To say that people love their iPhones would be an understatement. Since the first iPhone was released in September 2007, folks have been downright fanatical when a new model is launched, even going so far as to stand in line for hours (or even camp out) waiting for their chance to own the new device. But just what inspires this level of adulation? Well, for starters, it’s hard to argue with Apple’s commitment to quality.
Featuring premium materials, cutting-edge technologies, and iconic design, Apple’s iPhones constantly push the boundaries of what a smartphone can be. And the quality doesn’t end there. Even early-model iPhones have access to the latest iOS updates, extending their use far past the average upgrade cycle. All this creates yet another bonus for iPhone fans: sky-high resale values. In fact, while brands like Google and Huawei depreciate around 67% and 74% annually, iPhones only lose approximately 43% of their value during the first year. That’s a huge advantage for anyone looking to offset their upgrade costs by trading in their old phone.
So, if you’ve got your eye on a new smartphone and are wondering what your iPhone 8 or iPhone 8 Plus is worth, we’ve got some good news. Even three years after its release, this generation of iPhone is still holding onto its value.
But, just how much can you plan on getting for your old iPhone 8 right now? Read on to find out.
Announced alongside the game-changing iPhone X on September 12, 2017, the iPhone 8 was a familiar face for Apple fans with its convenient home button and reliable design. Although it has since been discontinued by Apple, the series remains a popular choice for iPhone owners on a budget and can be found at third-party retailers for around $350 for an iPhone 8 or $450 for the iPhone 8 Plus (down from their original starting prices of $699 and $799, respectively).
With the promise of another iPhone announcement in the coming months, perhaps you are considering an upgrade and are curious about how much your iPhone 8 or iPhone 8 Plus is worth. Overall, your iPhone 8’s resale value will depend on several considerations:
|•||Condition – Scuffs, abrasions, cracked back glass, or (say it ain’t so!) functional damage: Whatever the issue, they’ll all cost you. Even minor scratches can decrease your buyback offer by around 23%.|
|•||Carrier – Stuck with a certain carrier? Get ready for your resale value to decrease by 24-51% depending on your provider. Verizon customers can consider yourselves lucky, however, as all phones on that network are unlocked automatically two months after purchase.|
|•||Payment – If given an option, selecting store credit over cash could give your payout a boost.|
|•||Storage size – The more GBs your iPhone has, the more money you’ll see.|
Taking everything into account and depending on which buyback program you use, an iPhone 8 is worth between $70 and $150 while an iPhone 8 Plus is worth between $100 and $225. Please note that these resale values are for a good condition, 64GB iPhone 8 (or iPhone 8 Plus) on the Verizon network.
Of course, your individual offer will vary according to your own phone’s specifications. For example, an iPhone 8 with the same specs that won’t turn on wouldn’t be worth anything at Best Buy. Meanwhile, a never-been-activated iPhone 8 Plus would get you $240 at GadgetGone.
Ready to start your trade-in? First, it’s important to take some time to see what’s out there. The buyback program you choose can affect your resale value dramatically, with the same phone fetching twice as much or more at certain options. Sure, leaving an ecoATM with $70 in your pocket sounds nice, but wouldn’t $150 from GadgetGone be even better? Similarly, a $100 account credit is great, but what if you really need cash instead?
In short, whether you’re upgrading or looking for some quick cash, remember to do your research first. Be sure to think beyond your carrier, Apple Trade In, or big-box retailers to include buyback sites like GadgetGone or non-traditional trade-in programs like ecoATM, Amazon, and GameStop. And don’t forget to maximize your resale value with special promotions or price-matching (GadgetGone will beat an offer from one of our competitors by $5 with our PriceMatch+ Guarantee).
With just a bit of comparison shopping, you’re sure to find a buyback option that fits your needs and budget.
To give you a headstart, we rounded up current resale values from a variety of buyback programs. Specifically, the prices below are for a 64GB iPhone 8 or iPhone 8 Plus on the Verizon network in good condition. As previously mentioned, your own offer will change accordingly depending on your iPhone’s storage size, condition, and carrier.
|iPhone 8||iPhone 8 Plus|
|Best Buy Trade-In (store credit)||$140||$200|
|AT&T Trade-In Program (store credit)||$100||$140|
|Sprint Buyback (store credit)||$100||$141|
|T-Mobile Trade-In Program (store credit)||$100||$141|
|Verizon Device Trade-In Program (PayPal or store credit)||$146||$220|
|Apple Trade In (store credit)||$145||$220|
Already dreaming about all the money you’ll save on your upgrade? Not so fast. Resale values are constantly changing, but no more so than in the 24 hours following the launch of a new iPhone. In fact, you can normally plan on an iPhone’s resale value to plunge 30% during that time. This year is anticipated to be especially volatile, however, given the expectation that this will be Apple’s first 5G-enabled phone.
In other words, once you find an offer you like, be sure to lock it in. You might be thinking, “but what about all that research I’m supposed to be doing?” Fortunately for you, dear reader, you can actually do both thanks to the price-lock period many trade-in options offer (ours is 14 days). Plus, since there’s no obligation to actually send in your device once you’ve received a quote, you can continue collecting offers until you find one that strikes your fancy all while locking down one of the currently high resale values. Talk about a win-win.
We can’t forget to mention one more thing that could alter your iPhone 8 resale value, for better or for worse: its condition. During the trade-in process, your phone will be evaluated by hand and with software for both cosmetic and functional issues. If the condition status you gave when requesting a quote doesn’t match the results of the inspection, your offer will be changed accordingly. Understandingly, this can be a bit of a frustrating surprise. So, to avoid any hassle and ensure an accurate initial offer, make sure to take an honest look at your iPhone before selecting its condition.
If your quote is adjusted and you’re unhappy with what is offered, no worries. GadgetGone and many other buyback companies will be more than happy to send your iPhone back to you, no questions asked, either for free or for a small shipping fee. With some companies, however, (we’re looking at you, Verizon), you can’t change your mind once your device has been received, leaving you without both a phone and its resale value.
In other words, do your research.
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