Tech Report: New iPhone Pre-orders Setting Records, But What About Your Old Phone?

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The new iPhone 5 is displayed during an Apple special event at the Yerba Buena Center for the Arts on September 12, 2012 in San Francisco. (Justin Sullivan/Getty Images)

The new iPhone 5 is displayed during an Apple special event at the Yerba Buena Center for the Arts on September 12, 2012 in San Francisco. (Justin Sullivan/Getty Images)

LarryMagid01-228 Larry Magid
Larry Magid is a technology journalist and an Internet safe...
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SAN FRANCISCO (KCBS) — Apple said its new iPhone 5 sold at a record setting pace, as the company took in more than two million preorders in the first 24 hours. But for the many getting the new iPhone, they will be faced with the question of what to do with their old smartphone.

There are plenty of possibilities for your old phone, such as handing it down or selling it to a friend or loved one. But did you know that you can sell it for probably more than you probably paid for it?

A company called NextWorth is giving $255 for a used 16 GB iPhone 4S. Most people are likely to have paid $199 for theirs, because they it came with a contract.

KCBS Tech Report:

You can also donate it to charity, though I’m not sure about the IRS tax laws on that. Your old phone could be used as a tiny iPad, it’s still functional even if it’s not activated. Or if you wanted, it could become and have an extra line.

If you are planning on selling you’re phone and you don’t want any of your information transferred, you should wipe the personal data from your phone.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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