Looking to sell your iPhone before the new model is released? The longer you wait can have a dramatic effect on the value of your phone.
Many users are looking to upgrade their phones to get their hands on the latest gadget after Tuesday's announcement of Apple's new iPhone 6 and iPhone 6 Plus.
Even if you are locked in a contract or not due for a subsidized upgrade from your phone carrier, you can still sell your current iPhone to help pay for the new model.
Many sites offer trade-in deals that will give you a fair amount of cash for your gadget.
Worried about not having a phone? Gazelle is letting users hold on to their current phones until Oct. 10 so they are not phoneless while waiting for the new model. Users must first lock in their deal by Sept. 9 through Gazelle.com.
Through Gazelle, you lock in a price online, and the company will send you a package to ship your phone for free. Once your phone is processed, you can choose to receive a check, gift card or PayPal.
If you are looking to get more bang for your buck, you can try selling your phone privately on eBay. Prices vary depending on the model and storage space of your iPhone. Current listings on eBay as of Monday found iPhone 5S models being sold on eBay for between $300 and $500.
Another option for a user looking to unload their iPhones is Craigslist. You should complete your Craigslist transaction in a public place to be safe. Keep in mind that Craigslist does not offer any “buyer/seller protection” as they are not involved in any transactions.
Apple also has a trade-in program called Apple Reuse and Recycling Program that lets users trade in their phones and receive an Apple Store gift card in exchange. A previously owned iPhone 5 was estimated at a value of $225, while an iPhone 5S is currently not available to trade in through Apple’s site.
The value of a previous iPhone model typically drops when a new model is introduced, so the sooner you sell your phone, the more money you may be able to get.
The price of new iPhone's without a contract typically starts at $649 depending on the model of the phone. If you are due for an upgrade, or start a new contract, prices for new models start at $199.
Check with your carrier to see if you are eligible for an upgrade.