Friday, 14 September 2012

How to make money by selling an old cell phone

How to make money by selling an old cell phone
By Krystal Yee
Apple unveiled the iPhone 5 on Wednesday and many people eager to upgrade will be looking to buy the phone. It costs between $699 and $899, but by locking into a lengthy contract with a wireless provider you can get a discount.

Even if you don’t plan to buying the newest iPhone, chances are you will be replace your current cell phone within the next couple of years. But what will you do with the old one?

You can throw it into a drawer and forget about it – but the aftermarket for cell phones is booming, and depending on the model, you can get as much a $200 back. For a customer who bought the phone at a discounted rate by signing a contract, it means you could make back most of the money you spent purchasing your phone to begin with.

Related: Pros and cons of shopping by smart phone

You could list your device on sites like eBay, Craigslist, or Kijiji, but there’s no guarantee you’ll get the price you want, and you could risk having your device sitting unsold for weeks.

Selling your old cell phone to a site dedicated to buying and selling used electronics might be an easier option. All you have to do is get a price quote online, ship the phone within the time frame, and wait for payment by cheque or PayPal.

Here are four sites to help you get started:

CellCycle.ca
This website purchases working cell phones, smartphones, tablets, and netbook computers, then they turn around and sell them on eBay, as well as at their store in Barrie, Ontario. They also allow you to recycle old and broken cell phones for free by mailing the device in.

SellYourElectronics.ca
Find your item on the website to get an instant quote. The company will send a shipping kit by mail, including a free return label. Once they receive your device, they will check it over and send your payment by cheque or PayPal. They accept cell phones, MP3 players, digital cameras, tablets, and camcorders.

YouRenew.com
Get a quote online, and mail in your device. Once the order has been received and inspected, you will receive payment by cheque or PayPal. Their aim is to get your device back into the market for reuse – primarily to people who cannot afford to buy a new device.

BuybackWorld.com
This website buys a variety of different electronic devices – from smartphones to headphones, video games, home audio equipment, calculators, and much more.

Related: Choosing a smartphone – pros and cons of each

It’s a good idea to shop around as the prices will vary depending on each store, demand for the phone, and the condition your device is in. Don’t forget to back up your personal data, perform a factory reset on your handset, and remove your SIM card.

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