Apple iPhone 16 trade-in guide: How to use your old phone to get a new one

Apple’s iPhone 16 series Now widely available starting at $799, all models feature an action button and debut a camera control button for quick access to photos. You have several options for purchasing a new iPhone, whether you buy from Apple itself, a retail store, or a wireless carrier. But the truth is, all iPhones are expensive. The “cheapest” new iPhone you can buy is still iPhone SE for $429 Last updated in 2022. Alternatively, you can choose the reconditioning route, where you get a previously used iPhone that has been reconditioned by the manufacturer.

But the phone you already own could be the key to helping you pay for a new iPhone. Trade-in your device, especially if it’s in good condition, and you could get credit that can cover most of the cost of a new phone. Moreover, there are various options for achieving this, and you can adjust the payout possibilities depending on how much effort you put in.

Depending on the effort you’re willing to invest, we’ll look at different methods you can take to get the most bang for your buck from your existing iPhone. You can start with the easiest method. This typically involves a trade-in agreement with your wireless carrier, and then progresses to a website that sells the device privately, but you can get a higher profit by doing the work yourself. You can.

read more: Best cases for iPhone 16 and iPhone 16 Pro

iPhone trade-in carrier sale: Instant cash with conditions

meanwhile Apple’s iPhone 16 announcedthe company emphasized that if you trade in an iPhone 12 Pro or newer, the credit toward the purchase of an iPhone 16 Pro can be up to $1,000. While these credits are real, and can cost as much as $1,300 with Boost Mobile, you have to be willing to put up with your carrier’s fine print. This primarily involves signing up for a specific rate plan within the carrier’s portfolio, trading in the device (which the carrier will likely recondition and resell for its own benefit), and This means staying with a wireless carrier for two to three years. You will receive a full discount.

Although it can save you a lot of money, it is essentially a contract. Also, if you decide you don’t like your wireless carrier anymore, you’ll find yourself having to pay off the balance on your device while stripping away any remaining credits. If you know you won’t be willing to shop around for a new carrier within a specified period of time, it may be tempting to do so.

However, since wireless carrier plan contracts pop up frequently, it may be important not to sign a contract so that you have flexibility if a suitable contract appears. For example, back in 2017, when Sprint was still an independent carrier, it offered a free year of service to anyone who wanted to try it. At the time, I was on a Verizon plan that I shared with my family, and my cell phone bill was paid. I took advantage of a promotion that allowed me to take my line off the family plan and get almost a year of free service with my carrier by paying about $6 a month in taxes. When the year ended, I stayed with Sprint for a few more months before porting to Verizon’s Visible for a $25/month plan.

That said, when I joined T-Mobile in 2021, I took advantage of a trade-in agreement when purchasing my current iPhone 12 Pro Max. My carrier offered me a little over $500 in bill credits when I purchased a new iPhone, both by switching carriers and trading in my Google Pixel 3 XL. This saved me a ton of money and my phone is now fully paid off, but I’m now looking to extend the life of my iPhone a few more years and sign up for T-Mobile in case I get a better deal. I would like to avoid that. Additionally, T-Mobile currently offers the best trade-in offers only to customers on their most expensive Go5G plan, so I’d rather just stick with the Magenta Max plan at a lower rate. Masu. T-Mobile’s website says my iPhone 12 Pro Max could be worth as much as $300 unless I change plans, up from $1,000 if I agree to the plan increase. It’s far from it. That’s a tradeoff I don’t like.

Verizon and Boost Mobile offer similar terms to receive the highest trade-in credit. If you’re willing to forfeit a lower rate plan to get the full amount of credit, you’ll need to calculate whether the price difference is worth it to you. . AT&T offers the best trade-in value for customers on unlimited plans with either carrier, which can give you some flexibility. Personally, I’d rather lock in a lower monthly fee, but if you’d rather buy a more expensive plan for enhanced features anyway, it probably makes sense to switch.

iPhone trade-in websites: Easy money, but not a lot of money

There are many retail stores and refurbished device websites where you can buy used devices for cash. And what’s especially great about these websites is that they offer these benefits upfront, either as an instant discount on another device or as direct cash.

Apple itself offers trade-in credits when you buy a new iPhone, which can be used in conjunction with the carrier offers mentioned above. For example, if you trade in your iPhone 12 Pro Max for the price of an iPhone 16 Pro, Apple’s website states that they will give you $300 towards the price of your new phone.

You can also use services like Gazelle to trade in your device for cash, especially if you don’t plan on buying a new phone. On its website, Gazelle says it will offer $265 for my 256GB iPhone 12 Pro Max as long as my device is “like new,” meaning it meets its standards with only minor scratches.

The advantage of these websites is that you can earn cash and credits without having to sign a long-term contract with a carrier, but it means you won’t receive as generous promotions. However, it’s important to note that whenever you trade in a device, the company you’re transferring your device to will likely recondition your phone and resell it at an even higher profit. If you’re willing to put in a little more effort, you can maximize the amount of money you can make by selling on your own.

sell your iPhone yourself

Selling your own phone is the most labor-intensive of these options, but it allows you to get the most money possible for your device without having to sign a long-term contract with a wireless carrier. Possibly.

Websites like Swappa, a more device-focused marketplace, and the leading eBay have instructions for listing your device, recording its condition, and setting a price. Both marketplaces charge a sales fee for listings. For example, Swappa has a 3% fee, while eBay has a scaling scheme. However, it’s very easy to find out how much your device can cost, as you just search to see how much other people are selling the same phone for. For example, a quick search on both Swappa and eBay shows other 256GB iPhone 12 Pro Max phones selling in the $400 to $500 range.

However, while this is significantly higher than the quotes I received from Apple and Gazelle, it ultimately paid off with my willingness to take on the task of building the list, monitoring it, and shipping the devices myself once they were sold. Depends on whether it is there or not. But spending $500 to buy a new cell phone, again without having to sign a contract with a carrier, may be a worthwhile venture in the future.

Look at this: iPhone 16 review: About the buttons

10:04

timing is everything

Whichever option you choose to trade in your device, whether you take advantage of a carrier promotion or exchange through the Marketplace, be aware that the longer you wait, the less your device will ultimately be worth. Please. In particular, Apple reduces the cost of early iPhone models every September, so it’s very likely that the value of your personal devices will drop around that time every year.

And if you rely on your carrier’s lucrative promotions, their value will also decline over time or disappear entirely. For example, the $1,000 trade-in promotion we mentioned earlier is only available if you have an iPhone 12 Pro or newer model. If you still own an iPhone 11 Pro or earlier, you may receive a much lower trade-in quote from your carrier or trade-in website. Holding on to an older iPhone model first purchased after 2018 isn’t a bad thing since it’s still getting software updates like iOS 18, but you might not get a good trade-in promotion or a higher sale price. becomes even more difficult.