Over $455 million was returned to US consumers via trade-in programs in Q2 2019, an increase of 10% from Q2 of 2018, according to a study conducted jointly by HYLA and Deloitte.
HYLA’s latest quarterly trade-in trends report data also shows that US consumers are continuing to hold onto their smartphones. In Q2 2019, the average age of a smartphone at trade-in was just over three years (3.01)—up from 2.94 years from Q1 of this year.
HYLA’s quarterly reports reveal the latest trade-in trends for North America by combining live market data with its own analytics solutions. With this data, HYLA is able to share insights on factors such as most popular devices at trade-in, average trade-in values, as well as device ages at trade-in.
The key findings from its latest report are:
o Mobile device trade-ins returned over $40 million more to US consumers in Q2 2019 than in Q2 2018
o Mobile device trade-ins have grown by 10% compared to the same quarter last year
o The average age of a smartphone at trade-in has reached 3.01 years. While the average age of an iPhone at trade-in increased to 3.11 years (from 3.01 years in Q1 2019), the average age of an Android device at trade-in was 2.78 years
o The iPhone 7 was the top traded device for the second quarter in a row
o The top five traded devices, in ranking order, were: the iPhone 7, iPhone 6s, iPhone 6, iPhone 7 Plus and the Samsung Galaxy S7. Samsung’s Galaxy S7 knocked the iPhone 6s Plus out from fifth position (from Q1 2019)
o The average trade-in value of an iPhone in Q2 2019 was $163.46, while the average price of an Android device was $62.25; both devices saw a decrease in value from the previous quarter (iPhone by $10.17 and the smartphone by $6.04)
o LG devices lost the most value in Q2. The LG ThinQ depreciated by 43% ($91), and the LG G8 ThinQ depreciated by 28% ($100.05).