Can you guess which iPhone model was traded in the most last quarter?
Trade-in deals have become more popular among consumers, carriers, and retail stores. Driving the increased use of this option are deals that sound too good to be true. For example, a couple of years ago my wireless firm gave me $830 for my then-four-year-old iPhone 11 Pro Max toward the purchase of my iPhone 15 Pro Max. The result was a minor $10 per month increase in my monthly bill. For the third consecutive quarter, the top device used in trade-in and upgrade programs has been the iPhone 13. The Android phone most used in a trade, also for the last three quarters, has been the Samsung Galaxy S22 Ultra 5G. 5G-enabled phones made up four out of the top five phones used in a trade during Q1. The only model not 5G compatible on that list is the iPhone 11.
Besides an increase in the number of trade-in and upgrade deals accepted by device buyers, the devices being used in these trades have been less than four years old on average which means that the consumer receives more money toward his/her purchase. Having said that, the age of the typical trade has been rising.
The average age of an iPhone turned in for a trade-in and upgrade deal is 3.79 years while the average for an Android model is 3.93 years. These ages are the highest on record but, as we said, the age of devices being turned over in a trade-in and upgrade is still young enough for the consumer to receive enough credit from carriers and tech retailers to significantly help with the purchase of a new phone.
Assurant comes to the conclusion that most consumers aren't thinking about trading in their newer handsets without receiving a special deal. That's because most phones used in a trade still run great while giving the majority of consumers everything they need from a smartphone.
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