Upgrade after paying 50% of phone.

nfugitt
Member

I am able to upgrade because I have paid over 50% of phone, but I am wondering do I loose the money that I have paid towards my current phone, or does it transfer to the new phone? (if it's the same price) Im just trying to figure out what is better to do. Pay off my device and sell it for a higher cost so that I can get a new phone, or upgrade by trading in device?

Any insight will be helpful. iPhone launches on Friday, and I need to know!

Thank you!

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Re: Upgrade after paying 50% of phone.

SuzyQ
Sr. Leader

nfugitt wrote:

... Pay off my device and sell it for a higher cost so that I can get a new phone, or upgrade by trading in device?

If you "upgrade" by trading in the device (assuming it is in pristine condition and is accepted for trade-in) you start over with a new device - you won't owe anything on the previous device but you will no longer have it, or any "credit" for payments made. You effectively leased it for the time you had it.

If you pay off the device, it's yours to keep, or sell at whatever you can get for it.  You can usually make out better by selling it on the open market, and then using that money to buy your next device.

Re: Upgrade after paying 50% of phone.

SuzyQ
Sr. Leader

nfugitt wrote:

... Pay off my device and sell it for a higher cost so that I can get a new phone, or upgrade by trading in device?

If you "upgrade" by trading in the device (assuming it is in pristine condition and is accepted for trade-in) you start over with a new device - you won't owe anything on the previous device but you will no longer have it, or any "credit" for payments made. You effectively leased it for the time you had it.

If you pay off the device, it's yours to keep, or sell at whatever you can get for it.  You can usually make out better by selling it on the open market, and then using that money to buy your next device.

Re: Upgrade after paying 50% of phone.

Loquat
Sr. Member

Depending on what device you have an its configuration you may be able to sell it for more than your payoff.  Keep in mind though, every time Apple releases a new product, all the 3rd party avenues of selling your device will be flooded with people with the same mentality which in turn drives down the selling price.  Often times it can become an selling environment where it's a race to the bottom sorta speak. 

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Re: Upgrade after paying 50% of phone.

pherson
Leader

Weren't the 50% done away with?

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Re: Upgrade after paying 50% of phone.

Weth
Sr. Leader

Still available but only on certain phones --- My cynical side says it is the phones that in 12 months are still worth more than 50% of their original value. You are allowed to upgrade after paying off 50% only if Verizon makes a profit on the phone resale.

Re: Upgrade after paying 50% of phone.

pherson
Leader

I was always confused about that

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Re: Upgrade after paying 50% of phone.

kaebfly
Leader

As already mentioned...there is no credit but you will be able to start over with a new payment plan on the new iPhone. Just keep in mind that Verizon may charge you the balance of your trade in if they deem it in less than good condition (something as small as scratches can trigger as complaints from the past have stated). In general I feel like you're usually better off selling the device and using the money towards your new device. Depending on how much you have left on the balance due and how well maintained (and the GB of the device) you very well may be able to sell it for more than you owe. I've always had great results selling my iPhone's for at least 50% of its retail value (usually more) even after a new device is announced, but everyone is not as lucky. Part of it has to do with your reputation for previous sales and great pictures showing the condition of your device (I've always been able to keep mine looking like new). So to me...paying off your device and selling it is usually the "better" way to go.

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Re: Upgrade after paying 50% of phone.

pherson
Leader

www.swappa.com is a great way to go imo

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Re: Upgrade after paying 50% of phone.

kaebfly
Leader

I've tried Swappa and I think it's a good option and a little cheaper fees wise as you pay a flat fee for selling versus the 10% eBay charges (plus PayPal Fees regardless of which route you go) but surprisingly I've actually sold for a better return on eBay versus Swappa. My iPhone 6 Plus sold for $125 more after fees than I was being counteroffered on Swappa. Honestly not sure why but I learned that it's good to offer it on both formats just to see your options. To be clear though....I list on eBay with fixed pricing when it comes to selling my iPhone's in all cases except for the one I was selling as damaged...and I'll sometimes activate the "Or Best Offer" option but in general I've never had a problem selling for my asking price on eBay...and usually it happens quickly. I don't know how typical that is though because the market can and will definitely be flooded now (it started as soon as the announcement of iPhone 7 completed lol).