The point is that the longer you keep your old iPhones lying in a drawer collecting dust, the more money you are letting slip through your fingers. Back Market has discovered that 81% of respondents have at least one unused tech device sitting at home while 55% have three or more such devices taking up space somewhere. Turning to smartphones specifically, 72% of people have an old phone sitting around doing nothing.
Wait too long to agree to trade-in your older iPhone and it becomes less valuable. Yes, there are examples. Back Market says that a 2016 iPhone still has a trade-in valuation of $16 while a 2017 iPhone, one year younger, can be worth as much as $39 to the phone’s owner in a trade. Someone selling a 2019 iPhone model could take in $69 by finding a trade-in deal for the phone. Those with a 2023 iPhone have a decision to make. They can generate as much as $450 right now by including it as part of a trade-in package. Holding on to your older iPhones will not help you receive a higher price for these handsets when you finally agree to include them in a trade.
“People don’t realize how fast tech depreciates. If you’re holding onto an old iPhone thinking it’s a ‘backup’ or that you’ll sell it ‘someday’… spoiler alert: you’re probably losing money.”-Luke Forshaw, Back Market
While 43% of those surveyed by Back Market estimate that their unused tech is worth over $100, only 18% ever sell their old devices. So why are people holding on to their old tech devices?
- 51% keep their old tech “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, losing money.
- 20% simply forget that they have an older tech product until it is practically worthless.
“People are unknowingly losing hundreds of dollars by waiting too long to sell. Tech depreciates fast, and the longer you hold onto a device you no longer use, the less it’s worth. If you want to get the best price, the key is to sell as soon as it’s no longer useful to you. Acting quickly means more money in your pocket and ensures your old tech gets a second life rather than gathering dust in a drawer.”-Luke Forshaw, Back Market
The interesting thing is that 69% would sell their old tech if they had an inkling of how much their tech is worth. Keep in mind that every time a new iPhone series is unveiled the trade-in valuations for older models drop like a rock. Would you rather sell or trade-in your old iPhone when it has a decent valuation attached to it, or would you prefer to wait until your old iPhone is nearly worthless? I think you know the answer to that question.
