Your old Android and iPhone could be worth a fortune - the easy ways to cash in

15 July 2023 , 06:00

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You could make some quick cash through a mobile phone recycling or trade-in scheme

Almost everybody is strapped for cash right now, but if you're anything like the average Brit, you could be sitting on a tidy sum of money without even realising it.

Research by Virgin Media O2 suggests that people across the UK have around 15 million unused mobile phones and 2.9 million tablets stashed in their homes, doing nothing but gathering dust.

These gadgets seem too valuable to just chuck away and send to landfill, but too out-of-date and obsolete to be of use anymore.

So what do you do with them? Well, it turns out you could actually be sitting on a small fortune in old tech.

There are a number of schemes which will pay out hard cash for your old gadgets even if they don't work anymore. That's because our smartphones are packed full of valuable metals, microchips and more which can be reused for other new gadgets.

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From recycling sites to trade-in schemes, let's take a look at the best ways you can earn some quick cash from your old phone.

You can get cash for your old mobile even if it's damaged (Getty)

Mobile phone recycling schemes compared: are they worth it?

There are now dozens of mobile phone recycling schemes out there, all of which will offer you varying amounts of cash for your old phone depending on its condition and which model it is.

For example, the 128GB iPhone 12 could net you as much as £210 via O2 Recycle if it's in 'excellent' working condition. But Envirofone, another phone recycling scheme, offers £260 for the same thing.

However, it's really important to note that any damage to your phone will lower the amount of money that these schemes are willing to pay out.

So although Envirofone promises a higher payout at face value, the company has a list of conditions that the phone must meet including there being no damage to the screen, fully functioning system software, and pristine battery health.

It's therefore worth comparing quotes across different phone recycling schemes. As well as the two mentioned above, there's other alternatives including EE, Mazuma Mobile, WeBuyAnyPhone, and even CeX on the high street if you'd rather sort it out in person.

Instead of comparing all the sites manually though, CompareMyMobile offers a price comparison service specifically for selling or recycling your device.

Phone recycling schemes can refurbish and resell your phone or harvest useful parts from it - rather than sending it to landfill

Should I trade in my old phone?

If you're in the market for a new smartphone rather than simply ditching your old one, then trade-in schemes might be an even better option.

This is where a phone supplier gives you credit towards a new device instead of cold, hard cash. Virgin Media, for example, offers a phone trade-up service that lets you upgrade your contract phone early.

You can also go directly to the phone brand in question depending on the model of your device. Apple offers a trade-in service which promises to give you between £30 and £630 towards a new iPhone or other Apple device.

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Similarly, Samsung Trade-In will give you money towards a new device but promises an 'instant' discount, meaning you don't have to wait to get credit.

Phone brands like Apple will give you trade-in vouchers towards one of their new gadgets or phones if you're looking to get a new model

What to do once you trade in or recycle your old phone

Once you've filled in all the necessary forms, you'll likely be sent a postage label by the phone company or recycling firm which you can then use to send off your device.

Just make sure you've removed any important or sensitive data from the device first before performing a factory reset.

If you're unable to do this, for example if your phone screen is no longer working properly, there are still ways to move data off of the device and back it up using a USB cable and your computer.

The company should notify you once they've received your old phone. Typically, they'll inspect the gadget more thoroughly and send you a final price quote before sending the funds to your bank account, which could take anywhere from a few days to a few weeks.

So don't just keep your smartphones locked up in a drawer—do something useful with them and get some cash back in the process.

Ciaran Daly