Planning on buying the iPhone 7 or iPhone 7 Plus but wondering what you should do with your existing iPhone first? Here are some tips to prepare your iPhone for sale and help you get the most money for your old iPhone to pay for the new iPhone.

If you own an iPhone 6 or iPhone 6s…

If you own an iPhone 6s and live in the United States, all you need to do is head over to your carrier’s website and pre-order the iPhone 7 variant you want. Major carriers like T-Mobile, AT&T, Sprint, and Verizon are allowing existing their existing customers with an iPhone 6/6s or iPhone 6/6s Plus to upgrade to an iPhone 7 for free. Once you pre-order an iPhone 7 from your carrier of choice, you will have to trade in your existing iPhone to get $650 in monthly credits, which is good enough to get the iPhone 7 32GB. If you want the bigger Plus model or a higher storage variant, just pay the difference in price upfront.

While the process is pretty straightforward on T-Mobile, Verizon, and Sprint, AT&T does require you to fulfill a few other conditions as well.

Should I Sell Now?

If you have not already sold your iPhone by now, you really should. The best time to sell an iPhone is a week or two before Apple officially unveils a new iPhone. Post that, prices of older iPhones are reduced which leads to their value tanking in the second-hand market as well. Not to forget, tons of iPhone owners will flood eBay, Craigslist and other reseller markets with older iPhones they no longer need.

What to Do before You Sell Your Old iPhone?

1. Unlock your iPhone

Many carriers lock the iPhone so it can be used only on that single carrier, limiting the number of people who can purchase your iPhone. If you want to expand your pool of potential customers, then you should look into unlocking your phone, which allows the phone to operate on multiple carriers. You should check with your current wireless service provider to see how they handle unlocking a device. Some will do it for free if the phone has been on your line for a certain amount of time while others will charge you a small fee.

2. Backup your iOS device

Like most iPhone owners, you likely have apps, photos and more that you want to transfer from your old phone to your new phone. To make the transition as easy as possible, you’ll need to create a backup of your existing phone that you then can restore to the new phone when you receive it. This step is especially important if you are selling your old phone before your new one arrives.Get that backup done before the phone is no longer in your possession.

If you use iCloud for your backups, the service creates a new backup overnight when you plug in your device. If you want an up-to-date backup, then you can manually create a backup using the following instructions:

• Connect your iPhone to a Wi-Fi network and optionally plug it into charge
• Open Settings from the Home screen
• Tap on iCloud > Backup
• Then tap on Back Up Now to initiate a backup

Alternatively, you can use iTunes to store your backup on your computer. Just connect iPhone to your Mac or Windows PC using the USB cable. Open iTunes and select the iPhone icon in the menu bar when it appears and then select Back Up Now in the information screen. You also should back up your apps if prompted.

3. Disable Find My iPhone

Before you sell your iPhone, you need to disable Find My iPhone and Activation Lock on your device. Activation Lock is an anti-theft measure that prevents anyone from using your phone if it is lost or stolen. The feature is turned on automatically in iOS 7/8 when you enable Find My iPhone. When you sell your phone, you need to turn off Find My iPhone using the steps below before you send it away to its new owner.

• Tap Settings > iCloud
• Scroll to the bottom of the iCloud settings and tap Sign Out for iOS 8 or Delete Account in iOS 7 or earlier
• Tap Sign Out again when prompted
• Then tap Delete from My iPhone and enter your password

If you forget to disable Activation Lock before handing your phone to someone else, the new owner likley will not be able to use the phone until you deregister the phone using one of the methods described below. The easiest way to disable activation lock is to go to icloud.com/find, select the device you sold from the list, and then click Erase. After the device has been erased, click Remove from Account to remove the device from the Find My iPhone service.

Alternatively, you can ask the new owner to sign out of iCloud on the phone and reset the device according to the instructions above. This method also is easy but inconvenient for you as you have to provide the person with your Apple ID and password. As soon as the phone is reset, you need to go immediately to the My Apple ID website (appleid.apple.com) and change the password or you risk losing control of your account.

4. Erase your iPhone

Last but not least, you’ll want to erase all the content and settings of your iPhone before you give it to someone else. Simply open Settings and tap General > Reset > Erase All Content and Settings. If Find My iPhone is still enabled, you will be prompted to turn it off now. Enter your device passcode or Restrictions passcode, if asked and then tap Erase to wipe the device.

Where to Sell Your Old iPhone?

There are many websites and services that you can use to sell your iPhone. Some sites, like recycler Gazelle, are easy to use, but they pay less money for each phone. Others, like eBay, carry some risk, but they let you get the most money for your device. Below we discuss a handful of options for selling your phone and recouping some of your original investment. If you know of any other services that make it easy to sell your phone, please share them in the comments.

Auction websites

eBay is the largest online auction site and will provide you with the highest price for your used iPhone. The selling process is simple — just list your phone, watch the bids come in and ship off the phone when you are done. Unfortunately, there is some risk as eBay has its fair share of scammers who use stolen credit cards and hijacked accounts. Protect yourself by using PayPal for payments, sending only to the confirmed address on the PayPal payment and using a shipping method that provides both a tracking number and a signature upon delivery. eBay also is pricey as you pay fees to eBay for the sale and fees to PayPal for processing the payment.

Classifieds

Craigslist and other classifieds, like Uncle Henry’s in Maine, are a convenient way to sell your old iPhone. Prices usually are on the higher end of the scale and you have the advantage of being paid in cash with minimal fees (most services are free). The biggest risk is your safety with some people using the classifieds to arrange a sale only to steal the item you are trying to sell. To minimize your risk, you should arrange to meet in a public place during the daytime and bring a friend if needed. You also should keep sales local and not send off your device as most of those offers are scams.

Family or Friends

Giving your old phone to your family and friends is an easy way to sell your device with minimal risk of theft or fraud. The recipients likely will be happy to get a new used phone and you can help them with the transition process if needed.

Retailers

Apple, Amazon, Best Buy and other retailers will accept your old hardware in working condition and provide you with a credit that you can use to purchase a new device. The amount you receive from your old device will vary based on the iPhone model and its condition, but these services tend to be relatively low paying. They are convenient and offer instant credit in some cases, but you will lose some of the value of your phone. If you want the most cash and don’t mind the effort, your best bet for selling your phone is on eBay or Craigslist. If you want the fast and easy route, then find your nearest retail store with a buyback program. You can even check your wireless carrier as some, like Verizon, also offer a buyback program.

Reseller

Another alternative is a reseller, such as Gazelle or NextWorth, which will buy your phone from you so they can resell it on eBay or through their own website. Gazelle is the most popular, primarily because the company allows you to lock in a price for your iPhone in the weeks leading up to a new iPhone launch. This lock-in service allows you to secure a higher price for your phone and keep your existing phone until the new one comes out. Gazelle may not net you as much as a private sale, but the company makes it easy by sending you a label and a box that you can use to send off your device. They also pay you in cash as soon as they receive the device and confirm its condition.

Where to Get the Most Money For Your Old iPhone

Folks at GoBankingRates have created a comprehensive table which quickly gives you information about how much money you will get, depending on where you will sell.

The carrier trade-in program is likely the best if you own an iPhone 6 or newer that is in good condition. If that does not work for you for some reason, you can try out the other options that we have mentioned above.