When upgrading to a new cellphone, one of the key decisions you’ll face is whether to trade in your old phone or sell it. Each option has its own set of pros and cons, so it’s important to weigh them carefully to determine which is the best fit for you.
Let’s explore the advantages and disadvantages of both options to help you decide whether trading in or selling your phone makes the most sense!
KEY TAKEAWAYS
Selling Your Phone:
- Platforms: eBay, Craigslist, Facebook Marketplace, OfferUp, Nextdoor
- Example: iPhone 11 on eBay – $480 vs Apple trade-in $300
- Pros: Higher payout potential, more cash
- Cons: Time-consuming, requires finding a buyer, shipping, potential buyer issues
Trading In Your Phone:
- Process: Estimate → Prepaid shipping → Condition assessment → Final value → Credit/compensation
- Pros: Easy, convenient, no pricing or logistics issues
- Cons: Lower value, older phones may be ineligible
WeFIRE Newsletter
A weekly roundup of money news, budgeting hacks, tax strategies, book reviews, and bursts of inspiration to support you on your path to financial independence.
