Assurant, a business services company, reports that US$865 million was returned to U.S. consumers through trade-in programs during the first quarter of this year. The average trade-in value for iPhones also surpassed $200 for the first time since quarter three of 2021.
These findings are taken from Assurant’s latest Mobile Trade-in and Upgrade Industry Trends report, which tracks the continued growth of mobile device trade-in and upgrade programs.
Key highlights from the Q1 2023 report include:
- The average trade-in value of an iPhone in quarter one was $201. This is the first time the average trade-in value of an iPhone has reached the $200 mark since the third quarter of 2021, where the trade-in value was $207.
- The top five traded devices during the quarter were the iPhone 11, iPhone XR, iPhone 12, iPhone 11 Pro Max and iPhone 12 Pro Max.
- The iPhone 11 remains the top traded device for four consecutive quarters and made up 38% of the top five traded devices.
- 5G smartphones, namely the iPhone 12 and iPhone 12 Pro Max, made up 29% of the top five traded devices.
- The Pixel 6 Pro was the top traded Android device for a second consecutive quarter.
- The average age of smartphones traded-in was 3.35 years, slightly older than 3.26 years in quarter four of 2022.
- The first quarter of 2023 saw a 41% year-on-year growth in online trade-ins.
- For wearables, the Apple Watch Series 7 commanded the highest average trade-in value at $89.04, a 22% value decrease from Q4 2022.
