I’m thrilled to share this guest post by Brent from VOSA. Brent has an impressive background as a world record holder, inventor, engineer, entrepreneur, traveler, and eternal optimist.
Yesterday, Apple revealed the new iPhone. If you’re a current iPhone user or just a tech enthusiast, you might already be eyeing it, even if you recently bought the iPhone 5S.
In my opinion, no other company is as effective as Apple in encouraging people to buy upgraded versions before they really need to. I’m guilty of this too. Over the years, I’ve owned multiple Apple products, including various iPods, several iPhone models from the 3G up to the 5S, and a MacBook. It’s startling to think about how much money I’ve spent on these devices, many of which perform the same functions.
You might also have a collection of Apple devices at home gathering dust. While I’m not saying you shouldn’t buy the latest iPhone, especially if you’ve been saving up like budgeting tools recommend, I do suggest selling your old phone before getting the new one. This way, you can fund part of your new purchase with the proceeds from the sale.
The amount you get for your old phone will depend on its make, model, and condition. For instance, an unlocked 64GB iPhone 5S can fetch at least $310, which can significantly offset the cost of a new iPhone 6 that ranges from $199 to $499 on a contract.
HOW & WHERE TO SELL YOUR OLD IPHONE
If you haven’t saved enough for the new iPhone but are determined to get one, selling your old device can help cover the cost. Based on my experience buying and selling phones, there are three main marketplaces to consider, each with its pros and cons:
1. eBay: One of the world’s largest online marketplaces. It’s great for getting top dollar for your phone and assures a quick sale, sometimes within 24 hours.
2. Craigslist: An online classified section for local transactions. It’s free to list and sell items here, but there are safety concerns with meeting buyers in person and handling cash.
3. Gazelle: A website that offers instant quotes and buys your old iPhone on the spot. It’s extremely simple to use but typically offers the lowest payout as they resell the phones.
If you’re looking to convert your old phone into cash, choose one of these marketplaces and follow a detailed guide for selling your phone.
THE BOTTOM LINE
Whether you decide to keep your old phone or sell it to help fund the new one, consider using the YNAB (You Need A Budget) app. It’s not just budgeting software; it’s a way of life. YNAB helps you manage your money effectively with four main rules: assign every dollar a job, save for a rainy day, roll with the punches, and live on last month’s income.
Did you know that the median YNAB user’s net worth increases by $200 in the first month and $3,300 in the first nine months? For a chance to win a copy of YNAB and gain control over your finances, click here to enter the giveaway. This could also help you start saving for the next iPhone release. Enjoy!