Gadget geeks, it’s time to start thinking trade-in.
With the launch of the newest line of Apple iPhones, the already hot market in used phones is about to get even hotter — as demonstrated by Walmart yesterday, which announced it would start buying back secondhand devices for folks looking to upgrade.
Walmart followed its fellow retailers like Target, online-only services like Gazelle, and Apple itself, which launched a trade-in market earlier this month.
Apple and Walmart jumped into the game just ahead of the newest iPhone 5S and 5C debut, each looking to lure customers to their stores with trade-in cash.
Trade-in cash must be applied to new phone purchases.
Walmart announced it would pay up to $300 for the iPhone 5. The retail giant was offering $175 for the older Samsung Galaxy S3.
Apple’s top offer is not known, but it is reportedly $280 and depends on market forces, so the value changes daily. In a recent trade-in test, the company offered about $250 for a like-new 16GB iPhone 5.
Gazelle yesterday was offering $330 for a top-of-the-line iPhone 5 in “flawless” condition.
Still, the iPhone 5 could grow more valuable despite it becoming supplanted by the 5S and 5C, which Apple will start selling Sept. 20.
The iPhone 5 will be obsolete when it is replaced by the 5C. Apple stopped even offering the iPhone 5 on its website yesterday.
On eBay, prices for the device actually rose, and CNET said the average selling price rose $80 since Monday, to $441.39.