Yes, You Can Trade-In Your Old Phone At Costco - But Does It Pay A Fair Price?

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In a 2022 poll conducted by SlashGear, 55.47% of respondents said they upgraded their smartphones every two to three years, while 11.89% said they did so once a year. This tracks with other, more recent research, so we can confidently say that the results of our survey line up with consumer trends observed across the United States.

If you're thinking about upgrading your smartphone, you might also be wondering what to do with your old phone once you've made the switch. While passing it down to a younger relative is always an option, you might consider trading it in if it's in good condition — think of it as a smart way to offset the cost of your new device and reduce electronic waste.

Costco is one of the major retailers offering a trade-in program, allowing customers to exchange their old smartphones for a Costco Shop Card.  The way Costco's trade-in program works is simple: You answer a few questions, ship your smartphone to Costco, and receive your Costco Shop Card within three to five business days. 

Here's what you need to do to trade-in your old smartphone with Costco. Go to the trade-in program page on Costco's official website, then click the "Start Your Trade-in Now" button or the "Get Started Now" button. You will be asked to confirm that you are fine with following an external link. Once you do, you will be redirected to a page where you need to determine your devices value.

First, select device type — in this case, phone. For the sake of this article, let's say you want to trade-in a Samsung Galaxy S23 Ultra with 512 GB of internal storage. You'd select "Samsung" as the manufacturer, choose "Galaxy S23 Series" in the series section below, then "Samsung Galaxy S23 Ultra" and "512GB." Once you select the specific model of your device, Costco will provide an estimated trade-in value based on the carrier. As of April 2025, if your Samsung Galaxy S23 Ultra with 512 GB of storage is locked to AT&T or Verizon, the trade-in value is up to $275, and $240 if you're with T-Mobile. If the phone is tied to another carrier or a prepaid plan, the maximum trade-in value is up to $150.

You will then be redirected to a third page, where Costco will ask four simple yes-or-no questions about your phone's condition. Answer them honestly, then find your smartphone's IMEI number and share it with Costco. After that, select your payment and shipping method, and you're done.

There are plenty of alternatives to Costco's trade-in program worth considering, starting with Best Buy, which lets you exchange your old smartphone for a Best Buy eGift Card. The process is nearly identical. You head over to Best Buy's official website, fill out a quick form, and receive an offer.

Once again, we'll use the Samsung Galaxy S23 Ultra with 512 GB of internal storage as our example. After selecting the brand, model, and storage size on Best Buy's trade-in page, you'll be asked to confirm the device's condition. The estimated trade-in value we received from Best Buy was $325, assuming the phone is in good condition and tied to Verizon — a considerable difference in value compared to Costco's offer.

Retailers are not your only option. There are several other ways to trade-in your Android or iPhone. Consider manufacturer trade-in options, talk to your carrier (most offer trade-in programs), or use an online marketplace.