Cost of smartphones reaching an all-time high

While smartphones are becoming increasingly expensive, some topping $1,000, customers are saving money by buying older model phones and trading older phones for newer ones.
1:28 | 04/01/18

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Transcript for Cost of smartphones reaching an all-time high
Next tonight, your money. The cost of new smartphones is at an all-time high. Some topping $1,000. Customers saving hundreds buying older models, with mostly the same features. And cashing in by trading old phones for new ones. Here's Stephanie Ramos with your money. Reporter: Tonight, with the price of the latest smartphones pushing $1,000, the secondhand market is picking up. I'm hoping to catch a deal. Reporter: Shante Wilkerson is looking for a used phone for her mom at a good price. She doesn't need a lot of the bells and whistles and all the new stuff. With the iPhone 6 or the iPhone 6s, I'm looking to save probably a good $200. Reporter: Many carriers and sites like gazelle and glyde are selling refurbished phones, like this galaxy s7 we found for under $200. Less than half the price of a new one. The other big aspect is the storage capacity. You get a lot more bang for your buck with the storage if you go with a used phone option. Reporter: And if you're planning to upgrade from an older model, you can also make some money. Using sites like flipsy, find out where to sell your phone and what it's worth. Some models, worth more than $400. Experts say, before you sell that phone, make sure your device is no longer under contract. Also, unlink accounts like your Facebook and e-mail from the phone. And finally, perform a factory reset to wipe away any stored data. Tom? Stephanie, thank you. When we come back, the big

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