Most wireless subscribers are due for a discounted cell phone upgrade once every two years. However, not everyone has the desire to upgrade their cellular device. Some consumers are perfectly fine with the older model device that they own and don’t need all of the latest bells and whistles that the newer cell phones offer. For example, I havefriends that still use flip phones. That’s right, people still carry around phones that don’t have a touchscreen – more commonly known as dumb phones. If you are one of these people then you can capitalize on selling your phone upgrade. Don’t worry, this is all perfectly legal too!
Do Your Research And Make More Money
Selling your cellular upgrade is fairly simple. It is not very different than the typical process that is involved with selling a used cell phone. Before you sell your upgrade, you will have to research which new cell phones have the highest resell value. Checkout your wireless provider’s website to see which phones are for sale, and figure out which cell phone is worth the most using eBay and Movaluate. The higher that the demand is for a phone, the more money that will end up in your pocket.
Make sure you are looking at the phones’ subsidized prices on your wireless provider’s website which means it is the price you would pay after your upgrade discount. Your wireless carrier will sell it to you at a heavily discounted price as long as you renew your contract for an additional two years. The goal is to find a phone that will net the highest profit. For example, Phone A sells for $199 from Verizon and Phone B sells for $149. However, on Movaluate you can see that Phone A’s fair value in brand new condition is $600, while Phone B’s fair value is $400. Therefore the net profit of Phone A is $401 and Phone B is only $251.
Clearly, Phone A creates the greatest arbitrage opportunity and is the phone you would want to resell. Once you have completed your research you can order the phone using your upgrade via your wireless provider’s website, or you can walk into the brick and mortar store to do so. If you’re a Verizon customer go to a Verizon store, if T-Mobile then go to an T-Mobile store, etc…
When you arrive to the wireless store, explain to the sales representative that you want to purchase Phone A. Explain that you would like to use your upgrade discount and do not want to activate the new Phone A immediately. You will be required to extend your contract an additional term. Explain to the sales representative that you would like to purchase the phone still packaged in the box and unopened. It is VERY IMPORTANT that the sales representative doesn’t open Phone A and activate it on your account. Phone A’s value will slightly decrease if it is opened out of the box as it will no longer be valued as brand new. Cellular employees are trained to setup your new phone for you to make your life easier. They will normally open the phone for you, link your phone number to it, and transfer all of your personal data. So make sure you ask them not to do this.
Upgrading Your Phone Is Easy, Now ReSell It
Once you have paid for your new cell phone it’s time to resell it. You’ll want to use the same process as you would to sell a used sell phone. Craigslist and Ebay are great options to sell a brand new cell phone for the most money.
Selling your cell phone upgrade is a great way to earn some quick cash. However, don’t forget you can only do this once every two years or however often you become eligible for a discounted upgrade from your wireless service provider. If you aren’t eligible for subsidized pricing, you will have to pay the full cost of a phone, which is probably the same amount you would be able to resell it for, which in turn will not generate you any profits and may even cost you in selling fees. Also remember that if you sell your upgrade, then you won’t be able to buy a discounted phone for yourself until two years later. You are still liable for the contract associated with purchasing the device at a discounted rate. Don’t worry though, you can still buy a new phone once every four years that will keep you entertained on your commute to work every morning. Or, if you;re not eligible for an upgrade, you can buy a used cell phone which will still be new for you.
I personally enjoy having the newest technology so I prefer to use my discounted upgrade to buy a new phone once every two years. However, after I upgrade I can still sell my old used cell phone. Although I use my own personal upgrade for myself, I still have tons of experience selling phone upgrades. I have several friends and family members that aren’t interested in using their upgrades. After telling them about the opportunity to sell their upgrade, it seemed like more work than they were interested in. But when I offered to sell their upgrade for them in return for half of the profits, they became very interested. So reach out to anyone you know that still uses older cell phones and offer to sell their upgrade for them in exchange for a nice cut of the cash. Just a few weeks ago I used a friend’s upgrade to buy an Apple 5s for $199 from Verizon Wireless and resold it for $651 on Ebay. That’s $452 of profit which I kept half of.
Do you have multiple phone numbers or lines on your account. For example, if you have a family plan you may have more than one cell phone associated with your account. That means you can sell multiple upgrades within your wireless plan.
Disclaimer: Most wireless providers require that you keep a data plan activated for the remainder of your contract which may not be ideal if you plan on using a flip phone. You may be required to pay an early termination fee to break your contract. However this fee may be less than the money you generated by selling your upgrade as it is generally a prorated fee.