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.