and performance capabilities. The resale value of iPhones commonly reflects their age and how they stand compared to the latest models available.
Impact of Model and Condition
The model of an iPhone plays a significant role in its resale value. Newer models like the iPhone XR and iPhone XS are likely to sell for more because they have more recent features and better hardware. Furthermore, the iPhone’s condition is a crucial factor; a well-maintained iPhone 7 or 8 that looks almost new can sell for considerably more than one with visible damage or functionality issues.
Storage Capacity Influence
The storage capacity of an iPhone strongly influences its resale value. Phones with higher storage space typically have a higher resale value. For example:
| iPhone Model | Lower Storage Value | Higher Storage Value |
|---|---|---|
| iPhone 6/6s | $ | $$ |
| iPhone 7 | $$ | $$$ |
| iPhone 8 | $$$ | $$$$ |
| iPhone XR/XS | $$$$ | $$$$$ |
| iPhone 11/12 | $$$$$ | $$$$$+ |
iPhones with the minimum storage offer lower resale prices than those with max storage. Keep in mind that these values are not fixed and can fluctuate based on market demand.
Where to Sell or Trade-In Old iPhones
When it’s time to say goodbye to your old iPhone, knowing where to sell or trade it in can get you started on funding your next upgrade. With options ranging from online marketplaces to in-store trade-in programs, you have several paths to consider.
Choosing Online Marketplaces
Online marketplaces like eBay and Swappa offer platforms where you can list your iPhone for sale. These sites provide a vast audience, increasing the likelihood of finding a buyer. Swappa caters specifically to tech and ensures your iPhone is ready for a smooth transaction.
- eBay: Broad audience, auction-style listings.
- Swappa: Tech-focused, user-friendly platform.
Trade-In Programs
Several companies run trade-in programs that make the process straightforward. Apple’s iPhone Trade-In program can knock off a fair amount from your next purchase or offer an Apple Gift Card. Additionally, carriers such as Verizon, AT&T, and T-Mobile often provide trade-in deals especially when launching new iPhone models.
- Apple: Trade in for discounts on purchases or gift cards.
- Carriers: Opportunities for carrier-specific deals tied to contracts.
Selling to Private Buyers
Alternatively, selling directly to private buyers may yield a better return, but it requires more effort. Ensure your iPhone is unlocked to appeal to a wider audience, increasing its sale value. Gazelle is a notable online option that simplifies selling your device directly to a company instead of dealing with buyers.
- Private Sale: Potential for higher returns, more effort needed.
- Gazelle: A straightforward process for direct sales to a company.
Maximizing the Value of Your Sale
When it’s time to sell your old iPhone, taking the right steps can help you get the most money back. It matters whether you’re eyeing an upgrade or simply want to convert your tech to cash.
Preparing Your iPhone for Sale
Before you list your iPhone, make sure it’s in the best shape for buyers. Clean the device thoroughly, taking care not to damage any ports. Next, back up your data with iTunes or iCloud, so you don’t lose important information. Once that’s secure, perform a factory reset to erase all personal data. This step reassures potential buyers that they are getting a fresh start with the device.
- Backup: iTunes/iCloud
- Clean: Gently, especially ports
- Reset: Factory settings
For older models like the iPhone 6s Plus or the iPhone 7 Plus, verify if the operating system is up-to-date as much as the device allows. While you can’t update these to the latest iOS, having the most recent compatible version can add to its value.
Setting the Right Price
To set a competitive price, research is crucial. Start by checking how much Apple offers for trade-ins, particularly for newer models like the iPhone 12 Pro, iPhone 12 Pro Max, or iPhone 12 Mini. While Apple’s trade-in program gives you credit towards a purchase, selling your iPhone yourself might fetch a higher price in cash.
- Research: Prices for models like iPhone SE to iPhone 11 Pro
- Trade-In Value: Check Apple’s and carriers’ offers
- Set Price: Above trade-in value but fair to the market
Consider the condition of your iPhone as well. An iPhone 8 Plus with no scratches will sell for more than one with a cracked screen. Use online marketplaces to gauge what others ask for iPhones of similar condition and model. Remember, setting the right price helps sell faster while bringing you closer to your upgrade or next tech purchase.
Frequently Asked Questions
The resale value of iPhones can vary greatly, so understanding the factors that play into this can help owners gauge what they might get for their old devices. Below, we’ve compiled some common questions to clarify exactly what to expect when selling or repurposing a used iPhone.
What factors determine the resale value of an iPhone?
The resale value of an iPhone hinges on several key elements, such as its physical condition, the model and storage capacity, its age, and whether it’s unlocked or tied to a carrier. Newer models typically fetch a higher price, especially if they’re in good condition and come with their original packaging.
How can I calculate the value of a used iPhone?
You can estimate the value of your used iPhone by checking online trade-in programs or resale value calculators provided by sites like BankMyCell. These tools often consider your iPhone’s model, condition, storage size, and other specifics to generate an estimated value.
What is the market value of an original iPhone today?
Although an original iPhone, also known as the iPhone 2G, may not have high functional value in today’s market, it can be a prized possession for collectors. Its value largely depends on its condition, with mint-condition models possibly fetching a higher price.
Are there any collectors interested in older iPhone models like the iPhone 3?
Yes, collectors do often show interest in older iPhone models, especially those in excellent condition, with original packaging, and rare versions. Limited-release colors and well-preserved iPhone 3 models can be considered collectibles.
How much can I expect to receive for trading in my old iPhone?
Trade-in values for old iPhones vary widely. As a rule, newer models like the iPhone 11 and up tend to retain more value and can offer better trade-in deals. The exact amount will depend on the current demand and the condition of your device.
What are the best ways to repurpose or recycle an old iPhone?
If you choose not to sell your old iPhone, you can repurpose it as a dedicated music player, a remote control for smart home devices, or hand it down to family members. Alternatively, recycling through an electronic waste program is a responsible way to dispose of it.
