What's the Deal: Saving serious cash on used cell phones

PHILADELPHIA (WPVI) -- If you're in the market for a new cell phone, you've surely seen the price tags.

And if you're looking to sell one - the market has never been hotter. Experts say in the smartphone marketplace, resale is the new retail.

With the price of the latest smartphones going for $1,000 or more, the second-hand and resale markets are hotter than ever.

Shante Wilkerson is shopping for one for her mom.

"She doesn't need a lot of the bells and whistles and all the new stuff. But at least with the iPhone 6s I'm looking to save probably a good $200," she said.

Websites and apps like Gazelle and Glyde sell refurbished phones for a fraction of the price, sometimes half off, and there are other advantages to shopping secondhand.

Another big aspect is the storage capacity. You get a lot more bang for your buck with the storage if you go with a used phone option.

If you're looking to upgrade and you have a device to sell, this is a great time to cash in.

A site called Flipsy can scan the marketplace and tell you where you will get the best price for your phone.

Our friends at the penny hoarder also offer some advice.

To get the best deal, beat the rush. Know when the new phones are coming out to get the maximum payout on the older models.

Also, you often get the best price when you sell it yourself on an auction or resale site like Amazon, Craigslist or eBay.

And consider a trade-in. Some retailers like Best Buy, Walmart and Target might not buy it back for cash, but they offer store credit.

Experts say before you sell, make sure your device is no longer under contract and wipe it clean of all personal data. Perform a factory reset to make sure anything stored is deleted and also unlink your accounts, such as Facebook and email.

To read the full story from the Penny Hoarder, CLICK HERE.

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