The Apple iPhone 7 and iPhone 8 were largely iterative changes from the iPhone 6 that came before them.
They no longer had a physical home button and slight better camera technology, but other than that, they were largely considered boring updates. But how do pawn shops feel about taking these phones in for a loan or buying them outright from you?
How 'Pawnable' Is This Item
What Value Does This Item Have
Cell phones overall have a rough road when it comes to how a pawn shop deals with them.
As it is, pawn shops have a reputation for taking stolen items, but cell phones are among some of the most stolen items out there. Because of that, a lot of pawn shops just won’t deal with them overall.
Additionally, if someone loses their phone while it is in on pawn, they normally just stop paying for it. This causes the carrier to blacklist the ESN, making it so that phone can’t be activated for service in the future.
Looking at both of these things, pawn shop have to be very careful about taking in cell phones overall.
Fortunately, Apple devices enjoy widespread popularity. Because of that, even pawn shops that wouldn’t normally take in cell phones will sometimes still consider a iPhone should one come through their doors.
The iPhone 7 and 8 receive a “Fair” pawnability ranking for that reason. Unfortunately however, they only receive a “Poor” ranking in terms of value that you get out of your average pawn shop for one.
This is because a pawn shop can’t give you the full “Used” price for one of these phones, instead having to go to the “Blacklisted” price, assuming that the phone won’t be eligible for reactivation should you forfeit it while it is in on loan.
What To Bring With You:
When you take an Apple iPhone 7 ir iPhone 8 into a pawn shop, there are some things that you will want to be sure you do first.
- Make sure that your phone is COMPLETELY signed out of your Apple account and that iCloud is OFF. Most pawn shops absolutely will not take an Apple product that is still signed in to their Apple account or iCloud. If the phone was to forfeit, the pawn shop has little recourse on trying to get their money back out of the phone when they sell it if it is still signed into these services.
- Make sure that you bring the Apple original wall plug and cord with you when you take your iPhone into the pawn shop. The original Apple accessories are much higher quality than the aftermarket knock offs that you find on eBay or Amazon, so it’s important that you have these with you when you go.
- If you have the original box or packaging still, that can also often help your case when trying to get the most amount of money possible out of your iPhone 7 or iPhone 8 at a pawn shop.
Percentage Of Pawn Shops That Accept This Item 60%
Percentage Of Pawn Shops That Consider This Item Desirable 20%
Average Redemption Rate For This Type Of Item 30%
Percentage of Households That Have This Type Of Item 10%
Percentage Of Times This Type Of Item Is Pawned vs Being Sold 30%
The iPhone 7 and 8 are still pretty commonly accept by pawn shops although not as widely accepted as other items such as gold jewelry or power tools. Roughly 60% of pawn shops will still consider working with you on a loan or an outright sale of your iPhone 7 or iPhone 8. Of those, roughly 20% of pawn shops consider them to be desirable.
The average redemption ratio for an iPhone 7 or iPhone 8 is right around 30%. Roughly 10% of households have one of these that they can pawn, and of those that do 30% choose to make a loan on it versus selling it. This low rate is largely due to the fact that the iPhone 7 and iPhone 8 are older phones at this point and they may have likely upgraded by now.
What Are Some Advantages To Pawning This Type Of Item
- You can still get a good amount of money for an iPhone 7 or iPhone 8 at a pawn shop when you take it in.
- It’s easier to find pawn shops that deal with these phones versus other phones that are out there.
- If you’ve already upgraded phones, you may not miss your older iPhone while it is in on loan or if you decide to sell it outright to a pawn shop.
What Are Some Drawbacks To Pawning This Type Of Item
- Not all pawn shops deal with cell phones, so you may have to look around a bit before you find one that will.
- If you don’t know your Apple ID password and can’t sign out of your iCloud account, a pawn shop that normally would take your phone most likely will not.
- If your phone is at all damaged, there is a strong chance that the offer you get for it will be much lower than you would otherwise expect.
Pawning or Selling Your Apple iPhone 7 or iPhone 8 at a Pawn Shop
These two phones were great phones when they were released but are a little older now and just aren’t as welcome as they once were. That having been said, you should still be able to find a pawn shop that will work with you to make a loan on yours or just sell it outright should you decide to go that route instead.
That having been said, it is absolutely critical that you are sure that you have turned off your Apple iCloud protection and sign out of your account before you take it into a pawn shop. Most pawn shops WILL NOT accept an iPhone with these features still turned on and activated.
Also be sure that you bring in the original cord and charger with you. Aftermarket replacements just don’t work nearly as well as the originals, and particularly with Apple products which can sometimes detect them and refuse to charge when they are used.
Wordpress junkie, music lover, and consumer of all things pizza-oriented. I’ve run pawn shops and check cashing operations for years. I developed the most successful digital marketing marketing strategy for pawn shops known to date, and flip items on eBay for fun.