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3 On Your Side: Selling Your Old iPhone

By Jim Donovan

PHILADELPHIA (CBS) -- You can pre-order the new iPhone 5 beginning this Friday, and it's set to hit stores September 21st. For those looking to upgrade, the question will be what to do with their old phone. 3 On Your Side Consumer Reporter Jim Donovan takes a look at your options to make some money.

Dan Gnecco is a pro when it comes to getting the latest and greatest without breaking the bank. Every year, he has sold his old iPhone and used the cash to get a new one.

"You can get a lot of money for these phones to take them outside the country," he says.

Dan is using a new app called Yardsale to sell his phone. He says, "It's kind of like a Craigslist, it finds stuff people are selling around you, so hopefully, I can get some money."

But it's not hard to find other ways to get quick cash. There are the usual suspects: eBay, Craigslist. Some older model used iPhones are selling for as much as $400 depending on the gigabytes.

Then there are other websites like Buymytronics, Nextworth and Gazelle that allow you to enter in your make, model and carrier, and they will immediately give you a price. It's money that will help you pay for this latest iPhone with its larger screen, faster processor and a new dock connector.

"I am very excited ready to preorder and hopefully get it soon," Dan says.

While these sites are helpful, it's important to do your research before selling any gadgets online. Take a look at what prices your item is selling for on Craigslist and eBay before selling so that you don't short-change yourself.

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