If you're open to third-party services, you have other options for trading in your old phone, like Gazelle.
Gazelle will pay you with a check, PayPal, or Amazon gift card after you fill out a questionnaire with similar questions to Apple's: if the phone works, what condition is it in, and a some other basic information.
After answering, you'll get an estimate and Gazelle will send you a box for shipping. If your phone matches your answer, you should be paid within 10 days. For my iPhone XR, Gazelle estimates that I would receive $400.
You can check out Gazelle's service right here.
On Swappa, you can sell your iPhone to another user, provided you meet Swappa's criteria for sale.
According to Swappa, a fully functional iPhone XR with 256 GB of storage goes for $691 on average, or almost the price of a new iPhone 11.
Keep in mind that you have to actually find another user who agrees to buy your phone, but if you're willing to deal with that added hassle, you could get more money than on other trade in sites.
Check out how Swappa works right here.
Decluttr promises to pay you the day after your phone is received.
Decluttr pays slightly more than other trade-in sites, offering $491 for my iPhone XR.
This is a good option if your phone is damaged at all — when I checked, Decluttr was offering $294.60 if my phone had "heavy wear and tear, such as scuffs, dents and deep scratches."
You can check out Decluttr for yourself right here.
Verizon, AT&T, and other major carriers also typically offer trade-in deals, but we'll have to wait and see.
Major phone carriers often offer some sort of incentive for trading in your phone and adding a new device to your phone plan.
While Verizon, Sprint, AT&T, and T-Mobile are all promoting the iPhone 11 on their sites right now, they haven't revealed any trade-in incentives.
We'll likely find out more when the iPhone 11 becomes available to order on September 13.