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A new report from Assurant, a global provider of risk management products and services, highlights that the trade-in value of smartphones continues to rise. It noted that it is the fifth consecutive quarter of the increase. One main highlight of the report points to iPhones, which reached an average trade-in value of $215 in the second quarter of 2023.
The firm said the price is currently the highest recorded level for iPhones. It also noted that the top five traded devices were Apple’s iPhone 11, iPhone 12, iPhone XR, iPhone 12 Pro Max, and iPhone 11 Pro Max. “The iPhone 11 still stands as the undisputed leader as the most turned in device, whether from trade-in or upgrade programs, for the fifth consecutive quarter,” the report reads. “It holds a 37.36% share of the top five turned in devices. With the inclusion of the iPhone 12 and iPhone 12 Pro Max, 34% of the top five devices are 5G enabled. This is up from 29% last quarter.”
This follows Apple’s move in July, wherein it made some adjustments to its iPhone maximum trade-in value. According to the new estimated trade-in value details shared by the company, customers can get up to £50 additional value in their old iPhones. Interestingly, Apple reduced the trade-in value of the iPhone 12 mini, while the value of the iPhone 13 mini for US customers remains unchanged.
This is interesting news for Apple customers planning to replace their phones as the release of the new iPhone 15 series approaches. However, it is still uncertain how fans will embrace the new line, with a recent report claiming Apple has its own “demand concerns” regarding the models. In his note to investors, Jeff Pu of Hong Kong-based investment firm Haitong International Securities said that this pushed Apple to make some production cuts in its iPhone 15 line. From the former plan of having 83 million iPhone 15 units, the analyst revealed that the Cupertino giant now only aiming for 77 million units by the end of 2023.
