New smartphones cost a lot, especially Apple’s iPhones. This is why if you plan to get the latest model, trading in an older model to offset the cost is a good idea. However, you might not want to wait too long to trade in your older model. According to the trade-in figures, here’s how much the valuation of an iPhone has declined over the years.
No discernible pattern
These numbers come courtesy of Back Market, a website that allows users to sell their pre-loved devices or to buy a refurbished gadget. According to the website’s trade-in figures, the amount an iPhone declines in valuation every year seems to be quite erratic. You would think that the figures are consistent, but interestingly enough, it’s not.
Take, for instance, the 2016 iPhone is currently worth $16. The 2017 iPhone, despite it only being newer by a year, is worth twice that at $38. Also, some models seem to drop in value much more than others. The 2020 iPhone saw a drop in value by 49%. This is versus the 2019 model, which only dropped by 25%.
This doesn’t make sense. The iPhone 12, which was released in 2020, marked the start of a brand new design for Apple. You would think the new design would allow it to fetch a considerably higher price than the iPhone 11 from 2019, but it doesn’t look that way.
Ultimately, according to Back Market, the average iPhone will lose 36% of its trade-in value over a year. So, if you have a device like the iPhone 16 Pro Max and you’re considering the iPhone 17 series, don’t wait too long.
Sitting on unused devices
One of the problems with buying new technology is what are you doing to do with the older one? For devices like phones, trading it in makes sense and it’s easier. But it might not be quite as simple for other types of devices.
In fact, according to Back Market, the company found that 81% of those they surveyed have at least one piece of unused tech sitting at home. 55% of respondents actually have three or more devices collecting dust somewhere. When it comes to smartphones, it’s actually surprising that as many as 72% of people have an old phone lying around.
That being said, it is understandable that not everyone knows how to trade in their older devices. Then, there is also the issue of trust. Doing face-to-face meetups can be dangerous. There have been numerous horror stories over the years of people getting robbed.
Also, some might not find the trade-in values offered by Apple or other companies fair compared to the market rates. However, we reckon it’s still much better than having a device sit in your drawer, losing its value yearly.
