iPhone X buyers plan quick resale for a tidy profit
USA TODAY's Jefferson Graham asks people in line at a Los Angeles Apple Store the first thing they want to do with their new iPhone X's. USA TODAY
LOS ANGELES — Here's a great way to make a quick buck: stand on line for hours at an Apple Store, pick up two new iPhones X's, then jump onto eBay or Craigslist, mark them up and wait for the profits to pour in.
The idea is that a busy person who doesn't want to wait on line will spend the extra money, just to get ahold of the new iPhone now.
The new iPhone X starts at $999, but "I've seen prices like $2,000," on sites like eBay, Jeoung An told us Friday, after putting in several hours on the Apple Store line at a local shopping mall. He planned to buy two units and raise enough money to buy a 15-inch MacBook Pro, which starts at $2,400.
In fact, prices on re-sale sites are all over the map, as low as $1,450 for opening bid prices on eBay, to as high as $6, 710, for both the entry level model with 64 GB of storage, and the 256 GB editions.
That doesn't mean the re-sellers will get those prices, but on eBay at least, there are no models listed at regular prices.
Sellers are hoping to attract customers who couldn't spend the time to wait in line and didn't want to wait for an online order to deliver the phone to their doorstep. On Friday, expected wait times for iPhone X was three to four weeks.
On the Letgo app, which looks to take on Craigslist with a more mobile friendly interface, prices for the iPhone X are just as steep, with several models for $1,200, $1450 and even $5,000.
David Azed was at the Westfield Century City mall Friday hoping to buy two iPhone X models for re-sale, which would join the other model he purchased in the initial pre-order last week.
He owns an iPhone 6S from 2015 and sees no reason to upgrade. "I'll buy a new phone next year." For now, it's about raising quick money.
"I think Apple intentionally made demand scarce," he says. "To build hype. It’s probably a smart thing to do."
With 400 people joining him on the line Friday, he may be onto something.
Follow USA TODAY's Jefferson Graham on Twitter, @jeffersongraham