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Tech Support: here's how to trade in your iPhone

Yahoo Finance's Tech Editor Dan Howley shares tips on how to trade in your iPhone.

Video Transcript

DAN HOWLEY: Yes, Adam, the new iPhones are expected later this month. We're expecting the iPhone 12. So what does that mean you should do with your old phone? Well, if you want to, you can trade it in and get some good money for it. But before you do that, you're going to have to take some important steps, and number one is backing up your current phone. This way when you get your new phone, you'll be able to load up your older phone's profile, have all the apps and software that you need on there to do that.

What you're going to have to do is go into the Settings page and then tap Apple ID, iCloud, Media, and Purchases. From there, you're going to scroll down to iCloud, choose iCloud Backup. Then from there, you're going to press Back Up Now, and that'll start to back up everything on your smartphone to your iCloud account. Then once you log in on your new phone, it will pull it all back down, and it'll be like you had your old phone again on a much more expensive newer phone.

So what do you do before you sell your old phone? Well, you're going to have to make sure that you completely erase it because you don't want any of those text messages and photos that you have on there finding themselves into the hands of someone you don't know. To do that, you're going to have to go back into the Settings app and then choose Reset from the General tab. That's all the way at the bottom of the screen. You're going to then tap Erase All Content and Settings.

From there, they're going to ask you to enter your passcode for your phone. You're probably going to have to enter it twice. And then it will say Tap to Erase iPhone. Tap that. It'll look like a scary warning. Then you're going to have to sign in with your iCloud password. Type in the password, you'll get another scary warning about deleting all the data on your phone. Press that, and it will start to erase your phone entirely.

Once you're done with that, it will go back to looking like a new phone. It'll have "hello" in a bunch different languages, ask you to set up Wi-Fi. You could turn it off from there. At that point, you're done. You can ship it out to wherever you're going to send it. There are few options to be able to sell your phone. You can use something like a Gazelle. You can use something like Verizon, our parent company, AT&T, T-Mobile.

Or you can just go straight to the-- the source and trade it in at Apple, and some of the prices you can get for your older phone are really impressive. An iPhone XS Max will get you up to $450. An iPhone 5, you're probably not going to get a lot, but some of the older phones you can get 35 bucks. And, look, money's money. And if you're going to push it to your new phone, that's great.

Another thing that you can do if you're not going to get any money for it, you can recycle it. And if you're feeling like you want to give back to something, you can donate your phone to something like a St. Jude's or a women's shelter or Cell Phones for Vets. This way, they can have access to a phone that they might otherwise not. But that's where you can-- what you can do with your older phone, and then, you know, have fun with your new one.