Its the worst-kept secret on the planet. We now know that Apple is announcing something on Sept. 9, and the smart money is that it will unveil a new iPhone (or possibly two new iPhones and a wearable, watch-like device). As a result, prices for used Apple smartphones are steadily dropping just like they always do prior to a new iPhone-palooza. In fact, according to gadget recommerce site Techexchange, over the past three years, prices for used iPhones have dropped roughly 20 percent in value during the month before a launch.
NextWorth, which tracks average eBay sale prices for iPhones, says the drop is closer to 25 percent. If you have an aging iPhone and you want to get the most for it before you inevitably upgrade to the latest and greatest, the time to sell is now. Like, right now. And yesterday would be even better. Buy here now Not everyone agrees that used iPhone prices are tanking. Prices in the buying marketplace may actually rise slightly before the launch, because there is a temporarily infux of available phones on sale. Prices traditionally drop another 5 to 10 percentage after the announcement. So that’s a potential 30 percent drop in how much you can get for your iPhone if you wait too long.
Want to sell an older iPhone, like the 4s? You wont make much. And you might as well give models older than the iPhone 4 to your kids or a recycling center. A big haul Techexchange expects to take in 25 percent more iPhone trade-ins than it did before last falls launch of the iPhone 5s and 5c. That may possibly be due to rumors surrounding the iPhone 6s allegedly larger screen. Pent-up demand could make the iPhone 6 launch the biggest one in years, says Ramon Llamas, mobile phone research manager for IDC. I know way too many people who have been holding onto their smartphones for two years or more, waiting for this announcement, he says. Their screens are cracked, their batteries are dying quickly, but they’re still waiting. That’s the kind of devotion Apple users have in anticipation of the next iPhone.
Sell yourself Its clear youll get more money selling your old handset to individual buyers on sites like OLX and Gumtree. But that extra cash comes at its own price. Youll also have to invest time in creating ads for the products, managing inquiries or bids, shipping the items, and dealing with potentially unhappy customers later as well as unsurity in the buyers you deal with. There’s also a huge variation in the buyback prices online resellers advertise. The prices some sites quote may end up being significantly more than what sellers actually receive, once buyers have had a chance to inspect the handsets and determine their real value.
Your options don’t end there. You can also take your aging iPhone in to iStore and get a credit. The downside? You’re getting store credit, not cash, which you can spend only with the iStore. The stores get the chance to upsell you and lure you into new contracts.
Even owners of Samsung smartphones are not immune to the New iPhone Effect, though its less dramatic. According to Bloomberg, prices for Samsung handsets drop around 10 percent on average during the months before and after an Apple launch.