It’s finally that time – the new iPhone 5S has been revealed and got, well, at least half of the tech world excited. If you are one of the people looking to get an upgrade then it’s a pretty good idea to get some cash for your old phone first, a move that’s become more and more popular over the years. But experts are warning that the value of older iPhone models is set to drop drastically, and quickly, if previous releases are anything to go by.
What’s happening to the value of old iPhone models?
Statistics from mobile phone recycling comparison site CompareMyMobile show that, following the iPhone 5 release in September 2013, consumers lost 21 to 30 percent of their existing device value within just 30 days. The iPhone 4S was the worst hit device, with consumers losing £20 within two days of the release, and a huge £99 off the trade-in value within just one month.
This was due to the huge number of valuations and trade-ins of existing devices around the time of the iPhone 5 release as people prepared to upgrade - the site showed a 367 percent spike in iPhone valuations when the smartphone went on sale.
Following the reveal of the 5c and 5S, iPhone trade-in valuations were up by 269.67 percent, overall device valuations increased by 54.89 percent and iPhone 5 valuations reached 1,033 percent – as people prepared to upgrade to the latest model. The site say that this is bound to effect trade-in prices.
Recyclers are forced to drop their trade-in offers to stabilise the mass volume of devices sent into them – a pattern which repeats itself with each new release.
How to get the best price for your old iPhone
In order to get the most money for an older iPhone model, it’s best to start tracking trade-in prices as soon as possible to avoid the sharp drop in pricing – there are a number of ways that you can do this.
Using sites such as eBay can be a great way to see how much cash other people are getting for their phones, and allows you to pick your own price, as long as you don’t mind the listing fees and percentage they take at the end. Free ad sites such as Gumtree also allow you to sell pretty much anything, and again let you choose your price. Although these aren’t
guaranteed sales, it’s still good to check out the prices and see what’s out there.
Some mobile manufacturers will offer you money off a new device if you trade-in your old one too.
Another option, is to use a mobile phone recycling price comparison site such as CompareMyMobile. The site says that most recyclers have a price promise that means your offer will be held for 7 to 14 days, giving you peace of mind if you get a good price. You also have the option of selling some broken phones if you’re happy with slightly less cash. Consumer reviews of the recycling companies also show you the experiences others have had with them, so you can make an educated to decision on the deal that’s best for you.
However you decide to sell your old iPhone, it’s clear that you need to start quickly before the prices drop.
Will you be buying the new iPhone? Have you ever sold an old device? Let us know by commenting below.