NEW YORK (CNNMoney) — That old iPhone sitting in the bottom of your sock drawer could be worth $300 — but only if you act now.
Old iPhones hold their worth better than any other smartphone on the market. But iPhones’ resale value takes a nosedive right before Apple announces a new version of its smartphone — and Apple (AAPL, Fortune 500) is expected to do just that on Sept. 10.
Apple is widely expected to introduce a gold-colored iPhone, a fingerprint sensor and a new low-cost “iPhone C.” No matter what it ultimately will look like, the new iPhone will send Apple fans running to the store and searching for a way to get their old phone out of their hands.
But waiting until the actual announcement means you are already late to the game.