Why Do Used iPhones Have High Resale Value?
In recent years, the market for used iPhones has experienced a significant increase in sales. This can be attributed to a variety of factors, including the high cost of new iPhones, the availability of quality refurbished devices, and consumers’ growing concerns about sustainability and the environment.
Nowadays, it’s rare for someone to wake up without grabbing their smartphone. Additionally, the likelihood that the item is an iPhone in the US is very high. More than 113 million smartphone users, according to data done by Statista in March of this year, own an iPhone.
Many of those customers helped Apple (AAPL -1.76%) claim its strongest year ever for iPhone sales. The tech giant’s smartphone division generated close to $192 billion in revenue last year. But Apple may have an even better year in 2022. Here are three justifications.
Reason # 1: A sizable user base prepared for an update
During the company’s first-quarter earnings call in January, Apple CEO Tim Cook said that there are already more than 1 billion iPhones in use worldwide. That is a sizable user base that will frequently change their phones.
Reason # 2: The Proliferation of 5G & 5G Compatible Devices
United States carriers are quickly expanding their 5G networks, and other markets aren’t far behind. 150 million Chinese people currently use 5G phones, and Apple is gaining a lot of new phone sales in the nation. China is really crushing it with their 5G buildout. For the first time since 2015, it held the top spot among phone manufacturers in the nation in October.
The 2019 introduction of the iPhone 11 became the first iPhone to enable 5G. However, hundreds of millions of consumers continue to utilize outdated models. Early in 2022, Apple will offer a 5G version of its entry-level iPhone SE, which may encourage numerous upgrades from previous models among buyers on a tight budget.
Reason # 3: Higher Costs of New iPhones
One of the main reasons for the growth in used iPhone sales is the high cost of new iPhones. With the introduction of new models and features, the price of new iPhones continues to rise, making them unaffordable for many consumers. This has created a demand for affordable alternatives, such as refurbished iPhones, which offer similar features and performance at a fraction of the cost.
Reason # 4: The Availability of Quality After Sale Parts
Another factor contributing to the increase in used iPhone sales is the availability of quality refurbished devices. In the past, consumers may have been hesitant to purchase used devices due to concerns about the quality and reliability of the devices. However, advances in technology and the increasing use of refurbishment techniques have made it possible for consumers to purchase high-quality refurbished iPhones that perform just as well as new devices.
Reason # 5: Customers Are Adopting Environmentally-Conscious Practices
In addition to affordability and quality, consumers are also becoming more conscious of sustainability and the impact of their purchases on the environment. As a result, many consumers are choosing to purchase used devices, which reduce waste and help to conserve natural resources.
Bottom Line
With at least one of the top three iOS models selling since the iPhone’s most recent debut, the popularity of the iPhone 13 series has been evident in all the markets we track. Its popularity is due to the product’s ongoing efforts to satisfy customer needs and problems. The iPhone 13 series solves two of the three problems users have with their current device: battery life, storage capacity, and camera quality, among those who plan to buy a new smartphone in the next six months. Battery life, screen size, dependability/durability, camera quality, and OS features are the top five factors for Europeans when choosing an iPhone 13 series.
In conclusion, the increasing popularity of used iPhone sales can be attributed to a combination of affordability, quality, and sustainability concerns. As consumers continue to look for ways to save money while also reducing their impact on the environment, it is likely that the demand for used iPhones will continue to grow in the coming years.
