In this crazy day and age, there are a few inarguable truths: TikTok pet challenges are a balm for the quarantine-weary soul, maskne is (unfortunately) a thing, and people are still obsessed with iPhones. There isn’t much mystery to the pups and pimples, but what is it about iPhones that continues to inspire such adoration year after year? Well, aside from being a status symbol, it’s hard to compete with Apple’s quality.
With premium materials, envelope-pushing technology, and plenty of eye-candy design touches, Apple’s iPhones consistently up the ante on what a smartphone can be. Plus, with long-term access to the latest iOS updates for even the oldest iPhones, Apple fans can keep using their favorite model long past the average upgrade cycle. All of this adds up to yet another benefit for iPhone owners: consistently higher resale values compared to their Android counterparts. In fact, while brands such as Google and Huawei decrease around 67% and 74%, respectively, in value over 12 months, that’s a far cry from the approximately 43% depreciation rate of iPhones annually. That’s a sizeable chunk of change that’s left over when you’re ready to upgrade.
Fortunately, if you’re a would-be upgrader with your eye on the iPhone 12 and are curious what your iPhone 7 or iPhone 7 Plus is worth, you’re in luck. Even four years down the road from its release, this iPhone generation is still holding on to its value.
So, how much can you expect to get for your old iPhone 7 right now? Keep reading to find out.
Announced in September 2016, the iPhone 7 was a future-facing smartphone cloaked in familiar packaging (minus a headphone jack, of course – we’re not bitter or anything). Since discontinued by Apple, you can still buy the iPhone 7 and iPhone 7 Plus at third-party outlets for around $349 and $449, respectively (down from their original $649 and $769), making them an excellent option for iPhone shoppers on a budget.
Of course, with the iPhone 12 arriving later this year, you might be tempted to finally spring for an upgrade and are wondering what your iPhone 7 is worth. In general, the resale value for your iPhone 7 or iPhone 7 Plus will rely on a variety of factors:
|•||Condition – Dents, cracked back glass, and functional damage (oh my!): No matter the problem, it’ll cost you. Even a few shallow scratches can lower your buyback quote around 23%.|
|•||Carrier – Have a carrier-unlocked or Verizon phone (all phones on the Verizon network are unlocked 60 days from purchase automatically)? You’ve got a leg up on the resale value game. For everyone else, expect your iPhone’s resale value to suffer.|
|•||Payment – Cash is nice, but opting for store credit might net you a higher payout.|
|•||Storage size – The bigger the storage size, the better the payout.|
All things considered, an iPhone 7 is worth between $45 and $100 while an iPhone 7 Plus is worth between $70 and $170. These specific resale values are for devices in good condition with 128GB of storage on the Verizon network.
Accordingly, your own offer will depend on your phone’s specifications. For example, an iPhone 7 that can’t turn on likely wouldn’t be worth anything at most places. In contrast, an iPhone 7 Plus that has never been activated would net you a cool $230 at GadgetGone.
Before you commit to trading in your old iPhone 7, you first need to do some resale value window-shopping. Believe it or not, resale values can vary widely—sometimes double or more—depending on which buyback option you use. Walking away from an ecoATM $45 richer sounds nice, but it’s a far cry from the $100 you can get for an iPhone 7 at GadgetGone. Likewise, getting $125 in Best Buy store credit for your used iPhone 7 Plus is great; that is, unless, you actually need cash instead.
So, no matter if your upgrading or looking for some fast cash, always keep your options open. Incorporate buyback sites such as GadgetGone and outside-the-box options like ecoATM, Amazon, and GameStop along with your carrier, Apple Trade In, and big-box retailers. Get extra mileage out of your resale value with limited-time promotions or price-matching (our PriceMatch+ Guarantee will beat any offer you get from one of our competitors by $5).
With a little time and effort, you’re sure to find a buyback program (and payout) that fits your needs.
To give you a jump on the competition, we put together an up-to-date list of resale values from a collection of buyback options. As with the above values, the following prices are for either an iPhone 7 or iPhone 7 Plus with 128GBs of storage in good condition on the Verizon network. Once again, your specific offer will depend on your own iPhone’s specifications.
|iPhone 7||iPhone 7 Plus|
|Best Buy Trade-In (store credit)||$75||$125|
|AT&T Trade-In Program (store credit)||$60||$85|
|Sprint Buyback (store credit)||$55||$82|
|T-Mobile Trade-In Program (store credit)||$55||$82|
|Verizon Device Trade-In Program (PayPal or store credit)||$85||$140|
|Apple Trade In (store credit)||$80||$140|
Don’t wait too long to get started on your research. Thanks to a constantly fluctuating resale marketplace, trade-in values are, likewise, always in flux. However, this is especially true in the 24 hours after a new iPhone is launched. In fact, an iPhone’s resale value can plummet up to 30% during that time. This year, don’t be surprised if that depreciation rate falls closer to 60% thanks to what is expected to be Apple’s first 5G-enabled phone.
In other words, if you come across an offer you like, act fast to lock it in. “But didn’t you just say I should take my time comparison shopping?” Indeed we did, and luckily, dear reader, these two things are not mutually exclusive. Many buyback programs will lock in your offer for several days (two weeks at GadgetGone). Plus, since quotes are obligation-free, you can keep stacking up offers—and locking down high resale values—until you find one that meets your needs. Sounds like a win-win to us.
As we previously mentioned, there’s one more thing that can have a huge impact on your iPhone 7’s resale value: its condition. Once your phone has been received by whichever buyback program you choose, it’s condition (i.e. cosmetic and functional issues) will be assessed both by hand and with software. Should the results of that evaluation not match the condition status you gave when first getting a quote, your offer will be adjusted accordingly. This can, rightfully so, be more than a bit frustrating. So, to save your future self from any potential grief, be as accurate and honest as possible when selecting your iPhone’s condition.
What if your quote gets lowered and you decide to change your mind on the trade-in? Not all hope is lost. GadgetGone, along with many other buyback options, will gladly send your phone back to you for free (or for a small shipping fee, for some trade-in programs) with no questions asked. This isn’t the case with all companies, however. For some (*cough* Verizon), once you’ve sent in your phone, there’s no getting it back.
In other words, do your research.
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