The best ways to sell or trade in your Apple Watch

The Apple Watch Series 2 is finally here...and I have to admit, it looks pretty appealing with its waterproofing, built-in GPS and brighter screen. But before you jump on the preorder train, you might want to consider what you're going to do with your original Apple Watch. (After all, it's not the kind of thing that can be easily repurposed.)

The time to sell (or trade in) your Apple Watch is now -- Apple has already dropped the price to $269 -- so here's what you need to do.

Before you sell your Apple Watch, you must disable the Activation Lock by unpairing it from your iPhone. Unpairing your Apple Watch will also create a backup, which you will be able to use to set up your new Apple Watch Series 2.

To unpair your Apple Watch from your iPhone, open the Apple Watch app and tap [Your] Apple Watch.

On the next screen, tap the information icon next to your Apple Watch.

Tap Unpair Apple Watch to begin the unpairing process (your Apple Watch must remain near your iPhone during this process). You do not have to worry about wiping your Apple Watch, because it will automatically be reset to factory settings when it is unpaired from your iPhone.

Selling your Apple Watch by yourself will usually get you the most profit, but it takes some initiative and carries more risk.

Craigslist is a risky option for both sellers and buyers -- sellers risk wasting time on flakes or getting robbed, while buyers risk getting scammed (or worse). But you will get cash for your device, and you can set your price without worrying about sellers' fees.

For a smooth Craigslist transaction, make sure you hash out all the details first -- your buyer should know the specs, price and condition of your Apple Watch before the meetup takes place -- and meet in a well-lit public place.

While eBay is more work than Craigslist, it's usually a better option for making more money. Because eBay offers (extremely robust) buyers' protection, people are more willing to buy expensive items from strangers. Also, eBay is probably your best option if you want to sell an Apple Watch Edition, because trade-in sites will not take this more expensive variation.

The downside to eBay, as always, is the fees. eBay takes 10 percent of the final value (what your item sells for), and PayPal charges a fee of $0.30 plus 2.9 percent (4 percent if sold internationally) of the final value.

Price varies a lot on eBay. To get an idea of what your Apple Watch might sell for, search for your model and check out the 'sold' listings. At the time of this article, these are the going rates (sold items) for used Apple Watches on eBay.

Swappa is a user-to-user marketplace for used tech -- specifically, phones, tablets and smartwatches. Swappa only allows listings for working devices in good condition (no cracked glass or water damage). At the moment, you can sell the Apple Watch Sport (38mm and 42mm) or the Apple Watch (38mm and 42mm), but not the Apple Watch Edition.

Unlike eBay, Swappa charges a flat $10 fee per item sold, and that charge is tacked onto the sale price -- so the buyer, not the seller, is responsible for the fee. Swappa does do payments through PayPal, though, so you will still incur the PayPal fee of $0.30 plus 2.9 percent (4 percent if sold internationally) of the price your item sells for.

Trading in your Apple Watch is easier and less risky than selling it yourself -- but it's usually less profitable. Because the Apple Watch comes in so many variations -- color, band, and band color all make a difference in trade-in value -- it's a good idea to price your model on multiple trade-in sites before making a decision. Most trade-in sites require that your Apple Watch come with accessories (the charger), and almost none will take the more expensive versions of the Apple Watch, such as the Apple Watch Edition or the Watch Hermes.

Maxback is a trade-in site that offers cash (via check or PayPal) for your used Apple Watch. Maxback has a wider range of condition categories than other trade-in sites, so it's worth checking out if your device is not in perfect condition. Maxback accepts the Apple Watch Sport (38mm and 42mm) and the Apple Watch (38mm and 42mm).

NextWorth is a trade-in site that offers cash (via check or PayPal) for your used Apple Watch. While NextWorth's prices for lower-end Watches aren't great -- a 38mm Apple Watch Sport in good condition goes for about $100 -- it is one of the only trade-in sites that will accept the Watch sans accessories (such as the charger).

Stopoint is a trade-in site that offers cash (via check or PayPal) for your used Apple Watch. Stopoint accepts broken items -- if your Apple Watch doesn't even turn on, Stopoint will still give you between $30 and $70 for it. Stopoint accepts the Apple Watch Sport (38mm and 42mm), the Apple Watch (38mm and 42mm) and the Watch Hermes (38mm and 42mm).