Google and Huawei suffer biggest drops – musicMagpie
iPhones retain the most value according to recycler musicMagpie.
But they still lose around 41 per cent of their value in the first 12 months and 60 per cent after a 24-month contract period.
Samsung handsets depreciate by 64 per cent after 12 months and 77 per cent after 24 months. Google and Huawei devices plummet by 83 per cent and 87 cent respectively in the two years after launch.
These stats came from musicMagpie’s analysis of trade-in values of the most popular handsets from Apple, Samsung, Google, OnePlus and Huawei for 36 months from their launch date.
The data was based on musicMagpie’s ‘good’ trade-in prices on unlocked phones. The estimated drop in the value of iPhones after a new model is released was calculated using the average drop in the value of the new model’s predecessors after new releases from 2018 and onwards.
musicMagpie calculates people could be are losing out on £3,400 over their lifetime by delaying trading in their old phone.
“Trading in old devices ahead of new phone launches is the way to get the best price for them. By regularly holding on to unused devices, people are losing out on the value they hold, which adds up to a considerable sum over time”, said musicMagpie CEO Steve Oliver
A musicMagpie survey of 2,000 adults shows that the release of new models plays a big part in driving upgrades. Around 27 per cent of iPhone users will be upgrading to the ’13’. A third of them said that 5G was the reason they would get the ’13’.
The survey found 14 per cent of those questioned forget to trade in their old phone sooner while 13 per cent can’t be bothered. The average household is thought to have around 11 unused devices.