When it comes time to upgrade to the next smartphone, what should you do with the old one?
For convenience and immediate gratification, you may be tempted to trade it in to Best Buy or a wireless carrier’s retail store.
Fellow Denver Post reporter Carlos Illescas took that route when he upgraded to the iPhone 5 a year ago from the Samsung Nexus S 4G.
Verizon Wireless issued him a whopping $25 credit for a phone that cost $150 with a two-year contract two years earlier.
The true price Illescas paid for the Nexus S was actually around $600 after fulfilling the service-contract commitment.
Gadgets lose their value quickly, but they don’t tank from $600 to $25 in two years under normal wear and tear.
Needless to say, he regrets the move.
“I could’ve sold it to my buddy for $100,” he told me last week.
He could’ve sold the phone for more — probably about $200 in December 2012 — on a secondary retail site such as eBay or Craigslist.
Though it takes some work, reselling the phone yourself is the best option for budget-minded consumers. Be sure to keep the phone’s original box and accessories, which will help bolster the resale value.
To help price your phone, look it up on and add anywhere from $50 to $200, depending on the device, condition and accessories included. In general, Apple products retain their value better than other brands.
Another way to gauge the value of the phone is to search “sold listings” on eBay, which is available under the ” ” option.
If you don’t want to bother with reselling the device, I would recommend keeping it rather than trading it in to a retailer. Use the old phone as a backup in case you damage the new phone, and cancel that monthly insurance coverage from the carrier. After a year, you will have saved about $80 to $100 in insurance fees.
A full year after Verizon gave Illescas $25 for his Nexus S, the phone’s trade-in value from Best Buy, which also pays well under market value, stands at $15.
Andy Vuong : 303-954-1209, avuong@ denverpost.com or
