By: Megan Ray Nichols

Selling your old iPhone might defray some of the expense of a new one.

If you’re one of those people who always has to have the latest and greatest technology, then you’re probably ready and excited for the new iPhone 8. However, before rushing off to get the new technology, you have to do something with your old phone.

You have several options when it comes to getting rid of your old phone, and selling it is one of those. Your smartphone might not get you a lot of money on the precious metals market, but there are people who are willing to pay for your outdated technology. If you’re looking to get the best deal on your phone, there are some do’s and don’ts to make sure you get the most bang for your buck.

  1. Do Make a Plan

You’ll have to decide if you’re going to sell your old phone to a business or attempt to sell it yourself. Both have their positives and negatives, including the amount of money you could potentially get. Selling it yourself means you’ll get to keep all the profits and you can name your own price — whether someone is willing to pay that price is another story. Selling it to a company means there’s a set price, but you’re guaranteed a payoff. However, it might not be as much as you hoped.

You’ll have to decide what you’re willing to compromise to sell your phone and for what price. Doing a little research and making a plan about what you expect from the sale will help you get closer to your goals.

  1. Do Look for the Best Deal

Once you’ve made a plan, take a moment to shop around and see if there’s a better deal out there somewhere. That deal might not be online, so don’t be afraid to put up local ads and see what happens. Who knows? You might be able to sell your phone for more than you imagined. Perhaps one of your friends or someone in your family will be willing to take your phone off your hands. You never know until you ask!

  1. Don’t Wait Until the Last Minute

The closer it gets for the new technology to hit the market, the more flooded said market will be with old phones, which means they won’t be worth as much. If you’re willing to take a chance and wait, that’s your choice. There will always be people looking to buy older-technology phones for a reasonable price. If you want to get the most bang for your buck, though, then you’ll need to sell early.

Of course, selling your old phone before you get a new one means you won’t have a means of communication. Don’t worry, there’s a plan for that: just go out and buy a cheap phone to hold you over until the new one arrives. That way, you’ll have a backup in case something happens to your new iPhone and it needs to be repaired. You’ll also have a backup when the iPhone 9 comes out.

  1. Do Consider Trading in Your Old Phone

Trading in your phone could help you reduce the price of your new phone. You might not get as much as you were hoping for, but it will still help you offset the cost of the latest technology. You may even consider trading your phone in to stores to get credit or a gift card. The choice is yours!

If you have your heart set on getting the latest and greatest technology, the chance is right around the corner. Of course, that means getting rid of your old phone, but there are several ways to do that that will be well worth it.