Got an old cell phone to trade in or get rid of? With rapidly changing technology, it doesn't take long before your old device is virtually obsolete. But, no one wants to throw that money down the drain. So, if you're staring at an iPhone 7 that's collecting dust or barely getting the job done, it's time to step up your game and find a cell phone trade-in option that's worth your while.

If you're a Verizon customer or are interested in switching carriers and getting a new device, that's where the Verizon Wireless trade-in program comes in. Simply walk into your nearest Verizon store or go online, get your phone's trade-in value, and kiss your old phone goodbye.

Sounds easy enough, right? While the Verizon Wireless Device Trade-in Program is certainly tempting, especially for existing or future Verizon customers, is it really the best option out there? Or in other words, is it the trade-in option sure to nab you the most cash? Let's dig in and find out.

Verizon Wireless Trade-In Program Review
Verizon Wireless Trade-In Program Review

Contents

Can You Trade in Phones for Cash at Verizon?
Verizon Device Trade-In Steps
Verizon Wireless Trade-In Values
Trade-In Value Updates and Changes
Verizon Trade-In Deals and Promotions
How Verizon Stacks up with GadgetGone

Can You Trade in Phones for Cash at Verizon?

Before we get down to brass tacks, let's talk about what that trade-in is going to net you financially (because you and I both know that's one of the most important deciding factors). If you're like most people, you want a trade-in for cash that is going to get you the most money possible. Unfortunately, if you are one of those people, trading in your phone with Verizon may not be your best bet.

The Verizon device trade-in program is designed to earn you credit for your old phone, tablet, or wearable—"credit" being the operative word. With Verizon, your main payment options are either instant credit, account credit, or an electronic Verizon gift card depending on whether you are an existing or future Verizon Wireless customer. However, if store credit isn't your thing, there is also an option to receive your payment through PayPal as well.

• Instant credit:   Only available for existing Verizon customers who are adding a new line or upgrading their current device, depending on eligibility; can be used immediately towards down payments, for the purchase of accessories, etc.
• Account credit: Only available for current Verizon customers who aren't eligible for instant credit; after receiving the final appraised value of the device, the account credit is applied within one or two billing cycles
• Verizon Wireless Gift Card: Available for non-Verizon customers; gift card is sent through email within two weeks after Verizon receives the traded-in device

Verizon Device Trade-In Steps

If you want to trade-in your sleepy iPhone 7 or another glorified paperweight device through Verizon, the easiest way to do so is through their online trade-in platform . In-store trade-ins are also accepted; just be sure to bring your device into your store to complete the process.

Verizon Trade-In iPhone 7

Once you've decided to get rid of your old phone through Verizon's website, you'll need to follow the below steps:

1. Log in to My Verizon or set up an account (this isn't necessary to get the initial device appraisal, but you will need to be signed in to access any current promotions).
2. Choose the device you're trading in.
3. Respond to the questions about your device and its condition.
4. Receive an instant appraisal value, then select how you want to receive your payment.
5. Give your name, address, and other information.
6. Complete your trade-in and follow the steps to send the device in.
7. Wait for your prepaid shipping envelope, then return the device with 15 days.

The process for a non-Verizon Wireless customer trade-in is a little different. You'll also need to supply the manufacturer, color, size, model, and carrier for the device you are trading in.

Once you've mailed in your device, you can check your Verizon trade-in status via the Verizon Trade-In Resource Center using your Submission ID.

Verizon Wireless Trade-In Values

When it comes to trade-in values, this is where Verizon starts to fall short. In general, Verizon's trade-in program only has two device condition categories: good and damaged. However, the "damaged" category gets broken down further depending on how you answer a few questions.

Verizon Trade-In iPhone 7 - good condition
Verizon Trade-In iPhone 7

In contrast, when selling your phone to GadgetGone, we give you the option of selecting between eight different condition categories, including a "cracked" category for phones with shattered screens. Furthermore, while certain conditions may mean an offer of $0 from Verizon (more on that in a bit), the only devices we won't buy are those that are iCloud-locked or reported as lost or stolen.

This translates to much bigger payouts when selling your device to an online buyback company like GadgetGone versus trading it in to Verizon. In fact, while comparing the trade-in values of an iPhone 7 and a Samsung Galaxy S8 in a variety of conditions, we discovered that you could make around twice the amount (in cash) on average by selling your used phone to GadgetGone instead of Verizon. It's almost enough to consider using your Verizon phone insurance plan to fix your cracked screen and get a higher trade-in value.

iPhone 7 Trade-in Value – Verizon (256GB) iPhone 7 Trade-in Value – GadgetGone
Good: $62 Good: $120
Damaged (cracked screen): $31 Cracked: $55
Damaged (battery damage): $0 Damaged: $40
– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –
Galaxy S8 Trade-in Value – Verizon (64GB) Galaxy S8 Trade-in Value – GadgetGone
Good: $60 Good: $115
Damaged (cracked screen): $30 Cracked: $35
Damaged (battery damage): $0 Damaged:$25

Trade-In Value Updates and Changes

You've evaluated your phone's condition to the best of your ability, got your initial trade-in value, and sent it in. Now all that's left to do is wait for that account credit, right? Not quite.

GadgetGone vs Verizon Trade-In
GadgetGone Trade-In iPhone 7

Similar to GadgetGone, once you've mailed in your device and it has been received, Verizon may update the amount of the account credit they are offering depending on their evaluation of your phone's condition. Oftentimes, this means getting a new offer that is less than what you were originally told.

This can obviously be quite frustrating, especially if your phone's trade-in value decreases. With GadgetGone, if you're unhappy with the adjusted offer, we will happily send your device back to you for free, no questions asked. Unlike GadgetGone, once you've sent your phone to Verizon, you won't be getting it back—even if you are unhappy with the adjusted credit amount. For us, that little tidbit is one of the biggest disqualifiers against using the Verizon Wireless Device Trade-In Program.

Verizon Trade-In Deals and Promotions

Every so often, Verizon offers a variety of promotions and deals related to the device trade-in program. Generally, these deals will vary based on whether you are adding on a new line to your Verizon family plan or upgrading, and they are often tied to a certain phone model.

As long as you are signed in to My Verizon, these promos are automatic and can really help to get you an even bigger credit for your trade-in (which is especially great considering Verizon's lower trade-in values overall). However, even with these deals, you'll be hard-pressed to get as much money for your device as you would by selling it to an online buyback company like GadgetGone.

How Verizon Stacks up with GadgetGone

As far as cell phone trade-ins go, you have a lot of options. For existing Verizon customers looking to upgrade or new customers just getting started, there can be a lot of value in using their program, namely in the form of convenience. However, a simple Google search will tell you that that convenience often isn't worth it. In fact, negative reviews and complaints about Verizon's trade-in program abound.

verizon wireless trade-in | GadgetGone

Verizon Pros: Verizon Cons:
• Taking advantage of promotional deals can net you more credit • No money (or next to it) for damaged or broken phones
• Convenient for existing and new Verizon customers • Once you've sent your phone for trade-in, there's no getting it back
• Fairly simply online trade-in process • The turnaround time can be lengthy
• Decent-sized payouts • Tons of negative reviews and complaints about the trade-in process
• Focus on store credit

GadgetGone

For most other circumstances (and significantly better reviews), GadgetGone may be the better choice. Unlike with Verizon Wireless device trade-ins, GadgetGone offers a streamlined process and plenty of happy customers.

GadgetGone Pros: GadgetGone Cons:
• Cash payouts are some of the highest in the business,  PriceMatch+ guarantee • Can't automatically apply the money to an upgraded device
• A fast and easy online process • Infrequent trade-in promotions
• If you are unhappy with your updated appraisal, you can have your phone mailed back to you for free
• Numerous device condition categories; we pay top dollar for broken devices
• Quick turnaround time
• Tons of positive reviews

Whatever option you choose, selling or trading in your used devices you're no longer using equals a little extra cash in your pocket or money towards your new phone. You'll ensure that the device is no longer cluttering up your house and you help the environment by safely disposing of the phone. It's a win-win situation!

Trade in and trade up today!

Get a Free Quote