Getting a new phone? Here’s how you could trade in your old handset for up to £425
Several websites are competing to offer the best prices on your old handsets
TECH-savvy customers planning to bag the new Galaxy Note 8 and iPhone 8 could get up to £450 by recycling their old handsets.
Galaxy Note 8 the successor to the infamous Note 7 - which had to be recalled after it kept exploding - will be available to purchase on September 15.
Meanwhile, Apple is rumoured to unveil the iPhone 8 - its latest smartphone - in just over two weeks.
But many money-savvy users looking forward to the must-have gadgets will already have an existing handset.
Fortunately, phone recycling is actually a big business with several websites battling it out to offer the best prices on old handsets.
But is it safe and worthwhile? Here’s what you need to know:
How much can I get for my old handset?
The important thing to remember is that your handset needs to be in fairly good condition for you to get the best price.
For example an iPhone 6s (64GB) will currently get you £250 through Simply Drop.
But recycle a broken one and the price will dramatically drop to £60.
While really old phones won't fetch much, newer handsets can gather up to several hundred pounds.
For example, the best price for an Apple iPhone 7 (32GB) through Simply Drop and Fonebank is now £350.
Meanwhile, the Samsung Galaxy S8, which was released earlier this year, may fetch as much as £425 through MusicMagpie – almost half of its original value of £869.
Usually older the handset the lower the value, so an LG GS (64GB) will be worth less at about £140.
What should I do before I send off my phone?
HERE's what you need to do before sending your phone
- Remember to reset the factory settings on the phone so all of your data and personal information is wiped -you can do this by going onto the settings option on your phone.
- Make sure that you remove any password locks on your handset and make sure it is fully charged before it's sent away.
- The phone should also be turned off
How do I recycle my phone and which company should I go with?
comparison tool , is one of the quickest way to find out the value of your old phone.
All you need to do is put the details of your handsets – if it’s in working or broken condition as well as its model number - into the search system and look at how the sites compare.
The tool analyses most of the main recycling websites like Fonebank, Envirofone, Simply Drop, musicMagpie.co.uk - apart from those with really bad reviews.
Once you pick the site you want to sell your phone with and accept their price, you'll be sent a bag and prepaid postage label for the phone, which you can return for free.
What happens next?
Once the company receives the phone and checks it over, they should send you the money.
Bear in mind that they can either confirm the original offer or make a lower one if the handset is in worse condition than previously described.
If you think the offer isn’t good enough you can turn it down and your phone will be sent back to you
Will I get more on eBay?
Recycling sites aren't the only option. With a bit of effort, you could earn more cash elsewhere
MoneySavingExpet estimates you could earn between 20 to 30 per cent more on eBay than the best phone-buying sites.
It will also give you a good idea of how much your phone should sell for.
All you need to do is simply search for an identical phone and a similar condition and check the price.
As with many eBay transactions, don’t send the phone until you’ve received payment via PayPal and pack the phone with plenty of padding if you’re sending it by post.
What happens to gadgets?
WHAT happens to my phone once I've sent it away
- Once tested and if in good shape, they're shipped abroad, according to MSE.
For example, Envirofone sells phones in the Middle and Far East, Africa and South America. - If you've a particularly high value gadget, chances are these companies will flog it on eBay to bag the most money. In which case, cut out the middle man and consider doing it yourself.
- If your handset is in a particularly bad condition it will be disposed of in an environmentally-friendly way.
Are there any risks?
If you've already sent your handset to a business and it goes bust before it's paid you, it's unlikely you'll get any money back.
If the company isn't able to keep trading, you'll need to apply to the administrators for a refund.
Some websites have also previously received bad reviews because they’ve severely reduced prices after receiving the gadgets.
PRIZED POSSESSIONS How to make money from old mobile phones – here are the handsets you can recycle for up to £600
It is a good idea to check reviews using Trust Pilot, or search on Twitter, before selling your phone.
Of course, make sure you read the terms and conditions carefully to see how long you have to accept or reject a re-quote, and whether there is a charge to have your phone returned if you don’t accept the offer.
More stories about the latest smartphones
We pay for your stories! Do you have a story for The Sun Online Money team? Email us at [email protected] or call 0207 78 24516