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Old iPhone? 7 Ways to Make It Pay for Itself

But if it's not in such swell shape, sites like Gazelle will even pay for your broken iPhone -- up to $125 if it doesn't even power on!

And if the price of the latest iPhones appeals to you, well, you can get rid of an iPhone 5 while it's still at its peak: NextWorth, which handles trade-in programs at Target, offers up to $340 in Target store gift cards. Glyde.com estimates an iPhone 5 can pull in up to $444. The catch? Someone must be willing to pay for it.

3. Permanent home-music system.

There are all sorts of speakers to help blast an iPhone's music collection around the house. But who wants to leave their iPhone in one part of the house?

Of course if you have no other use for an old iPhone, even the early generations offered a decent music set up, thanks to streaming your entire iTunes library or using multiple apps to explore new music.

Pair an old iPhone with a speaker like the Gramophone from Restoration Hardware and your old phone becomes enormously useful and a dinner conversation.

4. An extra TV remote.

Everyone can use an extra remote control for the TV. And with an old iPhone, there are several apps to turn the phone into a universal remote, allowing it to control many different devices while you're sitting on the couch. Most apps require a hardware translator, like the Dijit app paired with the Beacon from Griffin Technology or the Logitech (LOGI) Harmony Ultimate Hub, which pairs with a Harmony Control App. Also, check with the TV's maker or your TV service for an app to control devices. Samsung (SSNLF), LG and Time Warner Cable (TWC) all offer apps.

5. Emergency phone.

Wireless carriers are required to complete 911 calls, regardless of whether the phone is activated or has a SIM card. So, toss your old iPhone into an emergency kit or your car for that unlikely emergency. Keep in mind, the phone needs to stay charged and should you need to dial 911, tell the operator exactly where you are; a wireless phone's location is just to the nearest tower and not reliably accurate. If you get disconnected, call back since the phone no longer has an assigned number.

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