iPhone 12 is right around the corner! So, if you want to buy or update to the newest model, it looks like the new iPhone 12 family is going to be the go-to choice. However, you might be asking “what should you do with the old iPhone? Don’t worry, I am here to help.
Sell it, Don’t Trade it
Once you properly back-up your old device, and perform a factory reset to erase all the data, it’s time to consider trading or selling your old iPhone.
We all know that you can trade-in your old phone for credit toward the next purchase or Apple Gift Cards (you can use it anytime) in App Stores. But, there is a good chance that you won’t get much from Apple or carriers. Consider selling it to retailers on Decluttr, Gazelle, or eBay.
Don’t Wait too Long!
According to researchers, current iPhone models are estimated to drop 15% in value on average, within the first month after the iPhone 12 is released. And, it doesn’t stop there. The next drop will happen by the third month. This time, it will decrease by 26% in the value of all previous models.
In fact, the largest drop in the past releases belongs to iPhone XS and XS Max, which dropped by 40% and 39% within the month of the iPhone XR release.
On top of that, to make an upgrade even more enticing for iOS users, many mobile providers and retailers are offering a trade-in incentive. Plus, there are several decent sites that are willing to buy your old iPhone at a good price. After all, you don’t really need it after buying the new iPhone 12. So, why not start selling it from now?
Back up and Wiping your Old iPhone
Whether you choose to trade-in or sell your old device, there are 2 things you need to do beforehand. That includes backing up your phone and properly wiping your device for safety.
To back up your phone: Go to Settings > Tap your name > Tap iCloud > Choose iCloud Backup and then “Back Up Now.”
After backup is done, the next step is to wipe your phone completely:
Go to Settings > General > Reset
Here, you’ll find an option to Erase All Content and Settings. Enter your Apple ID and device passcode and it’s done.
How Much is Your old iPhone Worth?
If you decide to sell your iPhone, you will probably wonder how much your device is worth. So, we’ve gathered all the data from many top trading websites in the section below.
Best iPhone trade-in deals for October 2020
iPhone 7 (unlocked, good):
- Apple Trade-In: Up to $110 Apple Gift Card
- Gazelle: $58 cash (32GB)
- Gazelle: $79 cash (128GB)
- Decluttr: $100 cash (32GB)
- Decluttr: $112 cash (128GB)
iPhone 8 (unlocked, good):
- Apple Trade-In: $170 Apple Gift Card (any capacity)
- Gazelle: $106 (64GB)
- Gazelle: $118 (256GB)
- Decluttr: $171 (64GB)
- Decluttr: $193 (256GB)
iPhone X (unlocked, good):
- Apple Trade-In: $280 Apple Gift Card (any capacity)
- Gazelle: $184 cash (64GB)
- Best Buy: $190 (64GB)
- Decluttr: $321 (64GB)
- Decluttr: $346 (256GB)
iPhone XS (unlocked, good):
- Apple Trade-In: $370 Apple Gift Card (any capacity)
- Gazelle: $201 (64GB)
- Best Buy: $215 (64GB)
- Decluttr: $361 (64GB)
- Decluttr: $381 (256GB)
iPhone 11 (unlocked, good):
- Gazelle: $287 (64GB)
- Gazelle: $364 (256GB)
- Decluttr: $461 (64GB)
- Decluttr: $511 (256GB)
- Apple Trade-In: Not yet available for iPhone 11 & iPhone 11 Pro
iPhone 11 Pro (unlocked, good):
- Gazelle: $383 (64GB)
- Gazelle: $470 (256GB)
- Decluttr: $576 (64GB)
- Decluttr: $601 (256GB)
We hope this article will help you decide what is best for you. Also, if you have any questions, just let us know in the comments!