You might be thinking of upgrading your existing phone to a different model.
Yet you might be on a budget and thus trying to decrease your cost margins and to avoid bursting your wallet.
The great news is that your existing phone can still fetch some value. You can sell your existing phone and use the money earned to offset the expense of your new purchase to individual sellers on peer-to-peer marketplaces like eBay, or to trade-in marketplaces like Reebelo.
You can enjoy even more cost savings by trading your existing phone in. Yet you might not be sure when is the optimal time to do so, simply because in the universe of trading used phones, timing can mean a huge difference in fetching the best monetary value of such phones.
Read on to find out when you should trade your phone in.
Within The First 6 Months
Most likely, you will get the best value if you trade your phone in within the first six months upon your purchase (assuming you bought a brand new phone at the start). This is because research has shown that many phones depreciate around 28% to almost 80% of their original values within a year, depending on their models. For instance, the iPhone X dropped in value by 45% while the Galaxy S8 depreciated by 57% of its original value within the span of one year. Even more, the original value of an LG G6 fell by a significant 73% after one year of its original market debut! That being said, iPhones in general can retain their values longer than the Samsung Galaxy phone series. In comparison, market prices for traded-in phones reveal that other non-Galaxy Android phones fell at faster rates as compared to their Samsung Galaxy counterparts. What this means for you is that if you have an existing phone at hand that you wish to get rid of, you had better trade it in as soon as possible lest its value drops even further.
Before The Next Model Is Launched
Some phone users might choose to trade their existing phones in before the next model of their phones debuts on the market. For example, an iPhone user who finds out (through rumours or through official announcements) about the upcoming launch of the latest iPhone might try to sell his or her phone (or trade it in) on platforms like Carousell or eBay right before the release of the new iPhone. He or she might want to use a spare phone (if possible) for the next couple of weeks or months until the official launch of the new iPhone model. If this said iPhone user does not manage to sell his or her phone before the launch of the new iPhone, chances are that his or her phone might drop further in value, especially after the new iPhone has been released. That being said, there is no specific formula by which phone users can rely on to calculate the value of their phones. However, past studies have revealed that older phone models can suffer a 15-40% depreciation in their values during the immediate period surrounding a new model launch. A useful strategy that some phone sellers have used is that of leveraging on price locks that enable sellers to lock a price in at the start while waiting up to a month or so before actually selling and parting with their phones. In this way, phone sellers would be able to retain their existing phones while they wait for their desired phone models to arrive, as price locks do not have obligations for sellers to sell their phones.
When You Need To Safeguard Your Investment
Phone users might try to sell their existing phones when they feel they want to maximise returns on their phone investments and to minimise their costs. Take for example, a phone user who accidentally broke his or her phone screen due to a fall, carelessness or other reasons. A phone with a broken screen is worth much less than the same phone with an intact screen. Therefore, this phone user might wish to trade his or her existing phone in as soon as possible. Should the phone be only six months old, it can be still worth 16% of its original value with a cracked or damaged screen. Should this phone user delay for another year or so, his or her phone with a broken screen can only fetch less than 10% of its original value. While some people might simply vote in favour of a phone case to protect their phones from cracked screens or other damages, phone cases are not all foolproof and some of them might cost as much as $50 (or more) and are not appealing to the budget-savvy phone user.
Your Phone Model Matters
To fetch the maximum trade-in value for one’s phone, timing and phone models are very important in determining the final trade-in price. Even Apple iPhones and Samsung Galaxy phone models are not immune to value deprecations over time and experience a great reduction in value after two to three years. For example, the iPhone 7 lost 60% of its original value two years after its release. The Samsung Galaxy S8 dropped 70% in two years. Yet comparatively speaking, these two phone brands still fare comparatively better than other phone models such as Nokia and Motorola. Consequently, some people have adopted the strategy of buying brand models like Samsung Galaxy and the iPhone and trading them every two years or when they would fetch the best value for their transaction.
Trade Your Phone In At Reebelo To Enjoy Maximum Savings
Enjoy double savings when you trade your current phone in exchange for a used phone from Reebelo to maximise the monetary value of your transaction. Reebelo grants you immediate payment (for trading your phone in) or payment within the same day. Getting a used phone at Reebelo in return for your older phone would mean that you can save a huge deal while getting an excellent quality used or refurbished phone that best meets your needs. Reebelo’s refurbished phones in our collection have been completely inspected, repaired and cleaned for your ultimate purchase. Furthermore, we at Reebelo offer you a free phone delivery and old phone pick-up services from your doorstep! Hurry up by clicking on the link here!