

It’s “iPhoneapalooza” time again. Apple unveiled details of the new iPhone 7 at an event on Wednesday. Once again, resale sites have reported a surge in trade-ins of old iPhones ahead of the announcement, but they expect trade-in prices to drop in the days after the big event. For now, though, consumers can still lock in high enough prices to break even — or earn a profit — by trading in their old gadget and upgrading to a new phone. With most offers, it’s possible to sell an old iPhone to a resale site or online retailer for more than the cost of the new phone, although you will need to sign a two-year contract. And note that those who bought an iPhone 6S or 6S Plus last year and still have time left on their current contract would likely have to pay an early termination fee. The resale market became more lucrative for consumers with the added competition last year after Apple AAPL, -4.34% and Wal-Mart WMT, -0.99% entered. Phone 6 Plus (Apple doesn’t currently offer trade-ins for the 6S models online). We expect around a 15% decline in pricing for old iPhone models around the expected September launch,” says Glyde spokesman Matthew Reardon. But for consumers who have second thoughts about upgrading, some resale sites allow you to hang on to your phone after agreeing to a trade-in deal. NextWorth and Gazelle give customers a 30-day grace period between signing a contract and handing over their phone. As Apple’s new-device releases become more frequent, the company must work harder to convince people to upgrade each year, says Brian Colello, technology analyst at research firm Morningstar. Thus far, resale sites have been reporting a surge of trade-ins for all of the most recent models.
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