Used iPhones hold their resale value much better than other leading smartphones, according to a phone depreciation study carried out by Decluttr. For example, the iPhone 7 lost 34% of its value after one month of use, the smallest drop from amongst flagship phones over a similar period. During its first month on the market, the Samsung Galaxy S7 lost more than half its value. Like cars, which lose value once they’re driven off from the dealership. Smartphones lose their value too, once removed from the box. Higher resale values mean customers can get a better deal when they trade in their used phone for a new one or get more cash for their used phones. Samsung came second best for retaining its value, LG in third and HTC was fourth.
What exactly is cell phone depreciation and why does it happen?
“Depreciation refers to an object’s loss of value over time. It happens to pretty much everything we own, but technology and cars are especially prone to it. This is because we all go in search for the new and the best as new features and models emerge, meaning that the older stuff gets left in the dust and loses its financial worth! – Chris Smith, Decluttr.
After one year on the market, Apple models lost around an average of 57% of their value. HTC and Samsung lost 72%, LG coming last with a 75% loss of value after one year. After two years on the market, HTC models lost 85% of their value. LG 84%, Samsung 81% and Apple about 71%. “The clear winners when it comes to phone depreciation are Apple users,” – Liam Howley, Decluttr Marketing Director. If you own an iPhone, keep hold onto it. To view the complete findings in more detail, head over to Decluttr.