How Much is My iPhone Worth? Evaluating Device Value
Whether you're upgrading to a new device or simply looking to cash in on an old iPhone, you'll need to know the exact value of your current device. However, there are so many factors that influence price that selling a phone can be confusing. The way you want to, its condition, and the market demand for apple devices or other models.
This article will guide you through how to determine the value of your iPhone or other smartphone, and explore the best options for selling it, including direct sales, iPhone trade in programs, and services like ecoATM.
How Much is My iPhone Worth: Key Factors
There are several factors that can affect your iPhone's trade in value, and understanding these can help you set realistic expectations when you’re ready to sell. Some of the primary factors include:
- Age of the phone: Most devices will have lost 50% or more of their value within three years of the original launch date.
- Brand: Apple devices like iPhones retain their value better than models from brands such as Google or Samsung, let alone smaller brands.
- Storage capacity: Devices with more storage hold their value better over time compared to those with small storage.
- Aesthetic condition: Phones in excellent condition fetch higher prices than those with scratches or cracks.
- Performance: A good condition device that functions well will be worth more than one with issues like a degraded battery.
- Unlocked status: Phones that are unlocked from their carrier are typically worth more than those locked to network providers.
- Demand: The final value of a phone is also dependent on how many buyers are interested in that model.
Age and Model of the Phone
The age of a phone significantly impacts its trade in value. Newer models like the iPhone 13 Pro Max are in higher demand and will save more of their original value. Older apple models, on the other hand, experience a steep drop in prices.
iPhones generally hold their value better than other models. For instance, after three years, an iPhone might lose around 50% of its value, while a Samsung phone may lose 70% or more.
Your phone’s model can also have a huge impact on its resale value. While flagship iPhones like the iPhone 12 Pro Max or iPhone XS Max remain more valuable than mid-tier models, they actually lose more of their original value.
When a $1,000 mid-tier model has dropped to $500, a $1,500 flagship model might depreciate to $650. The initial value of Apple's flagship devices isn't just their advanced tech, but a premium for their cutting-edge exclusivity. As such, they get hit especially hard by new releases.
If you have a flagship iPhone and want to recoup the money you spent on it, it's especially important to act fast.
Storage Capacity
The storage capacity of your phone also influences its resale value. For example, an iPhone XS Max with 256GB of storage will typically sell for more than one with 64GB of storage. Buyers generally look for higher storage capacities because they can store more data without running out of space.
The difference in value between two identical phones but with different storage capacities can be significant. This is often out of proportion to the cost of the hardware, as practicality is especially important for people who buy used phones.
In this market, a less powerful phone with high storage capacity is often more appealing than a more powerful phone with less storage capacity.
Aesthetic Condition
A phone in excellent condition will always fetch a higher price than one in good condition but with visible signs of wear and tear. Buyers are willing to pay more for a device that looks brand new, even if it’s a few years old. Here’s how condition typically affects resale value:
- Pristine condition: No scratches, dents, or visible wear. These phones often sell for close to the new device price.
- Good condition: Minimal wear with no significant damage. These phones will still fetch a decent value, though not as much as pristine ones.
- Fair condition: Some visible scratches or damage, but the phone still works well. These phones will sell for a reduced price.
- Poor condition: Major damage like cracks or water damage significantly reduces a phone's trade-in value.
Performance of the Phone
Performance is a key factor in determining how much your phone is worth. A phone with battery issues, slow response times, or software glitches will naturally command a lower value.
Buyers want devices that work seamlessly. So if your phone is in top working condition and doesn't suffer from poor speed or battery life, it will hold considerably more value.
Carrier Lock Status
An unlocked phone can work on any mobile network is more valuable than a locked phone that can only function with a specific carrier like T-Mobile or Verizon. This is because an unlocked iPhone provides more options to buyers, including the ability to switch carriers or use the phone internationally.
If your phone is still tied to a carrier, try unlocking it first to increase your sale value.
Options for Selling Your Phone
Once you’ve evaluated your phone’s trade in estimate, you’ll need to decide where and how to sell it. Each selling method offers its own advantages and drawbacks, so it’s important to choose the one that works best for you.
The Pros and Cons of Direct Sales
Direct sales on platforms like eBay, Facebook Marketplace, and Craigslist can get you the most money for your current device, but they come with their own challenges. You can set your own price on these platforms, and going straight to a new owner has the potential to net you the full value of your device.
But this is often only potential. All phones rapidly depreciate, which means that failing to close a sale immediately can result in a loss of value. It often takes time to find a sincerely interested buyer, and by then you may have lost value in your phone.
This is even more problematic because managing a direct sale involves sinking considerable time, and sometimes money. To sell your phone quickly, you need to create and promote multiple listings, handle negotiations from buyers who want to haggle, and manage shipping -- or even meet a stranger in person.
When you factor in these external costs that come with direct phone sales, they start looking like a less economical option.
Trade-In Service Limitations
Many phone companies like Apple and Verizon offer iPhone trade in programs that give you a trade in estimate for your device. Apple's trade-in value is often lower than what you’d get selling directly to a buyer, but the process is convenient. However, price isn't the only drawback.
Trade programs from the Apple Store will often provide store credit rather than cash. If you don't need money for anything but your next device purchase and a new iPhone, that can be fine.
But if you want an Android phone, would prefer to have cash left over after making a down payment, or have a bill to pay, you're out of luck with the Apple Store. Your device's trade-in value may also be better with a competitor, depending on the condition and model of the device.
Easy Sales and Great Rates with ecoATM
If you want a quick, no-hassle sale, ecoATM is the perfect solution. Our kiosks are located in malls and stores across the country, and you can use them to sell your phone for instant cash. The process is simple: place your phone in the kiosk, get an estimate, and walk away with cash in hand.
Get Paid How You Want
Unlike apple's trade in program or selling through a trade in service, we give you cash rather than store credit, which you can use however you like. This makes it a flexible option whether you need to pay bills, put a down payment on a new device, or save for the future.
Environmental Responsibility
Environmentally responsibility is at the heart of both ecoATM's mission and the circular economy as a whole. When you turn old Apple devices in with us, we either resell to new buyers or recycle the phone for its minerals and components.
Selling to us is an easy way to avoid increasing toxic e-waste in landfills and reduce demand for ecologically destructive mining.
Simple Sales Process
Preparing your phone for a sale with ecoATM is a simple, streamlined process:
1. Back up your data to iCloud or external storage.
2. Factory reset your device to clear your private information.
3. Place your device in the ecoATM kiosk to get an instant evaluation and price offer.
4. If you like the offer, sell your device and receive cash on the spot. You're free to keep your device if you prefer not to make a sale.
Find Out How Much Your iPhone is Worth with EcoATM
Evaluating your iPhone model is the first half of selling it. Once you understand how much your iPhone is worth, you need to choose how to sell it.
While direct sales offer the highest potential returns in theory, they require a great deal of time and effort. There's a risk of theft, and making the sale may take so long that your phone depreciates and you need to reevaluate the price.
If you want to preserve the value of your device, selling fast is essential. Get convenience and great rates together by selling to ecoATM. Get started by heading to the nearest ecoATM kiosk today, or price your device on our website. From there, turning your old device into new cash will only take a moment.
FAQs
How do I find the value of my iPhone?
You can determine your iPhone's trade in value by checking online platforms such as eBay or trade-in services like ecoATM. Alternatively, you can visit the Apple Store or other retailers to receive a trade in estimate. Be sure to check the condition, storage capacity, and the phone’s exact value in the current market.
How much can I sell my iPhone for?
The amount you can sell your current device for depends on factors like the model, condition, and whether it’s unlocked or tied to a specific carrier. Typically, iPhones in good condition with higher storage capacities will fetch higher values. You can find a more accurate estimate by using services like our Price Your Device tool.
Is my old iPhone worth money?
Yes, even an older model can still be worth money, depending on its condition and functionality. We offer cash for older models, even if they are several years old. Keep your Apple ID handy when checking trade in programs or selling to ensure a smooth process.
What iPhone has the most value?
Flagship models like the iPhone Pro Max or the iPhone 13 Pro tend to hold the most value. These models have better features, more storage, and higher demand. Unlocked devices also tend to sell for more than locked phones, as they give buyers more flexibility to switch carriers or use the phone internationally.