Selling your old phone to Apple? Read the fine print first & use an app!

Many retailers like Apple, Best Buy, Walmart, and other retailers have joined the re-commerce business – which means that you can now use them to sell your old phone and get some money in your pocket for the holidays.

With all of these newfound choices, how do you know what option to pick? How can you make sure you’re getting the best bang for your buck? Simply by keeping the following three things in mind when planning your next trade:

1. Price:

One thing you should know right off the bat is what your phone’s value is in real-time. This means knowing your phone’s exact value, at this exact time, with the exact damage that it has.When you go into an Apple, BestBuy, Walmart, or carrier store to upgrade to the new iPhone, you should go armed with knowledge and this research – know what your used phone is really worth. If you don’t, you can get a ridiculously low price – and you won’t even know it.

2. Adjusting to market prices:

Why might you get lowballed by Apple? Because Apple’s prices don’t adjust to the market, for instance, consumers might not get the best prices. Apple basically looks at a standard rate for each phone – depending on level of damage, age of the phone, etc. These are locked in prices that don’t really changes. However, because other companies are competition-driven, the alternatives are better able to get multiple bids from vendors and get you the best price.

3. Other issues:

Other things you should keep in mind is will you be offered cash or store credit? Will they take damaged phones? What about water damage? Also – will you be eligible for an upgrade? These are all things you must ask the retailer before agreeing to any type of transaction. Because you don’t want to get hit with a  big, bad surprise.