Do you have the means to making hundreds of pounds just gathering dust in a drawer?
When upgrading our smartphones, most of us will keep our old device either as a back-up or simply because we don’t know what to do with it.
There are more than 55 million phones lying around in our homes, according to mobile network GiffGaff, with almost half of them abandoned after breaking.
But experts say you could make hundreds of pounds by reselling these phones – even if they are damaged and no longer work. This money can then be put towards the latest upgrade.
Kara Gammell, personal finance expert at MoneySuperMarket, says: ‘How much you’ll get for an old phone depends on the handset itself and offers will depend on the make, model, age, and condition of your device.’
Don’t leave an old phone in a drawer, far better to trade or cash it in to release some cash
‘Even if it doesn’t work recyclers will break it down into its materials and parts and anything that can be salvaged will be recycled and reused in other electronics, while any toxic materials will be disposed of safely.’
In mint condition, an Apple iPhone 14 Pro Max with 1TB of memory will net you £610 today, according to mobile resale and recycle site Reboxed. That’s not far off the price of this handset with 125GB of storage – so much less memory – when it launched in September 2022 at £1,199.
If it’s a bit battered but still working you could get £450 for the iPhone 14 Pro Max – half the cost of the new iPhone 16 at £799, experts say.
Even if the phone won’t turn on or the screen is badly damaged, don’t despair – you could still sell it for £270, based on Reboxed prices.
Many of us have more than one old handset. If you’ve also got an iPhone 15 Pro with 256GB memory in working order, you could get another £370 selling to Reboxed – leaving you with the new iPhone 16 model and an extra £20 in your pocket.
Gammell says: ‘Whether your old device has a cracked screen, several years of bumps and scrapes or always overheats, you’ll still be able to get something for it.’
TRADE IN
Most major mobile phone networks will gladly take your phone off your hands when you upgrade. But before you do, Simrat Sharma, a mobiles expert at Uswitch.com, recommends checking the small print.
She warns: ‘You won’t always get cash for these trade-in schemes and some will offer credit towards the purchase of a new phone you can use with them only.’
You may find you can get a better deal elsewhere. If you have a relatively new phone that is in good condition, opting for a trade-in with the manufacturers themselves when upgrading to the latest model will give you the best value, Sharma says.
‘You can get an estimated £395 in trade in value from Google when returning a good condition Pixel 8 (released in May 2024) and buying the Pixel 9, which has just been released.’
By comparison, when Money Mail looked online, the Google Pixel 8a 256GB, unlocked and in excellent condition, would fetch £160 in cash from Mazuma Mobile or £150 from MusicMagpie. That is less than half what Google would pay for the same device.
When it comes to Samsung phones, Sharma says a good condition Samsung Galaxy S23, which came out in February 2023, should give you up to £400 off against the cost of upgrading to an S24 with a network provider directly.
Resale site Sell My Phone is currently offering £320 for this model in excellent condition and £256 if the phone is in full working order, has all its accompanying parts but with heavy wear and tear to the screen.
A faulty handset – for example with water damage or a missing stylus, would still fetch up to £240.
DO IT YOURSELF
How and where you sell old mobiles will affect how much you get for your old device.
Some price comparison sites such as MoneySuperMarket, Compare and Recycle, Compare My Mobile and Sell My Mobile Phone search resale sites to show you the best price.
However, not all resale sites will buy older models and some don’t accept all makes of phone.
Sharma says you could get a better offer if you make the effort to sell your phone to a buyer directly.
She recommends having a quick scan of second-hand auction websites, such as eBay and Amazon Marketplace.
‘Do your research into how much other people are selling the same model for. Selling on marketplaces means you’ll be up against lots of competition so it’s important to make your listing appealing – the right turn of phrase can make all the difference.’
Good quality photos are key as buyers want an accurate idea of the phone’s condition.
Sharma says: ‘Many people won’t even open up the listing if they don’t like the look of the pictures.
‘If you have the original box, charger, instructions, and anything else that came with it, that’s a huge plus, too.’
The price differential can be significant. The condition of the phone will make a difference to what buyers will pay, as well as how many similar phones are available for sale.
The value will also depend on its memory size – higher memory models are worth slightly more.
When Money Mail searched online, sellers had listed the iPhone 14 Pro Max with 256GB of memory for between £999.99 and £1,200 on eBay, £570 on Facebook Marketplace and £850 on the Nextdoor app.
If you sold the same iPhone to resale site WeBuyAnyPhone.com you would get £570, while Sell My Mobile is offering £536 and PhoneBox will pay £565.
WHEN TO SELL
Some phones will command a premium just before the new model is released – and could be worth hundreds of pounds less if you hold onto them for too long.
You could make hundreds of pounds to upgrade your handset or treat yourself
For example, if you have an iPhone, it could be worth waiting until August to sell it.
Compare and Recycle’s Antonia Hristov says: ‘Our historic trade-in data that tracks resale prices for every iPhone model and suggests that, on average, older iPhones sell for around 20 per cent more in the run-up to September.
She says: ‘This means if you upgraded your iPhone a few months earlier in Spring for example, it might be worth selling your old device in August or early September.’
Hristov says the peak time to sell your iPhone is at least two to three weeks before Apple announces the next iPhone – which is usually in early- to mid-September.
‘Trade-in prices drop by 9 per cent after the official announcement from Apple and then enter a period of fluctuation prior to release date,’ she says.
‘Then we see a further fall in value, by 20 per cent on average, after the release – typically around £100 depending on the model.’
While Compare and Recycle hasn’t recorded a reliable uptick in resale values in the weeks before Christmas, Hristov says January always sees prices drop for all phones.
‘Resale prices, especially for iPhones, experience their second significant drop of the year in January, where certain models depreciate by £100 on average,’ she says.
That said, Hristov says the best time to sell an old phone is often as soon as you’ve upgraded, regardless of the make of the phone.
‘The value of a phone on second-hand market decreases as the model ages due to new models being released,’ she says.
KEEP YOUR DATA SAFE
Before you send off an old phone, make sure you back-up any important data, such as contact details and pictures.
Gammell says you should also wipe any information, such as passwords or images that you wouldn’t want to inadvertently share with a stranger.
She says: ‘The best thing to do is to transfer all the data from the phone or tablet to a computer and then format the device or return it to its factory settings.’
DO YOUR BIT FOR THE PLANET
If you have very old phones knocking about it is still worth checking recycling websites, says Matt Thorne from Reboxed. Broken mobiles can also be disposed of at most Recycling Centres in the container for small electricals.
He says: ‘Do not under any circumstances send it to landfill. If it’s an old mobile phone that really can’t be returned to better condition, recyclers still might give you some cash for it.
‘There are valuable materials in an iPhone, Samsung or any other make of mobile, including copper, palladium, lithium and cobalt.’
Mobiles also contain a range of hazardous chemicals and toxic metals including lead, mercury, cadmium, beryllium, PVC plastic and brominated flame retardants.
He adds: ‘A single phone battery could contaminate 60,000 litres of water because of the chemicals it contains.’
DONATE
There are several charities that accept old mobile phone donations, though it’s always worth checking with them before you go to the shop.
Some charities will collect your old handsets from you in if you fill in a form online and schedule a pick-up.
Try Oxfam, Little Lives UK, the British Heart Foundation, WaterAid and Barnardo’s.
Various mobile networks also work with charities. Vodafone has a link with Barnardo’s and Three operates a national programme to help people get into employment.
WHICH MODELS HOLD THEIR VALUE BEST?
In general mobile phones depreciate with time, especially once they’ve been opened and used.
But some rare devices, such as the original iPhone, still boxed, or the first foldable phone the Galaxy Fold, could be worth more as the time goes by. This is because they may become collectors’ items.
In general smartphones of all makes will dramatically lose their value during the first year they are on the market.
According to Compare and Recycle, the iPhone 14 Pro Max depreciated by 47 per cent within 12 months of launch.
The Galaxy S24 dropped by 61 per cent and the Pixel 8 lost 67 per cent of its value in the first year.
Some iPhone models have been known to depreciate by more than 60 per cent in year one. The iPhone 15 Plus 512GB, released in September last year, has already lost 62 per cent, based on Compare and Recycle data.
iPhones do tend to hold their value better than other makes over time though. For example, at five years old, the iPhone 11 can still fetch you up to £170 in good condition.
A Galaxy S10, which was also released five years ago in 2019, is only worth up to £83 (depending on capacity), and the Pixel 4, released the same year, resells for up to £52.
SIZE DOESN’T MATTER
When it comes to holding their value it’s not about the size of the handset, it’s more the flagship features it offers.
Hristov says: ‘The more premium the model is, the less it depreciates.’
Compare and Recycle’s data shows Mini and Plus models of iPhones do not hold their value as well as standard models.
Hristov says: ‘From a value retention standpoint, it is more beneficial to buy a Pro or Pro Max model, but avoid higher capacity models, like 1TB as they depreciate significantly more than their 128GB or 256GB variants.’
HOW TO WIPE YOUR DATA
How to safely reset your iPhone before selling
• Select ‘Settings’ and then click on ‘General’, scroll down to ‘Transfer or Reset iPhone’.
• Tap ‘Erase All Content and Settings’.
• You may be asked to enter your iPhone passcode or Apple Account password.
• Click on ‘Continue’ to confirm.
How safely to reset your Samsung
• Tap the ‘Apps’ icon and open ‘Settings’.
• Select ‘Accounts’, ‘Samsung Account’ then select your email address.
• Tap ‘more’ in the top right corner, select ‘Remove Account’ then tap ‘Remove Account’.
• Enter your password and confirm, then select ‘Remove Account’.
How to safely reset your Android before selling
• Open ‘Settings’ then ‘Backup & reset’.
• Select ‘Factory data reset.’
• Select ‘Erase phone data’.
• Tap ‘Reset phone’
Source: MusicMagpie
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