If you have an iPhone, now's the time to sell (before the iPhone 6s is announced)!

With the next generation iPhone about to be announced — in a couple of weeks – now is the best time to sell your iPhone 6 if you’re intent on buying the new model whilst getting the best possible price for your existing handset.

A recent report by Flipsy.com explains why it’s critical to sell old iPhones now to get the best net price on the new iPhone 6s…

The iPhone 6s lands early September

As usual, there have been lots of rumours about what to expect in the new iPhone. There will of course be a processor upgrade to Apple’s A9 custom SOC, as well as a likely bump to 2 GB of RAM. But the most significant feature may well be the addition of a technology borrowed from the Apple Watch – Force Touch. If the rumours are true, the iPhone 6s may incorporate the pressure-sensing technology to provide shortcuts to commonly-used menus within native apps (and third party apps soon afterwards when developers get a chance to add it to their own apps).

Besides those features, it’s also believed that Apple will use the much stronger 7000 series aluminium (again, the same used in the Apple Watch Sport) to avoid another ‘Bendgate’.

The next-gen iPhone is expected to be announced on Wednesday, September 9th, with a launch date two weeks later in the usual crop of launch countries (likely to be USA, UK, Australia, Hong Kong, Singapore, and Germany). Most people are already aware that they can sell their existing iPhones for cash or credit towards the price of a new iPhone 6s. But many won’t realise that market values for old iPhone models drops sharply in the few weeks before an iPhone launch. That means buyers are advised to take advantage of price locks to beat the upcoming iPhone price drop and avoid losing money.

Here’s what Flipsy says people who want the iPhone 6s need to know:

• Flipsy.com, the world’s most comprehensive price comparison engine, recommends selling old iPhones by Aug. 28 to beat the price drops and still be able to get a new iPhone 6s before sending in the old one. That leaves just a couple of days to sell your iPhone.
• Price locks mean higher payouts, and allow people to keep their old iPhone s until the new iPhone 6s launches. Many trade-in and buyback companies offer 30-day price locks, so customers can lock in an offer for their old iPhones today yet keep them until the new models are released. Flipsy.com shows which companies offer price locks
• Historically, market values for old iPhones drop between 15 and 40 percent in the three-to-four weeks preceding new model launches. Pre-launch, buyers anticipate the upcoming flood of new devices on the market and are less willing to buy; post-launch, increased used iPhone supplies and diminished demand create a buyer’s market
• In the US, many mobile operators such as Verizon no longer subsidizes phone prices, which means Verizon customers must now pay full price for iPhones (either upfront or via installment plans). T-Mobile does not subsidize phones either. Customers who do not want locked into installment plans or who want to minimize the cost of the iPhone 6s need to sell fast.

Flipsy has already published a list of used iPhone 6 prices for US customers, and it varies a great deal between networks. In the UK however, you can still get a good deal on sites such as eBay, or via your mobile operator when selling an existing iPhone 6.

Resale value of current iPhones

The price you can get now for a second hand iPhone largely depends on the model as well as where you intend to sell it. Private buyers tend to give more than selling to a shop, but it’s sometimes easier to take to places such as Computer Exchange or Cash Generators.

Even Apple will offer a deal via its iPhone trade-in programme, netting you up to £220 towards a new phone. The iPhone Reuse and Recycling Programme also allows customers to trade in an iPhone at an Apple retail store or by visiting the Apple Reuse and Recycling website. At the moment however, Apple is not accepting any iPhone 6 handsets. As an example, a pristine condition iPhone 5s in gold with 64 GB of storage fetches £165, paid as an Apple Store gift card.

iPhone 6 owners can expect to fetch around £290 for a 16 GB model, or around £370 for a 64 GB model – unlocked – with lower values for those which are locked to a network.

Prices for an iPhone 6 Plus are even higher – for example you can expect around £315 for a 64 GB Plus and more than £360 for an unlocked 64 GB model.

On eBay, even 16 GB iPhone 6 phones can be sold for more than £380 and upwards of £500 for a 128 GB model, with a 64 GB 6 Plus going for more than £480.

On the CEX website, you can sell your unlocked iPhone 6 (64 GB) in mint condition for £342.

You might also consider buying a new iPhone 6s abroad – in places such as the USA and Thailand for example, new models can be 10 – 20% cheaper than the equivalent UK price (and are still compatible with UK networks). Today, a new iPhone 6 (64 GB) in space grey costs £619 in the UK. I bought exactly the same phone (unlocked) whilst on holiday from Apple Thailand for the equivalent of £514, saving £105.

Ultimately if you’re going to purchase a new iPhone next month, it’s wise to sell now. That may mean that you’ll be without a phone for a few weeks, so remember to backup and sync all your data before you hand over the phone…