Get the Most Out of Reselling Your Cell Phone -- Savings Experiment

Cell phone prices are on the rise but an easy way to get some of that money back is to sell your old phone on sites like eBay and Gazelle. Here are a few tips to ensure you get the biggest return.

First, follow product cycles to know when new models are coming out. Once new phones hit the market, your current phone loses its resale value. Apple's iPhone has the highest resale value, followed by Android phones and Blackberrys.

New iPhones generally arrive in September, so try to sell yours at least one or two months before. If you have an Android phone, follow tech blogs like AndroidCentral and AndroidAuthority for the latest product launch dates.

If your phone is more than two years old, it may be harder to sell. Warranties usually expire after two years, so if your phone is no longer covered, it may be less appealing to potential buyers.

Finally, when buying a new phone, think about its resale value. Since extra hard drive space doesn't hold its value in the secondhand market, don't splurge on it unless you really need it. An extra 8GB of hard drive space on an iPhone can cost you $100 up front, but only add a measly $10 to its resale value.

So, whether you're selling a phone or simply buying a new one, keep these tips in mind. They'll help guarantee that your budget stays safe and sound.

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