AMARILLO, TX- With the launch of Apple's iPhone 5 just days away, retailers are promoting their "buy back" programs now more than ever.
They're enticing incentives seen virtually everywhere!
Retailers are offering $100, $200, even $300 dollars in cash back just by trading in your cell phone.
"If it's a newer phone like an iPhone 4, it's going to be worth about $150," Ethan Laseter with Best Buy said.
It may sound like a pretty good deal. After all, it's money you can use toward the purchase of a newer model phone.
But here's the catch:
"The appraisal price is going to be based on what the market demand is for it," Laseter said.
Before hoping to cash in big by bringing in your flip phone, we'll save you the trip.
"Typically for an older phone, you might not get anything," he said.
For those with smartphones like Blackberries, iPhones and Android devices, earning a little bit of extra cash isn't hard.
"On average you're looking at typically $50 or $60 dollars," Leseter said.
That's still not the triple digit price I was looking for.
However, I decided to give it a go---getting an appraisal on my Samsung Galaxy S II Android phone at two retailers and one online retailer.
The results are as follows:
Best Buy: $94
However, a more important factor I'm told I should take into consideration is the safety I may be compromising by selling my Android-powered phone.
"Apple and Blackberry have a secure wipe system," Ian Cox with Best Buy's geek squad said.
McAfee Security says it's much more difficult to make sure data is erased off Android phones because of the operating system---a statement confirmed by Cox.
"For Android, you always need to do it (reset the phone) through the recovery mode and not within the android operating system," Cox added.
It's a mistake, which could cost you should your phone end up in the wrong hands.
The phone that will give you the best trade in value right now is the 64GB iPhone 4S.