If you were tempted to treat yourself to the latest iPhone this Christmas or you plan to gift one to someone else in your family, you might be wondering what the most cost-effective way to do it is. Saving as much money as possible is paramount if you’re wanting to regularly upgrade to the best iPhone which is why subsidizing your next phone by selling your current one is such a great idea. But how do you get the most money back for your existing device?

Well, there are numerous ways to trade in an old iPhone and earn hundreds toward your new one, but each option has its own list of pros and cons. Fret not, though, as we’re here to help guide you through the process. We’ve put together a list of the best places to sell, so you can work out the best iPhone deal for you. Below, you’ll find three different ways you can make some cash, as well as when to make the sale and what you can expect from the process.

1. Sell it to a buy-back service

Looking for a quick and easy option? Consider selling your old device to a buy-back service. Although it’s not entirely without risk — if the old iPhone isn’t in the condition you said it was, for example if it is a broken iPhone, you may not get the full value quoted by the buyer — it does minimize the time and hassle, especially compared with trying to sell it yourself on, say, eBay or Craigslist.

There are traditional trade-in options like those offered by Apple and Best Buy (see the next section), and then there are buy-and-sell marketplaces like those listed below. Before you spend a lot of time hopping from one to another to get quotes, head to Flipsy, which compares US trade-in values at multiple buy-back stores. It shows you the payment methods, price-lock duration (that’s how long you have before you need to send the phone in) and price based on the condition of the old device. (Because each buyback program and store is little different when it comes to «condition» definitions, Flipsy doesn’t drill down beyond phone model, carrier and storage.) SellCell is another price-comparison service for anyone looking to score top dollar for an old iPhone.

If you’d rather check out some individual marketplaces yourself, below are a few options that are worth a look. The sample quotes are based on iPhone 13 trade-ins for «good» condition devices in December 2022 and were correct at the time of writing.

An honorable mention goes to Swappa, which has a sky-high TrustPilot score (4.8) but isn’t really a buyback service. Rather, it’s a marketplace designed to connect buyers and sellers. Think eBay, but with a focus on devices like your iPad, iPhone or other Apple product. To list your older iPhone (which doesn’t guarantee a sale), you must first create a Swappa account and then connect a PayPal account. You also set your asking price, which necessarily includes a sale fee, but not any additional PayPal fees that may apply.

Worth the extra effort? Perhaps: Swappa recommended a sale price of $646 for my iPhone 13, while noting that the same phone had recently sold for $596 — still higher than most buy-back services and more than enough extra to put towards a couple of new iPhone cases for your next phone. But a marketplace is almost always going to net you a higher profit (see below).

2. Trade in for credit toward a new one

Want to cut out the middleman, so to speak? You can start by going back to the source. That can be either the manufacturer or a big-box retailer, the largest of which generally offer solid trade-in options for a new device. Consider two of the biggest fish in the pond: Apple and Best Buy.

The key takeaway here: Shop around. There are plenty of services with program options that will buy your old iPhone or take it in trade, but you might do better selling it yourself.

3. Sell it yourself

Selling an iPhone yourself will usually net you the most profit, but it’s not without risks and hassles.

When to sell your old iPhone

Your old phone is losing market value by the day, so the best time to sell it is always as soon as possible. It’s estimated that within 24 hours of a new iPhone’s unveiling, your old phone loses up to 30% of its trade-in value so you can try to time it right and sell it in the weeks leading up to an iPhone event if you’re smart.

One concern is that if you sell your old smartphone immediately, you’ll be phoneless until the new one arrives. Thankfully, many of the aforementioned buy-back and trade-in services give you a grace period (also known as a «price lock») of up 30 days after selling your phone before you have to send it in — time enough, hopefully, to purchase and receive your new phone and get everything migrated over (including the SIM card — don’t forget that!). Since the iPhone 14 is just a few months old, this is less of an issue currently.

What to know before you sell your old iPhone

Whether you sell by yourself or trade to a third-party company, make sure you prep your iPhone properly before selling it
. Here are some tips:

• Back it up: Back up all of your important data — including contact, photos, videos and apps — using Apple’s iCloud service or a third-party cloud storage service.
• Turn off Find My: Apple’s Find My app (formerly known as Find My iPhone) is a security feature that must be turned off before you sell your phone — or nobody else will be able to use or reset it. To turn off Find My, open the Settings app on your iPhone and go to Settings > [Your username] > Find My and turn it off.
• Wipe it: Sign out of all apps, services and connected accounts (like your iCloud account). Then, open the Settings app and go to General > Reset > Erase All Content and Settings to erase everything from your iPhone. Once this is complete, you can also go to General > Reset > Reset All Settings to restore the iPhone to factory settings, just in case.
• Remove the SIM card: Don’t forget to pop out your SIM card, which you’ll likely need for the new phone to keep your existing number and service.

You’ll receive the most money for your phone if it’s in tip-top shape, but you can still do well if it’s in «good» condition: No cracked screen, no big dents or scratches in the casing, no water damage, and everything working well (meaning the phone turns on, holds a charge and so forth).

If your phone is damaged, you can probably still get something for it, even if the device doesn’t turn on. It’s not worth it to repair a cracked phone screen before you sell, but if your screen is only slightly damaged — a small hairline crack in the corner, for example — you may want to sell it on your own instead of trading it in. An individual may be willing to overlook superficial screen damage for a good price.

More from 12 Days of Tips

• Received the New iPhone 14 as a Gift? Here’s How to Transfer Your Data
• The Best Way to Repurpose That Old Phone: Turn it Into a Security Camera

• Keep Your Old Tech Out of the Trash: How to Recycle Outdated Gadgets for Free