With the announce of the new iPhone 6, many people are excited to upgrade their phone. Before you throw your old phone into a drawer, you should really consider selling it.

If you are due for an upgrade (a.k.a. new contract) with AT&T or Verizon you can usually get a great price on a new phone.  We did this over Christmas for my mom.  Target had the iPhone 5C for $5 after a new contract and gift card deal.  So we got her a new phone and then sold her old phone for $200!  In the end that paid for 6 months of her cellphone bill since she is part of our family plan ($30 a month for extra lines).

There are numerous options for trading-in or selling your phone. You can sell it to your service provider, Ebay, Amazon, or to an individual directly.

Note: All values below listed are for phones in excellent condition.

Sell To Your Service Provider

Trading in your phone with your service provider is the easiest method in my opinion. The benefit is that you don’t have to worry about selling and shipping the item. You just walk in, give them the phone, and enjoy the credit on your bill or gift card when you upgrade to another Smart Phone.

Trade In Value at Verizon:

iPhone 4s – $200 Gift Card
iPhone 5s – $300 Gift Card
Samsung Galaxy S4 – $120 Gift Card

Not Planning to Upgrade:

iPhone 4s – $84 Gift Card
iPhone 5s – $295 Gift Card
Samsung Galaxy S4 – $120 Gift Card

Ebay

Ebay has a fun “Sell My Phone Tool” that lets you see how much you can get for your phone. It is a general estimate, but you can put in more information for a more detailed quote. It walks you though to figure out how much your phone is worth and then gives you ideas for a starting bid and even a buy it now price (for anyone that doesn’t want to bid, they just want it now).

What you can get:

iPhone 4s – $145
iPhone 5s – $461
Samsung Galaxy S4 – $231

Amazon

With Amazon, you can submit your items, ship them for free, and get paid with a Amazon Gift Card. It’s really easy, but the values are less. This is a great option if you don’t want to deal with selling on Ebay or you don’t plan to get another Smart Phone from your Carrier.

Gift Card Value:

iPhone 4s – $123
iPhone 5s – $369.15
Samsung Galaxy S4 – $153.70

Sell To An Individual

With the power of Social Media, you can sell your phone yourself. List it on Facebook and see what happens. You’ll probably want to sell it for around the values of what it would go for on Ebay. People aren’t going to buy it from you if they could get it for a lot less on Ebay.

Prices to ask:

iPhone 4s – $150
iPhone 5s – $470
Samsung Galaxy S4 – $240

What To Do With Basic Phones

Don’t let your flip phone fool you! You can often still get money for it. While you will not get much on Ebay or Amazon, your carrier may still offer a gift card for it.

If your Carrier won’t accept your basic phone, you can still donate it. Some options for donating: Cell Phones for Soldiers, National Coalition Against Domestic Violence, American Cell Phone Drive. You can also keep it on hand to loan out to family and friends as needed.

See more frugal living ideas.