Assurant, a global business services company, has revealed that the average trade-in value of smartphones reached US$135 during quarter two (Q2) of this year.
iPhones reached their highest recorded value of $215 during the same timeframe. Assurant’s data highlights the continued rise in value of pre-owned devices—in Q1 of this year, it reported that the average trade-in value of iPhones surpassed the $200-mark for the first time since Q3 2021.
Highlights from Assurant’s latest quarterly Mobile Trade-in and Upgrade Industry Trends report include:
- $872 million was returned to U.S. consumers through trade-in and upgrade programs in Q2 2023. This remains flat when compared to Q1 2023 ($865 million).
- The top five traded devices were the iPhone 11, iPhone 12, iPhone XR, iPhone 12 Pro Max, iPhone 11 Pro Max; 5G capable devices make up 34% of the list as compared to 29% last quarter.
- For the first time the Galaxy S21 was the most traded Samsung device unseating the Galaxy S9 which held that position throughout 2022.
- The overall average trade-in value of all smartphones was $135, up from $126 in Q1 2023.
- The average age of devices at trade-in continues to rise; the average age of all devices increased by 6% to 3.56 years; the average age of iPhones increased by 4% to 3.55 years while Android increased by 10% to 3.58 years.
- Online trade-ins accounted for 16% of total trade-ins for the quarter. Online trade-ins also saw a 15% year-on-year increase from Q2 2022.
- Also surpassing the $200-mark for trade-ins is the Apple Watch Ultra which had an average trade-in value of $208 for the quarter.
Assurant’s Mobile Trade-in and Upgrade Industry Trends report combines data from its Device IQ analytics platform and industry market data. The latest report is available to download here.
Article provided with permission from AppleWorld.Today