I would bet a lot of money that if you are reading this article right now, your phone is within arm’s reach. In fact, you’re probably reading this article on your smart phone! We have become so reliant on this technology that hasn’t even celebrated its 30th birthday yet. This is why they are, and always will be, so valuable.
This can be a bad thing and a good thing. The bad is that they cost so much to begin with. If you’re looking to buy the newest iPhone outright, you can be looking to spend anywhere between $800 and $1400! The good thing about this? These devices are typically still worth a decent amount when you get ready to sell them!
So how much do pawnshops pay for smart phones? Let’s take a look.
Smart Phones
Image via battlefordreamisland.wikia.com
First Smart Phone Released
1992. Although people didn’t use the term ‘smart phone’ until 1995, the first smart phone was actually the Simon Personal Communicator created by IBM in 1992.
Value Back in the Day
$899. ($1435 in today’s dollars)
What's it Worth Today?
Surprisingly, smart phone prices have not changed that much since 1992. Your typical new generation iPhone or Samsung phone will retail from $599 - $1099 depending on which version you get.
Our Offer
If you’re reading this article in 2019, the newest Samsung and Apple smart phones are the S10 and the X. These two phones are the most recently released phones, and therefore we offer more money on these. You can expect to get from $200-350 for these phones when you bring them to the pawnshop.
Just remember that whatever the newest generation phone is out there, it’s probably going to get somewhere between $200-$350. The older the phone gets, the less it’s going to bring in a pawnshop. For example, right now we offer around $50 for an iPhone 6. The moral to this story? Technology goes down in value FAST!
As you can tell, our offer is a little tricky when it comes to smart phones. So, instead of listing our offer on every single phone we take (that would take a long time) we’ll detail out some of areas that affect the value of a phone when you bring it to the pawnshop:
1. Age
The age of a phone is the most important factor that determines its value. Most phone companies release a new phone every year - sometimes twice a year. This means that most phones become very inexpensive after a few years. Typically, after a phone has been released for 3-4 years, its value has dropped enough that it doesn’t make sense for us to make an offer on it. Keep in mind that if you bring a phone to us that is 3-4 years old, we might not be able to take it. Everything else is fair game!
2. Condition
Condition plays a huge role in the value of a phone. You can’t expect a phone with a cracked screen to have the same value as a phone that’s in perfect shape. This isn’t just limited to cracked screens, however. Missing buttons, non-working buttons, screen burns, defective Touch IDs and pretty much anything else that might not function on the phone will cause the phone to decrease in value. Keep this in mind if you’re selling us a phone with a defect. Most of the time we can still take it, but it does affect the value.
3. Activation Eligibility
Some phones are actually unable to be activated on particular carriers. For instance, if you’re phone is financed, reported lost or stolen, or has a bad ESN for any other reason, the value of your phone will be seriously limited. Most phones that are not eligible for activation can still be sold for parts, but that’s it. For parts only phones aren’t in huge demand and we are unable to offer full price for these phones.
4. Name Brand
Certain phone manufacturers are in higher demand than others. It’s just the truth. That’s why we only purchase the most popular name brand phones. At this time, we are only purchasing Apple and Samsung phones. Every once in a while we do have a newer LG, Motorola or other manufacturer phone that we purchase - but it’s rare. The reason behind this? Apple and Samsung phones hold their value better than other name brands. That simple.
Wrap UP
Smart phones have turned into the one item that no one can live without. Everybody has one, and they typically replace it every single year. When trying to pawn or sell your phone, remember that age, condition, name brand and activation ability will be the deciding factors on how much we can give you. If you’re ever looking to get rid of your old smart phone, or maybe you want to get a quick cash loan on your current phone - we can help out!
Have you checked out our Pull List yet? It's our daily blog where we tell you exactly what items are coming out for sale at Pocket Pawn each day! Check it out!
