How to Turn Your Old Phone into Cold Cash

Many consumers are drooling over all of the new smart phone choices that are currently available or coming down the pike in the near future. From the excitement over the iPhone6 to crowds lining up to pick up the latest Samsung Galaxy smart phone, people are always on the prowl for the latest and greatest models. Before you get in line to purchase your next smart phone, however, it is wise to have a plan in place to get rid of your old smart phone. And if you can make some cold, hard cash from that old phone all the better, right?

Considerations before Getting Rid of your Old Phone

It is generally recommended that you don’t sell your existing phone until you pick up your new smart phone. The last thing you want is to be stuck without phone or mobile internet service for a few days, so don’t rush out to the online auction sites and sell your old phone until you have your new phone in hand. This tip also allows you to have a backup phone on hand in case that new model doesn’t work right or doesn’t live up to your expectations.

Make sure that you get your new phone fully activated and transfer over all the information and data from your sim card and/or your personal memory card. Once you do that, and are sure you like the new model, it’s time to turn that old phone into a little bit of extra money.

Trade in your phone for a gift card

If you don’t like dealing with eBay, Craigslist or other online sites to sell your old phone, you may prefer using this option. Most mobile phone stores will give you store credit for your old phone. Ask the retailer you prefer to do business with if they will give you a store gift card for your unwanted, out of date phone. This is the fastest way to make some quick bucks off of a phone that you no longer plan to use. You may not get as much money as you would from a private sale, but this option is quick, easy and safe.

Sell Your Old Phone

Do a little bit of research to see how much your old phone model is selling for on sites, like Amazon and eBay. Amazon actually makes it quite simple to sell virtually anything, and you can set your own price, so you don’t have to deal with the drama of online bidders. However, if you want to see if people will battle it out and pay a higher price than you are asking, you may want to set up a week long eBay auction for your old smart phone. You may be surprised to see a bidding war ignite, and actually make more than fair market value for your used phone.

If All Else Fails, Recycle Your Old Phone

If you put your phone up on a selling/auction website and aren’t getting any hits after a week or so, it may be time to simply recycle your old phone. Smart phones contain some very in demand and precious minerals, and sites, like Nextworth and Gazelle will pay you a minimum fee to recycle those minerals from your old smart phone. You won’t make a ton of money via the recycling sites, but even a few bucks is better than simply sitting on an old smart phone that is doing nothing but taking up space.

Wipe Your Data before Getting Rid of your Old Phone

It is very important to make sure that you get all of your personal data wiped from your old phone before you sell it or give it away for recycling purposes. Wiping data varies from one type of phone to another, so consult your owner’s manual to find out how to do it. Generally speaking, you should remove your SIM card (if your phone has a removable card), remove any micros cards that you have in the phone and then do a factory reset on the smart phone. These steps will prevent your personal data, pictures and contacts from falling into the wrong hands.

Don’t let your old smart phone sit around collecting dust. Put one of these tips into action to turn that old smart phone into a little bit of spending cash right now!

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