Forum Discussion
iphone trade in 2022
I'm new here and I wanted to know if anyone could answer this for me. I want to trade in my phone for the iPhone 14 Pro. It's says that my phone is worth 800$ since it's a promotion going on. I was wondering if it's better to do it online or in store? I have a iPhone 11 currently
MirWrld wrote:
gramps28 wrote:
At Best Buy they will appraise the trade in also.
So I could potentially get the credit towards for the new phone right on the spot in store?
Sort of. This is a promotional trade in which means you will get a lot more than what the fair market value. For example, Apple is offering up to $200 trade in for an iPhone 11. Apple usually offers slightly more than fair market value.
The promotional trade in will be given to you in two parts:
- Fair market value in the form of one time credit. You can assume it will be less than $200 so let's say you get $150. This will show up in the next 1-2 billing cycles.
- The balance $650, in this example will be given to you in the form of monthly credits over 24 months. In this example you will get about $27 in credit per month.
Now here is where it gets a little confusing. Assuming you are getting the base iPhone 14 Pro, the price is $999. On the day you make the trade in, all you will have to pay is sales tax and any fees like activation, shipping, etc. After you pay the taxes and fees, you still owe $999 so this is how it will be calculated:
- You will get charged $999 over 24 months which is about $41.50 per month. This is basically a loan and is subject to a credit inquiry in order to qualify.
- You will also get the credit from above over 24 months which in that example is $27 per month.
- Your net equipment fee per month will be about $14.50. Now you may go WTF, I'm paying $350 over 24 months when it should be $200? Remember, you got $150 up front so the math is correct.
If you cancel your line before the full 24 months, then you will owe the balance of $999 loan but you will forfeit any remaining credits. This is why TMO is offering the promotion - to lock you in for 24 months.
syaoran wrote:
MirWrld wrote:
gramps28 wrote:
At Best Buy they will appraise the trade in also.
So I could potentially get the credit towards for the new phone right on the spot in store?
All Trade-ins values are guesstimate until it reaches the company, Assurant or Asurion, which makes the final determination. BestBuy might have their own internal way of assessing and processing trades.
They have the Geek Squad.
If it were me I'd go to a store or even better yet a Best Buy.
gramps28 wrote:
If it were me I'd go to a store or even better yet a Best Buy.
I kinda don't trust doing the trade in online. I would think It's better doing it in store. And also I could do this at Best Buy?
Yes, Best Buy is a Tmobile reseller. I updated my mine in May there and my wife's last week and I got better deals than what Tmobile was offering.
MirWrld wrote:
I'm new here and I wanted to know if anyone could answer this for me. I want to trade in my phone for the iPhone 14 Pro. It's says that my phone is worth 800$ since it's a promotion going on. I was wondering if it's better to do it online or in store? I have a iPhone 11 currently
Up to $800. Trade-ins very rarely receive the absolute maximum trade-in value or anything close to it. Ironically, BestBuy lists the same deal but the potential maximum is up to $1000 for an iPhone 11 on T-Mobile.
gramps28 wrote:
Yes, Best Buy is a Tmobile reseller. I updated my mine in May there and my wife's last week and I got better deals than what Tmobile was offering.
Oh wow this the first time I’ve heard about Best Buy. I was looking at the T-Mobile promotions saying my trade in would estimate to 800$ but I was worried it might be wrong.
syaoran wrote:
MirWrld wrote:
I'm new here and I wanted to know if anyone could answer this for me. I want to trade in my phone for the iPhone 14 Pro. It's says that my phone is worth 800$ since it's a promotion going on. I was wondering if it's better to do it online or in store? I have a iPhone 11 currently
Up to $800. Trade-ins very rarely receive the absolute maximum trade-in value or anything close to it. Ironically, BestBuy lists the same deal but the potential maximum is up to $1000 for an iPhone 11 on T-Mobile.
First time ever hearing about Best Buy. I just wanted to make sure my phone actually could be worth 800$😭. Cause I was a bit skeptical about it and I've been asking questions seeing if it's true or not
At Best Buy they will appraise the trade in also.
gramps28 wrote:
At Best Buy they will appraise the trade in also.
So I could potentially get the credit towards for the new phone right on the spot in store?
MirWrld wrote:
gramps28 wrote:
At Best Buy they will appraise the trade in also.
So I could potentially get the credit towards for the new phone right on the spot in store?
All Trade-ins values are guesstimate until it reaches the company, Assurant or Asurion, which makes the final determination. BestBuy might have their own internal way of assessing and processing trades.
