No we are not talking about fake Apple products from places like China – there is another iPhone Rip-Off right in front of your eyes.
Wireless carriers will undoubtedly vie for your iPhone trade-in once the much-anticipated iPhone 8 is released, but if you sell your old iPhone to your carrier you’re probably leaving money on the table.
Consider these facts:
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- Wireless carriers pay an average of 30% less than dedicated trade-in/buyback companies, which amounts to an average of $98 per iPhone (using current values for the iPhone 6s, 6s Plus, 7, and 7 Plus)
- In Q4 2016, Apple sold 78 million phones
- If the iPhone 8 matches that sales figure, people will collectively lose $7.6 billion if they sell their old iPhones to carriers instead of trade-in companies
That’s why it’s critical to conduct your research before you sell your iPhone. One of the most comprehensive iPhone value research tools is Flipsy.com. Known as the “Blue Book of iPhones,” the free service shows you:
- Current private market values for any iPhone model
- How much trade-in companies are paying for any iPhone (current cash offer comparisons)
- iPhone price histories and pricing trends
For example, if you are selling your iPhone 7 Plus (32GB black Verizon), you can use Verizon’s website to see that they are offering up to $350. Using Flipsy.com, you could see that:
- The private market value is $673, or 63% ($323) more than Verizon is paying
- Trade-in companies are offering up to $518, or 39% ($168) more than Verizon
- The iPhone 7 Plus has lost 14% of its value in recent months
So it is not hyperbole to say that while what companies like Verizon do is perfectly legally this is a iphone rip-off from the point of view of you the consumer.
Flipsy offers additional benefits, such as finding cash buyers (instead of the store credit paid by carriers) 30-day price locks that let you avoid any iphone rip-off sale by allowing you to sell your iPhone 7 or 6 etc now yet keep it until you buy the new iPhone 8. You can learn more about why trade-in companies are a better option than carriers here.