I paid $10 for My iPhone 5s

My current cell phone is an iPhone 5s. It cost me about $200 with a contract renewal. I paid for it using my Discovercard and earned 5%cash back, that more or less wiped out the taxes so I am sitting at about 200 bucks out of pocket.

My previous phone was the 4s, my very first iPhone. iphone2I owned it for over two years, a great little device. The iPhone has many strengths, I won’t go into all of them here, but one of the most appealing aspects of the iPhone is its high resale. No other phone commands as high of a price in the used handset markets. Say what you will about Apple products but they hold their value.

This allowed me to essentially use my old iPhone to buy my new iPhone. Some of my friend were shocked by the idea of selling your old phone, they simply toss their old handsets in a draw and forget about them. This is a terrible idea. As time passes the value of you old cell phone drops. Everyday you delay is money draining out of your pocket. Your best move is to sell your old phone as soon as you get your new phone.

To do this you have several options. The quickest and easier is to go with a company like Gazelle. You fill out some info on their site, send them your phone (free shipping), and get paid. This is a nice no hassle option, but it comes at a cost. Right now Gazelle is offering $100 for my iPhone 4s model.  Its good, but its about 1/2 of what I can get at other sites. I don’t mind doing a little extra work, so for me this wasn’t an option.

I choose to go with Ebay. Sure you have to create a listing, potentially answer questions, and ship it out, but to be honest I didn’t mind.

Before I listed my phone I watched a few auctions to see what a 16gb iPhone 4s in excellent condition was selling for. It seemed like $200 was the going rate. I created my ad and started a 5 day auction and it didn’t sell. My highest bid was $192.00. Frustrated I decided to take a different approach.

I created a fix price auction. This eliminates the wait time for buyers, they see your item and if they are interested they can grab it. I listed my phone for $220 knowing that if it didn’t sell I could relist and lower the price. I know it seems silly to raise the price of an item that didn’t sell, but I had a hunch.

As it turns out it paid off, with in hours of listing my phone was snatched up. Ebay charges 10% and Paypal another 3%. Thirteen percent is pretty steep, but Ebay is still the biggest game in town. The total of my fees came out to be about $30 and I netted $190 for my old phone. 

So when it is all said and done I paid about $10 for my iPhone 5s and all it took was a few pictures and a little bit of time. 

1 Comment

Filed under Saving Money

  • Nico Sagun

    Hi there! Do you have email where we can talk? I work with eCycle Best, and we’re a trade-in site that purchases iPhones. Perhaps you can do a feature about us?

    Let me know what you think! Here’s my email and I can explain more to you about our company there.

    Thanks!

    email: nico.sagun@ecyclebest.com