Assurant yesterday revealed that the average trade-in value of smartphones reached $135 during 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.
Assurant’s latest quarterly Mobile Trade-in and Upgrade Industry Trends report provides insights into the mobile device trade-in and upgrade trends in North America. The report outlines the top smartphones turned in during the quarter, the average age of devices at trade-in, as well as data on online trade-ins and wearable trade-ins.
Highlights from the Q2 2023 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. Source: www.assurant.com/partner-with-us/mobile-device-lifecycle-management/trade-in-and-upgrade-program/infographic-q2/
Biju Nair, EVP & President, Global Connected Living & International at Assurant
With the economic challenges affecting the mobile device market, new smartphone shipments have declined resulting in a decrease of pre-owned smartphone inventory. Simultaneously, many consumers are now taking more interest in purchasing refurbished smartphones—whether that’s to make devices more affordable, or as a greener alternative to buying new. As demand for these devices rises, carriers, retailers, cable operators, and OEMs will be looking for ways to increase their used device inventories—and as such, we are seeing this reflected in the trade-in value. In fact, this is the fifth consecutive quarter where the trade-in values have risen. The secondary market continues to thrive, and trade-ins and upgrades will continue to be critical as these industry players overcome the macroeconomic hurdles they face, as a way to encourage sales, maintain customer loyalty, drive revenue and extend the life of pre-owned devices.
