Forget the $1,319 iPhone X. There are bargains to be had on older models now

With a price tag of over $1,300, Apple’s latest iPhone X seems out of reach for many Canadians. But thanks to the announcement of the newer models, the more frugal shopper can look forward to a price dip on last year’s model.

EBay Canada says prices of the previous generation of iPhone dropped by nearly 10 per cent during the month after the release of a new phone, for three years straight.

The company also said that the amount of transactions of iPhones doubled after the announcement of the iPhone 7; usually an iPhone is sold or bought by a Canadian every 10 minutes, but in Sept. 2016 there was a transaction once every five minutes.

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With Tuesday’s announcement of both the iPhone 8 models along with the more expensive iPhone X (pronounced iPhone ten), eBay says now is the time to think of selling your iPhone.

WATCH: Latest coverage of the Sept. 12 Apple announcement 

5:55 Apple unveils latest iPhones and watch

• Apple unveils latest iPhones and watch
• Apple’s new iPhones will cost you a bundle
• iPhone X launches with new features and big cost
• Apple iPhone 8 and 8Plus introduced with new features
• The iPhone turns 10

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Here are some tips from eBay Canada’s head of Communications, Camille Kowalewski, for both buyers and sellers:

Selling:

• Do your research to determine an appropriate price point.
• Consider bundling your phone with any accessories you have. Kowalewski says it’s an easy value-add to help you get more money for your phone.
• Include a lot of photos of your phone, including any areas that have some wear and tear, so you are fully transparent and upfront on the condition.
• Think about offering free shipping in Canada, but add appropriate shipping services for international buyers.
• Make sure you properly wipe your data from your phone before you sell it.

Buying:

• Just like sellers, buyers should do their research on price points.
• You can get good value on at gently used or factory-warranty refurbished phones.
• Make sure you look at details like if it’s locked or unlocked, condition, if it comes with the power cord, etc.
• If you need the phone fast, look at items located within Canada for faster shipping times.