By Jim Donovan
PHILADELPHIA (CBS) – September 10th is the date that Apple is widely expected to introduce its newest iPhone, rumored to be called the iPhone 5S. Talk on the street is that it will be gold colored, have a finger print sensor and that a low-cost model called the iPhone C will be released too. 3 On Your Side Consumer Reporter Jim Donovan has information so that you get the most bang for your buck for your current model.
It never fails. The minute a new iPhone is introduced Apple fans run to the store and then search for ways to get their old phone out of their hands. Old iPhones hold their worth better than any other smartphone on the market, but resale values takes a nosedive around the time Apple announces a new version. In fact waiting until the actual announcement date means you are already late to the game.
“There’s a pretty vibrant market out there for second hand iPhones and the pricing on second hand market is affected by the iPhone 5 announcement. When the new phone comes out the old phones lose value,” says Nick Raman of USell.com. How much value? If past years are any indication, the week after a new iPhone is announced older phones lose five percent of their value, two weeks after the announcement that’s up to a 12 percent, and by week three or four expect to lose 20 percent in value.
So consumers are trying to cash in now. “The top price for an iPhone5 in flawless condition is currently about $350 – $360 on USell,” says Raman.
In the past, 50% of smart phone owners didn’t even think about trading in their device, many opting to stash it in the bottom of a drawer. But that number is decreasing. According to Raman, “You can lock in a quote, you know for 30 days and then once you get your new phone you can send in the old phone and still get the high value without having to suffer that depreciation.”
The website Gazelle got one iPhone every five seconds last week, that’s up 70 percent from the previous week. Another site, NextWorth says it’s been flooded with iPhone 5 models as well. There’s also iCracked, Glyde, and of course, eBay and Amazon to look into as well. For more information on these companies and others that allow you sell your old phones visit the links below: