February 06, 2020 - Electronics
That’s one of the reasons why pawn shop owners never hesitate to accept an iPhone for purchase or pawning. But, what kind of value can you expect to get from a pawnshop? How much money would you get if you sell your iPhone today? Hopefully, this guide will help you understand the valuing process of iPhones and determine how much your device is worth.
The iPhone’s value depends largely on the model and the condition. Because technology advances at such a rapid pace, very few people are interested in old iPhone models. Pawn shops won’t purchase something that they can’t sell or make a profit out of. So if you walk in with your iPhone 6, you won’t get a good deal.
However, there’s still a market for newer iPhone models, though that can change in the future. Newer models will get you higher prices so if you want to sell an iPhone 11, which is the latest model, you can be sure you’ll get a great price. Some older models will sell because there are still people out there who purchase them.
For example, if you intend to sell iPhone 4, you can still expect it to be of some value. It won’t fetch as much as the latest iPhone Xs models, but you’ll find a pawn broker willing to accept it. An iPhone 7 is still considered a good phone and there is a sizable market for it. You’ll get more value if you sell iPhone 7s than you would with older models like 6 or 5.
Scratches, dents, and other such signs of damage would reduce the value of the phone. If your iPhone is in a pristine condition, you can expect it to fetch a high price. However, some pawn brokers might not even accept damaged iPhones. Most buyers will purchase an iPhone for the design and aesthetic value. If it’s damaged, they won’t be interested. If buyers aren’t interested, the pawn brokers aren’t interested.
You might not realize it, but your phone can be blacklisted and disabled for use. This is essentially a security measure and can make the phone unsellable. A pawn broker will check these numbers and make sure that it can be used by the new buyer.
If your phone has an iCloud lock, you shouldn’t expect to make a sale. It’s very difficult to get around this lock and most pawn brokers won’t bother with the hassle. They may flat out refuse to purchase or offer loans of iCloud locked devices.
If you have the original charger, USB cord, and earphones, you’ll get the best possible value when you sell your iPhone. However, if even one of these items were missing, the value of the phone would reduce.
David Stiebel is one of the cofounders of PawnGuru. David was educated at MIT, where he studied Math. He subsequently worked at Bain as a data scientist before starting PawnGuru in 2015. He started PawnGuru to build a better tool for pawn shops and consumers to connect.More Articles