Media contact: Janet C. Hart, APR, CFEE, Fellow PRSA (704) 927-8617 office
(CHARLOTTE, N.C.) – Do you have iPhone upgrade envy? Are you trapped in a two year contract that makes it costly for you to buy a newer smartphone?
Last week, Apple rolled out its new iPhone 5s and 5c models, creating a worldwide demand for the latest smartphone technology.
If you are reluctant to upgrade because you have a sizable investment in your current smartphone or you are not eligible to upgrade for months, you may want to sell your old phone to buy a new one.
“Upgrading before you are contractually eligible usually means paying the full purchase price for a new smartphone,” said BBB President Tom Bartholomy.
“To lessen the sting, many people are selling their old phones and applying the money towards the purchase of a new phone.”
If you want to cash your older smartphone in, the BBB has these tips:
1. Backup all of your personal information, contacts and photos from the phone you are selling and then delete all of these items off of it.
“If your old phone has personal information on it, you could become a victim of identity theft,” said Bartholomy.
2. Remove the SIM card or microSD card and reset your phone to factory settings.
3. Pack up all of your old smartphone’s gear: original box, cables, charger, instructions and any other accessories you have for it.
“If you have all of the phone’s accessories,” added Bartholomy, “you will get a higher price.”
4. Determine what the fair market value of your phone is based on current purchase price, condition, age and other factors.
5. Research your options so that you can determine which buyer will give you the most money for your phone.
- Your wireless service – AT&T, Verizon, Sprint, T-Mobile
- Retail stores – Apple, Best Buy, WalMart
- Online trade-in services – Amazon, eBay My Gadgets, Gazelle, USell, Glyde, NextWorth
- Your friends, family and social media contacts
6. Before you sell your phone, find out what form of payment you will receive from the buyer.
Payment options include:
- Trade-in credit towards the purchase of another phone
- Store gift card to be used for any purchase
- Cash (via PayPal, check, or direct deposit)
7. Find out if you can decline the buyer’s offer and get your phone returned.
“If you are selling online, many buyers require you to send your old phone to them so they can assess its value,” said Bartholomy. “If you are unhappy with the buyer’s offer, you may be stuck with it because many online services will not return your phone.”
8. Determine how fast you need the cash from selling your phone.
“Selling your phone to friends or family is the fastest way to get cash,” added Bartholomy, “but online services can take several weeks.”
9. Check out the buyer. To insure a smooth transaction, you should check out the buyer before you sell your phone. You can check out online companies at www.bbb.org, review eBay buyer ratings or by running a Google search.
For more information about buying or selling online, please visit www.bbb.org.
# # #