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I was looking into selling an old cell phone on eBay but found Apple was giving decent rates for trade-ins.

Trade-ins by mail get an Apple gift card. In-store trade-ins get a credit. ("Take your iPhone or eligible smartphone to an Apple Store and get immediate credit toward the purchase of a new device.")

For example, here are the values for two locked iPhone base models. These are higher than what the used phone is selling for on eBay.

iPhone 5 = $ 200 Apple gift card / credit (Phone sells for $ 120 avg. per eBay)