The cinematic image and video quality, the powerful bionic chip processor, and a never lagging user experience makes an iPhone valuable even after many years of use. If you have a premium iPhone you want to sell, you’ll no doubt get a good cash return. In fact, if you sell iPhone 14 Pro Max, your resale value could go well beyond your imagination.
The iPhone sales data – new and second-hand
Globally, the iPhone sales are touching new heights. Millions of iPhones are sold every year and data shows that Apple sold a massive 232 million iPhones in 2022. It also generated a revenue of US $383 billion by September 2023. This data is for new iPhone sales but what’s fascinating is the sales of second-hand iPhones. Take note if you wish to sell iPhone 11 or other previous models! Here’s a look at the sale of used iPhones sales in 2022:
- 283 million iPhones sold
- 14% growth year-on-year
- US $13.3 billion revenue
Understanding the scope and resale value of premium iPhones
It highlights the fact that second-hand iPhones are getting lapped up even more than brand new iPhones. The data points that iPhone sellers stand the chance to gain a lot from this trend. So, if I were to sell my mobile at this point in time, it would certainly be a smart decision. Between the sale and the upgrade, I could very well be in green! If you too want to secure a good deal on your iPhone, then it’ll help if you understand the scope and resale value of iPhones.
- Scope of Premium iPhones
Apple’s premium iPhone models (iPhone Pro and Pro Max series) represent the highest-end smartphones globally in terms of pricing, innovation, brand value and desirability.
They compete in a segment of luxury technology devices that bank on advanced camera systems, performance, exclusive features and high brand eminence to command a price premium.
In an otherwise hyper-competitive and saturated global smartphone industry that predominantly battles on affordability, Apple’s premium iPhones stand distinctly as statement devices not affected by cost sensitivity yet valued for their class-leading cameras, processors, and iOS platform.
- Resale Value of Premium iPhones
Premium iPhones sustain their value exceptionally well compared to average Android flagships. If you sell iPhone 14 Pro Max, currently a high-end premium iPhone, you can command 40-70% of launch day resale value.
Reasons driving stellar used iPhone resale value are – supreme brand retention and loyalty, longer usable life spans via iOS updates, better quality hardware and materials as well as large third-party repair ecosystems.
Buying used/revamped premium iPhones allows aspirational customers who couldn’t originally afford new ones, access to Apple’s premium ecosystem. This along with multiple trade-in programs by Apple and others help accentuate used device pricing.
For traders and resellers, premium iPhones represent highly bankable and lower risk used/renewed inventory given their sustained demand and value better than comparable high-end Androids.
What is driving the sales of second-hand iPhones?
It’s been observed that people willing to sell iPhone 11 and later models are seeing high rates of success in the second-hand market. In developing countries like India, Apple’s largest competitor is Apple itself! It is facing a unique situation in which its brand new iPhone sales is getting beaten by its second-hand iPhone sales. So here’s what’s driving the sales of second-hand iPhones:
- High cost of a brand-new iPhone: The cost of a brand new iPhone is high to say the least! Not everyone has the means to shell out a fortune for a premium iPhone. That’s why aspirational buyers with limited budgets are turning to second-hand iPhones.
- Ability to upgrade quickly: The thing with owning preloved iPhones is that it could be sold again to upgrade to the latest model. There are many impatient iPhone users for whom nothing but the latest model is acceptable. Upgrading for such users becomes a lot easier!
- Growing environment awareness: Another key factor driving the sales of used iPhones is the changing consumer mindset. Environment-conscious users keen on reducing their carbon footprint are more inclined to buy recycled gadgets than buying a new iPhone altogether.
What are the benefits of selling premium smartphones?
Before you sell iPhone 11 or successive Pro or Pro Max models, you should know there are several benefits of selling premium iPhones. No matter the edition of the iPhone, its value remains intact. Here’s why:
- Good resale value: Premium iPhones tend to retain their resale value well even when used compared to budget Android phones. There is strong demand in secondary markets for used premium iPhones.
- Lower purchase cost: Used or revamped premium iPhones can be purchased at significant discounts compared to brand new phones, allowing wider profit margins when reselling them.
- Established high-end brand: The Apple iPhone brand commands greater aspirational and reputational value in many markets globally. There is inherent trust and desirability associated with the iPhone.
- Reliable quality and durability: Even used premium iPhones tend to have better build quality, longer usable lifespans and sustained software updates from Apple compared to similarly priced new Android phones.
- Accessory and repair ecosystems: There is an entire third-party ecosystem and supply chain focused exclusively on repairing and maintaining used iPhones, allowing their extended use. Accessories are also abundant.
- Lower risk: Given Apple’s control and simplicity of product configurations, there is lower variability and risk in terms of used device quality and performance compared to the much more fragmented Android space.
What gives buyback services the edge in the online sale of iPhones?
Here are some key advantages that give buyback services an edge in the online sales of used iPhones:
- Convenience and Ease: Buyback services make the whole sales process very easy and hassle-free for users to trade-in their iPhones. They carry out the entire grading and valuation process and users simply have to send their phones in. This is far more convenient than selling on user-to-user platforms.
- Assured Quotations: Most buyback services provide instant indicative price quotes for used iPhone models which lock users into a fixed trade-in amount. This assurance is lacking in other resale channels. As a user I would be more inclined to sell my mobile to a platform that offers me a fixed quote any day.
- Faster Settlement: Payments processing and fund payouts tend to happen faster with buyback services as opposed to waiting for payments on other online listing platforms.
- Screening and Assurance: Buyback programs thoroughly screen, authenticate and revamp traded-in iPhones thereby assuring a standardised level of quality and functional assurance to their potential buyers. This provides greater purchase confidence.
- Focus on Reselling: Dedicated used marketplace focus and significant inventories give buyback platforms clear insights on B2C pricing and demand patterns, helping optimise turnover velocity and pricing for quick online resales via marketplaces.
The optimised processing, deeper reselling insight and added quality assurance that buyback services offer, give them a distinct competitive edge over other channels if you want to sell iPhone 14 Pro Max or other premium iPhones online.
Key Takeaway
Used premium iPhone models represent an attractive, discounted segment allowing wider profit margins and lower purchase risks. Given Apple’s brand loyalty and established high-end resale ecosystems, there are plenty of takers for pre-owned iPhones. If I were to sell my premium iPhone now, I would expect the very best offer to sell my mobile
