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traded my $1 iPhone 7 32gb for $360 cash, did I make a mistake?

S

SarahKirschbaum

macrumors member
Original poster
Mar 5, 2016
99
23
I bought a 32gb iPhone 7 from Best Buy 3 months ago. I paid just $1 and renewed my Verizon contract for another 2 years. Since I wanted to keep my UDP and had no intention of switch to another carrier, ever, it was a no-brainer.

However, I have only used the iPhone 7 with AT&T and T-Mobile SIM cards once or twice a week. Otherwise, it just sits on my desk doing nothing.

I stopped by a local gun/pawn shop to pick up my Glock that was getting the trigger customized. I noticed that they had a few iPhone 7 phones on display.. a 32gb AT&T model was only selling for $479.. I asked the owner what my iPhone 7 was worth. He went to the back(to check his computer?) and came back with an offer of $360 in cash.

Without thinking too clearly, I accepted the offer. Took the AT&T SIM card out of the phone and wiped everything. Handed over the phone. He gave me the $360 in cash. (well, minus the $200 that I owed him for the Glock trigger customization)

Did I make a serious mistake?
 
... You could have definitely sold it for a lot more. Doing those types of trade in deals never benefit the seller. Unless it's law enforcement trade in where it can be claimed as a write off in taxes I think...
 
Probably could have gotten at least $500 elsewhere. The phone retails at $650 and if in mint condition would have really increased resale value. Plus it was a Verizon model which is unlocked.
 
Septembersrain said:
... You could have definitely sold it for a lot more. Doing those types of trade in deals never benefit the seller. Unless it's law enforcement trade in where it can be claimed as a write off in taxes I think...
Click to expand...

true... part of the reason I accepted the $360 was the fact the Best Buy was selling the exact same Verizon 32gb iPhone 7 for only $499 full retail price last week.
 
SarahKirschbaum said:
true... part of the reason I accepted the $360 was the fact the Best Buy was selling the exact same Verizon 32gb iPhone 7 for only $499 full retail price last week.
Click to expand...

I believe that was with carrier financing. So it was a promo. You couldn't just walk in and get it for $499. You had to tie it to a contract and be eligible.
 
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Mlrollin91 said:
I believe that was with carrier financing. So it was a promo. You couldn't just walk in and get it for $499. You had to tie it to a contract and be eligible.
Click to expand...

no, it was a 4-hour flash sale for Best Buy Elite members at the local Best Buy store (not on website)... and full retail price, not device payment plan pricing....
 
BasicGreatGuy said:
"Could have gotten more"...is relative

You traded in a phone you weren't using and came out ahead. Doesn't sound like a bad deal to me.
Click to expand...

I mean technically he is tied to a 2 year contract now.
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SarahKirschbaum said:
[doublepost=1488327499][/doublepost]

no, it was a 4-hour flash sale at the local Best Buy store (not on website)... and full retail price, not device payment plan pricing....
Click to expand...
A 4 hour flash sale would not reduce the resale value of your device. You lost out on about $140. If not more. Unfortunately.
 
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SarahKirschbaum said:
I bought a 32gb iPhone 7 from Best Buy 3 months ago. I paid just $1 and renewed my Verizon contract for another 2 years. Since I wanted to keep my UDP and had no intention of switch to another carrier, ever, it was a no-brainer.

However, I have only used the iPhone 7 with AT&T and T-Mobile SIM cards once or twice a week. Otherwise, it just sits on my desk doing nothing.

I stopped by a local gun/pawn shop to pick up my Glock that was getting the trigger customized. I noticed that they had a few iPhone 7 phones on display.. a 32gb AT&T model was only selling for $479.. I asked the owner what my iPhone 7 was worth. He went to the back(to check his computer?) and came back with an offer of $360 in cash.

Without thinking too clearly, I accepted the offer. Took the AT&T SIM card out of the phone and wiped everything. Handed over the phone. He gave me the $360 in cash. (well, minus the $200 that I owed him for the Glock trigger customization)

Did I make a serious mistake?
Click to expand...
You could have potentially gotten more for it, but it sounds like that's about it. Certainly nothing exactly "serious" about it, and realistically not even much in the way of a "mistake" either.
 
usually gun owners aren't making the most logical decisions lol ;)

never sell your phone to a store, they need to make money so they'll low ball you.
 
BasicGreatGuy said:
Noting that you got custom trigger work done on your Glock...are you a competitive shooter?
Click to expand...

Guilty as charged. :)
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foxconn said:
usually gun owners aren't making the most logical decisions lol ;)

never sell your phone to a store, they need to make money so they'll low ball you.
Click to expand...

I understand that.. but the advantage is that they don't give you BS and just hand you cash, which is just as good as money. No eBay, Swappa, or god forbid, Craistlist buyers to deal with. :)
 
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SarahKirschbaum said:
Guilty as charged. :)
[doublepost=1488330922][/doublepost]

I understand that.. but the advantage is that they don't give you BS and just hand you cash, which is just as good as money. No eBay, Swappa, or god forbid, Craistlist buyers to deal with. :)
Click to expand...

that's true. i've been fortunate enough not to deal with many headaches for craigslist deals. i have a disposable phone number as well so they never know what my number is.
 
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SarahKirschbaum said:
I bought a 32gb iPhone 7 from Best Buy 3 months ago. I paid just $1 and renewed my Verizon contract for another 2 years. Since I wanted to keep my UDP and had no intention of switch to another carrier, ever, it was a no-brainer.

However, I have only used the iPhone 7 with AT&T and T-Mobile SIM cards once or twice a week. Otherwise, it just sits on my desk doing nothing.

I stopped by a local gun/pawn shop to pick up my Glock that was getting the trigger customized. I noticed that they had a few iPhone 7 phones on display.. a 32gb AT&T model was only selling for $479.. I asked the owner what my iPhone 7 was worth. He went to the back(to check his computer?) and came back with an offer of $360 in cash.

Without thinking too clearly, I accepted the offer. Took the AT&T SIM card out of the phone and wiped everything. Handed over the phone. He gave me the $360 in cash. (well, minus the $200 that I owed him for the Glock trigger customization)

Did I make a serious mistake?
Click to expand...

PUT IT BEHIND YOU & don't look back or you'll be sorry.
 
SarahKirschbaum said:
Guilty as charged. :)
[doublepost=1488330922][/doublepost]

I understand that.. but the advantage is that they don't give you BS and just hand you cash, which is just as good as money. No eBay, Swappa, or god forbid, Craistlist buyers to deal with. :)
Click to expand...

Off course you're paying for the convinience.
If posting it online on swappa and taking a few pics is not worth an extra $200 then that's your choice.
 
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SarahKirschbaum said:
true... part of the reason I accepted the $360 was the fact the Best Buy was selling the exact same Verizon 32gb iPhone 7 for only $499 full retail price last week.
Click to expand...
Likely can't get more than $400 max for it. Nobody's buying at $500+ used.
 
Septembersrain said:
... You could have definitely sold it for a lot more. Doing those types of trade in deals never benefit the seller. Unless it's law enforcement trade in where it can be claimed as a write off in taxes I think...
Click to expand...

Off topic: Law Enforcement can't write firearms off for tax purposes, unless it's purchased directly from the Department, which tends to be a much higher volume of firearms ordered for Government use. Typically only The agency can write the firearm off, not the user.

And..Glock has "Blue label" discounts for strictly for law enforcement, which is also not allowed to write off for taxes with the contract/discount agencies have with Glock specifically.
 
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Relentless Power said:
Off topic: Law Enforcement can't write firearms off for tax purposes, unless it's purchased directly from the Department, which tends to be a much higher volume of firearms ordered for Government use. Typically only The agency can write the firearm off, not the user.

And..Glock has "Blue label" discounts for strictly for law enforcement, which is also not allowed to write off for taxes with the contract/discount agencies have with Glock specifically.
Click to expand...

Is that state law or government law? He said selling them was at a loss. So the tax agent told him he can write off the loss. Not sure how it works but the guy who does the taxes for him used to be law enforcement (State Trooper though) in our state. I'm not sure how any of it works honestly but I'm guessing not all states work the same in this regard maybe?

Edit: I asked him, he said it's not even a law enforcement thing. My apologies. I misunderstood as I was with him when he traded in his guns for less than they were worth for a different gun. This might be due to the use of his guns for work purposes but I'm not entirely sure.

I hope he doesn't get audited for getting bad information from a tax person.

Sorry off topic.
 
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How much was your contract per month? You will have paid $1 upfront and the rest of the cost of the phone over 2 years.
 
safety, peace of mind, and no hassle. some people have time to list sales and filter through flakers/bots trying to "buy" your listed items. They also dont realize the risks. you made a good decision and shouldnt look back on it anymore
 
Olganech said:
How much was your contract per month? You will have paid $1 upfront and the rest of the cost of the phone over 2 years.
Click to expand...

I deliberately wanted to extend the contract in order to
protect my Verizon unlimited data plan. I was just going
to order the $1 cheap flip-phone to extend the contract
for another 2 years, but when Best Buy was having the
$1 special on the 32gb iPhone 7, I figured, why not? :)

Good thing I did it as well... Verizon just recently ended
contracts for everybody. At least now I don't have to
worry about it until the end of 2018. :)

I guess the $360 I got was just fine. I had my co-worker
call the pawn/gun shop this morning and ask about iPhones.
Yup, they already put it up for sale at $429.
 
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