With cellular carriers offering attractive upgrade programs that let you get the latest model every year or two, is it still worth taking the time to sell your old smartphone? Surprisingly, it can be. Upgrade programs are basically leasing you a smartphone, and while they're appealing for their low monthly cost, that cost adds up. In fact, over the 12 to 24 months you have the phone, you may not be saving much... or anything at all. If you're not an aggressive upgrader who just has to have the latest model every year, signing up for your carrier's upgrade program probably isn't a good buy.
If you're not using an upgrade program, you're either going to be paying for your phone in full up-front or paying it off from your carrier in installments. As installment plans are zero interest, they aren't a bad deal, though they will add to your monthly bill—just read the fine print to be sure you're signing up to buy, rather than lease, your phone. Pick whichever method best fits your budget and when you decide it's time to upgrade you can sell your phone to help pay for the next one. (Though if you're paying it off in installments, be aware that you'll need to pay it off in full before you can sell.)
Selling your smartphone online is simple, often just requiring you to pick your product, answer a few questions about its condition, and ship it off with a pre-paid label to get your cash. The only difficult part is figuring out where to sell it and what it's worth. To help you out, we've rounded up the major retailers and checked the price of a 16GB iPhone 5 and a 32GB Galaxy S6. When estimating costs, we said both phones were on AT&T, in good condition, and were able to powered up without problem. But before we dive into what each retailer offered, here are some general rules of thumb on what buyers will—and won't—pay for:
- After a new model phone is released, the previous generation's model will fall drastically. If you're looking forward to the next big smartphone announcement, it's best to lock in a trade-in price for your current smartphone beforehand.
- Phones on different networks may be worth different amounts. Unlocked phones or phones on AT&T or tend to be worth the most.
- Your phone's current condition has a big impact on its value. Phones in like-new condition earn a premium. Cracked, or otherwise damaged phones, won't be worth as much. Phones that don't work at all may not be worth anything. Though some companies will be interested in buying them for parts, most trade-in programs will say no. Anyone who accepts broken phones will be noted below.
- The older your phone is, the less it will be worth. Gear that's more than a couple of years old may not be worth anything at all, but you may be able to recycle it for free.
- Different color items may sell for different values, so be sure to select the right color.
- Personalization counts against you—a phone with personalized engraving will be worth less.
- Many trade-in programs want the power cable and sometimes other original accessories. If you don't have these, the phone will be worth less.
Now that you know what to expect, let's look at the trade-in programs available and what they'll pay.
In-store trade-in programs: Immediate credit
In-store programs are the easiest way to quickly get cash for your device. All you have to do is take your phone to the local store and hand it over. You'll get a gift card for the phone's value immediately—or if you don’t agree with their assessment, you can take your phone back and walk away.
The trade-off for convenience is price. These programs typically don't pay top dollar, and all of them pay you via a gift card, meaning you have to spend your money where you traded it in.
In-Store Trade-in Services
| How it works | What they'll take | What they'll pay for a 16GB iPhone 5 | What they'll pay for a 32GB Samsung Galaxy S6 | When they'll pay* | |
| Apple Store | Take your smartphone to an Apple Store and talk to a representative to evaluate your trade-in. | iPhones, iPads, certain other smartphones | $100 towards a new purchase | $370 towards a new purchase | Immediately, towards the purchase of a new device |
| Best Buy | Take your smartphone—along with all accessories, manuals, and packaging—to your local Best Buy and talk to a representative. Trade-in isn't available at all locations and some locations may only allow you to trade in items purchased at Best Buy, with an original receipt. | Smartphones, tablets, ereaders, MP3 players, video games, game consoles, computers, cameras, camcorders, and wearables | $67 as a Best Buy gift card | $176 as a Best Buy gift card | Immediately |
| Walmart | Take your smartphone to Walmart and talk to a representative to evaluate your trade-in. Walmart also accepts some broken electronics. | Smartphones, tablets, MP3 players, video games, game consoles, cameras, camcorders, car tech, calculators | $77.51 as a Walmart gift card | $151 as a Walmart gift card | Immediately |
| AT&T | Take your smartphone to an AT&T Store and talk to a representative to evaluate your trade-in. | Smartphones and tablets | $65 as AT&T promotion credit | Up to $180 as AT&T promotion credit | Immediately, towards the purchase of a new device |
| Sprint | Take your smartphone to a Sprint Store and talk to a representative to evaluate your trade-in. | Smartphones and tablets | Up to $45 Sprint account credit | Up to $200 Sprint account credit | Immediately |
| Verizon | Take your smartphone to a Verizon Store and talk to a representative to evaluate your trade-in. | Smartphones and tablets | as Verizon account credit for existing customers or a Verizon gift card for others | as Verizon account credit for existing customers or a Verizon gift card for others | Within one to two billing cycles |
| *Prices as of 3/18/2016 | |||||
Which site should you choose? Since all of these retailers pay in gift cards, the choice you make is really based on where you want to spend your money.
Better deals for those who can wait
If you don't need cash right now, a wide variety of online sales sites often give you better pay and, sometimes, options beyond gift cards. However, if the trade-in site disagrees with your assessment of the quality of your device, they may not pay as much as you expect—and you could be stuck with the lower rate or paying extra to get your phone back. Another thing you'll want to be aware of when you sell online is how long the price you're offered is good for: some require you to send in your phone immediately while others lock in your offer for weeks, giving you time to pick up a new smartphone before sending in the old one.
Online Trade-in Services
| How it works | What they'll take | What they'll pay for a 16GB AT&T iPhone 5 | What they'll pay for a Samsung Galaxy S6 | When they'll pay* | When do you send in your item: | If they don't think your device is worth the quoted value | |
| Amazon | Select what you're trading in, answer a few questions about its condition, then print a prepaid shipping label to send your item in. | Smartphones, tablets, cameras, books, video games, wearables, MP3 players, movies, music, and more | $70 as an Amazon gift card | $202.98 as an Amazon gift card | Within 12 business days of receiving your gadget | Within 7 days | When you submit your trade-in, you can choose what you want to do if it’s worth less than you thought — either have it returned, free of charge, or sell it for the evaluated price. |
| Walmart | Select what you're trading in, answer a few questions about its condition, then print a prepaid FedEx shipping label to send your item in. Walmart also accepts some broken electronics. | Smartphones, tablets, MP3 players, video games, game consoles, cameras, camcorders, car tech, calculators | $77.51 as a Walmart gift card | $151 as a Walmart gift card | 2-4 weeks after receiving your item | Immediately | Accept the evaluated price or have the device returned to you free of charge. |
| Apple | Select what you're trading in, answer a few questions about its condition, and Apple will ship you a prepaid shipping kit or let you print a prepaid shipping label to send your item in. | iPhones, iPads, certain other smartphones, laptop and desktop computers | $100 as an Apple gift card | $370 as an Apple gift card | 3-5 days after receiving your item | Within 14 days | Accept the evaluated price or have the device returned to you free of charge. |
| Best Buy | Select what you're trading in, answer a few questions about its condition, then print a prepaid UPS shipping label to send your item in. | Smartphones, tablets, ereaders, MP3 players, video games, game consoles, computers, cameras, camcorders, and wearables | $67 as a Best Buy gift card | $176 as a Best Buy gift card | 7-9 days after receiving your item | Item must be received within 14 days | You'll be paid the evaluated price. |
| Gazelle | Select what you're trading in, answer a few questions about its condition, then Gazelle will ship you a prepaid mailing box to send your item in. | iPhones, iPads, Macs, and select other tablets and smartphones | $60 by check, PayPal or as an Amazon gift card | $150 by check, PayPal or as an Amazon gift card | 3-5 business days after receiving your item for Amazon and PayPal or 7-10 business days for check | Within 30 days | Accept the evaluated price or have the device returned to you; you'll pay for shipping. |
| Glyde | Select what you're trading in, answer a few questions about its condition, and Glyde will suggest a price to sell it at auction on its website. Glyde takes 15% of the final sale price and charges a few dollars for a shipping kit (including packaging and shipping label), but the auction format will often still get you a better price. | Smartphones, MacBooks, tablets, video games. Glyde accepts some broken smartphones. | $62 to your bank, by Bitcoin, or by check (for a $2 fee) | $262 to your bank, by Bitcoin, or by check (for a $2 fee) | 4 days after your item has arrived | After you receive your shipping kit | If someone buys your item and finds it isn’t in the condition they expect, they can return it to Glyde who will return it to you, free of charge, so you can relist it. If your item is repeatedly returned, you will be charged part of the cost of shipping. |
| NextWorth | Select what you're trading in, answer a few questions about its condition, then print a prepaid UPS shipping label to send your item in | Smartphones, tablets, video games, laptops, iPods, action cameras, wearables, portable audio | $65 by PayPal or check | $197 by PayPal or check | Within a week (with an additional 3-10 days for a check) | Within 30 days | If the evaluated price is less than $10 or 10% of the original quote, NextWorth will pay the originally quoted amount. If the difference is more, you have the choice to accept the evaluated price or have the device returned to you free of charge. |
|
|
Select what you're trading in, answer a few questions about its condition, then Usell will show you the best offers on its network of professional buyers. Once you accept an offer, Usell will send you a prepaid shipping kit or let you print a prepaid shipping label to send your item in. | Smartphones, iPods, iPads, textbooks, game consoles, gift cards. USell accepts some broken items. | $70.68 by PayPal or check | $192.75 by PayPal or check | Within 5 business days of receiving your device | After you receive your shipping kit | Accept the evaluated price or have the device returned to you free of charge. |
| AT&T | Select what you're trading in, answer a few questions about its condition, then print a prepaid shipping label to send your item in. | Smartphones and tablets | $65 as AT&T promotion credit | $65 as AT&T promotion credit | As soon as they confirm the value of your item | Withing 30 days | You'll be paid the evaluated price |
| Sprint | Select what you're trading in, answer a few questions about its condition, then print a prepaid shipping label to send your item in. | Smartphones and tablets | Up to $45 Sprint account credit | Up to $200 Sprint account credit | Within 3 Sprint billing cycles | Within 45 days | You'll be paid the evaluated price |
| T-Mobile | For new customers, trade in your old phone within 14 days of receiving your new T-Mobile phone. Select what you're trading in, answer a few questions about its condition, then print a prepaid shipping label to send your item in. | Smartphones and tablets | $65 as credit for your T-Mobile bill | $187 as credit for your T-Mobile bill | Within 3 T-Mobile billing cycles | Immediately | You'll be paid the evaluated price |
| Verizon | Select what you're trading in, answer a few questions about its condition, then Verizon will send you a prepaid shipping kit or let you print a prepaid shipping label to send your item in. | Smartphones and tablets | as Verizon account credit for existing customers or a Verizon gift card for others | as Verizon account credit for existing customers or a Verizon gift card for others | Within 2 billing cycles | After you receive your shipping kit | You'll be paid the evaluated price. |
| *Prices as of 3/18/2016 | |||||||
Before you sell
Before you ship your gadget off, back up your documents, photos and videos to your computer or an cloud storage service. Applications can be backed up with iCloud, if you have an iPhone, or the Helium app, for Android devices. Then, encrypt your device. Follow the step-by-step directions in our story How to Enable Encryption on Your Smartphone or Tablet. Then, disable "Find My iPhone Activation Lock" (for iPhone) or "Reactivation Lock" (Android phones) and reset your phone to factory settings. Remove cases, screen protectors, the microSD card and your SIM card.
Whatever you choose, good luck navigating the trade-in marketplace!
Updated on 3/21/2016 with new information on services and what to do with your device when you sell.
[smartphone and money via Shutterstock]
