Selling Your Old Phone: the Best Bang for Your Buck

Upgrading your cell phone is an exciting time. However, you probably still have the previous model in your possession. You can sell, donate, or recycle that phone; if it's fairly new and in decent-or-better condition, you'll probably want to make some money. The main focus of this blog explores the most common ways to sell old phones, including the pros and cons of each method.

When you upgrade your smartphone, you have several options for turning your previous model into cash. That money can help offset the cost of the new phone, pay for accessories like a protective case, or simply sit in your bank account for a rainy day. Regardless your old phone can be worth as much as a few hundred dollars depending on the model, its condition, and how you sell it. Here are the most common options, along with pros and cons.

Self-service Kiosks

Malls, supermarkets, and other shopping areas now include kiosks that let you quickly deposit your old phone and collect money-right there on the spot. However, these kiosks don't pay as much, generally speaking, as you'd get from your mobile device if you exercised the patience required to sell on the Internet. For example, an ECOATM kiosk will currently offer between $6-30 for an ATT iPhone 5c. Granted, that model isn't the latest and greatest-in fact, that iPhone isn't even one of plastic (versus metal) case-but current eBay listings for the exact-same phones begin at more than $100. That's a steep price difference, so you may want to take the few extra days that you'll spend selling your phone online.

Trade-in Sites

Online-auction sites like eBay aren't the only Internet games in town; you also have the option of trading your phone for cash through sites like Glyde-that site, by the way, lets you set your asking price based on whether you want to sell quicker, wait it out for the maximum probable selling price, or go with the middle "market price" value.

(Currently, the iPhone 5s's"market price" is $136, with Glyde suggesting that users sell now because their forecasts indicate that the price will drop within the week.)

The catch with sites like Glyde is that they have to make money, too, so they'll charge you fees for listing. However, you'll also pay to auction off your phone on eBay-and despite those fees, you're still making more than you would at a kiosk.

Craigslist, Bulletin-board Postings, and Other Local Sales

Your community's full of people who'd gladly give you some cash for your unwanted cell phone-and you have plenty of ways to meet up with those potential buyers. Online or offline, you can connect with those fellow citizens quickly and easily. Also, you can name your asking price; if it's too high, people simply won't bite, which is your cue to go lower. Most postings are free but, if you decide to take out a classified ad or other, paid notice, you'll have to pay a little upfront: it is a good motivator to research the local market to determine what price range is the most likely to attract customers.

Be wary, though, of potential thieves. If you meet a stranger, do so in a public, well-populated place, which will discourage criminal activity. You can also opt to bring a friend to the transaction. Also, to reduce the risk of fraud, make sure you're familiar with the payment method you're requesting-how to spot counterfeit or fake currency or transaction numbers, whether or not the buyer can chargeback or otherwise reverse the payment, and the like.