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The point is, the longer you keep your old iPhones lying around in a drawer collecting dust, the more money you're leaving between your fingers. Back Market found that 81% of respondents have at least one unused tech device at home while 55% have three or more of these devices taking up space somewhere. Turning to smartphones specifically, 72% of people have an old phone that they sit on without doing anything.
Trade-in values for iPhone models from 2023 to 2016. | Image Credit-Back Market
Wait too long to be approved for a trade-in and your old iPhone will become worth less. Yes, there are examples. Back Market says a 2016 iPhone still has a trade-in valuation of $16, while a 2017 iPhone, one year younger, could be worth up to $39 to a phone owner in a trade-in. Anyone selling a 2019 iPhone model can get $69 by finding a trade-in deal for the phone. Those with a 2023 iPhone have a decision to make. They can make up to $450 right now by including it as part of a trade-in package. Keeping your old iPhones won't help you get a higher price for those devices when you finally agree to list them in the trade.
"People don't realize how quickly technology depreciates in value. If you're holding on to an old iPhone thinking it's a 'backup' or that you'll sell it 'one day'... spoiler alert: you're probably losing money." - Luke Forshaw, Back Market
While 43% of Back Market respondents estimate their unused technology is worth more than $100, only 18% sell their old devices. So why do people cling to their old tech devices?
- 51% keep their old technology “just in case” they want to use it again although most never do.
- 40% don't know how to sell their used devices, so they end up keeping them and losing money.
- 20% simply forget they have an old tech product until it becomes practically worthless.
“People are unintentionally losing hundreds of dollars by waiting too long to sell. Technology depreciates quickly, and the longer you hold onto a device you no longer use, the less it is worth. If you want to get the best price, the key is to sell as soon as it is no longer available.” It's good for you, as acting quickly means more money in your pocket and ensures old technology gets a second life instead of gathering dust in a drawer.” - Luke Forshaw, Back Market.
The interesting thing is that 69% would sell their old technology if they had an idea of the value of their technology. Keep in mind that every time a new iPhone series is unveiled, replacement ratings for older models drop like a rock. Would you rather sell or trade in your old iPhone when it has a decent appraisal attached to it, or would you rather wait until your old iPhone is almost worthless? I think you know the answer to this question.
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