When Is the Best Time to Sell Your Phone for Cash?

Owning a smartphone is an ongoing process.  As newer flagships come into play, older versions slowly fade out, either becoming incompatible or simply outdated.  Your top-of-the-line flagship smartphone from 2014 probably seems like an ancient relic compared with today’s perfectly efficient phones.  Features we didn’t think possible a few years ago now seem indispensable, like fingerprint sign-in for example. But these are not the only reason we want to get rid of old phones; as phones get older, they start to become incompatible with apps we deem essential.  All of this means that upgrading your smartphone every few years has become somewhat of a necessity. But smartphones command rather hefty prices, and most of us can’t afford to throw a few hundred dollars down the drain every couple of years. Many people opt for selling their smartphone before upgrading to a new one, but doing so can be tricky.  If you found yourself wondering when is the best time to sell your phone for cash, you are not alone.  Believe it or not, there is a good time and a bad time to sell your phone. So, how would you be able to tell the difference?

How Do You Determine the Best Time to Sell Your Phone for Cash Anyway?

Hold Your Horses, Not So Fast!

Unless you’re into losing money, you likely would not sell your phone as soon as you bought it.  Let’s face it, as soon as you pull that phone out of the box, it just won’t sell for new anymore.  In fact, “Smartphones depreciate as much as 65% as soon as they come out of the box,” according to Policy Genius.  As light as your level of use may be, you are still selling a used device–keyword used.  So even if you reassure the buyer that you only used the phone to make four calls and nothing else, they see it as a second-hand device.  There is a reason people buy used phones; they do not want to pay the full price for a new one. If you are thinking about selling your phone for cash, a wise thing to do would be to scope out second-hand prices for your model.  Use your phone to the point where you feel that selling it for that price would be fair to you and the buyer.  If, however, you would rather sell your phone for cash early on, you will probably have to take a loss.

Stay Informed about Upcoming Flagship Releases

Flagship smartphones keep being released at a dizzying pace, and you’ve likely taken notice. Keeping up with flagship release dates is a smart way to help you determine the best time to sell your phone for cash.  Before the release of a new model, your phone can earn up to 25% more than it would after the new release, according to Policy Genius.  As a tip, manufacturer releases are usually announced toward the end of the year.  And while most of us simply aren’t smartphone enthusiasts and do not go out of our way to learn this type of information, it usually reaches us one way or another.  Google News, for example, has a “Technology” tab where this information is announced. Other times, manufacturers advertise expected new releases on TV or on the internet. Regardless of how you find out, you can use this information to your advantage and sell your phone for the highest profit margin.  

Take Advantage of That Trade-In

Selling your phone right before a newer model is released usually signals that you plan to buy the new model.  Big companies, like Apple and Samsung, make upgrading convenient to customers through trade-in programs where you can switch your old phone for a new one and pay the difference.  Additionally, cell phone providers also do trade-ins, where you can turn in your old model and get a new one, with an adjustment in your payment plan. Trade-ins can be especially beneficial if you have an older model that won’t fetch much if you sell it on your own.  

Conclusion

The decision to sell your phone for cash has many implications.  What is the best resale method? How to avoid scammers posing as buyers?  Is selling my phone worth it at this point or should I just use it until it stops working?  All of these are legitimate questions. But knowing the answers to them is not good enough if you don’t sell your phone at the right time.  Timing is key to everything, and selling your phone is no different.