Used iPhone prices drop 20 percent after an announcement
Earlier this week I wrote about how prices for used iPhones and iPads plummet in the wake of a new product announcement. New information from uSell.com, a marketplace for used gadgets, quantifies the data even more. According to the company's research, proactive iPhone sellers can earn an extra $72 by selling them (or at least arranging to) before Apple's media event on September 10.
To measure the effect of a new iPhone model on the used iPhone market, uSell.com examined hundreds of used iPhone sales on its platform following the 2012 iPhone 5 launch. Notable findings include:
- 1 week after a new iPhone launch, old iPhones lose about 5% in value.
- 2 weeks after launch, old iPhones depreciate about 12%.
- By weeks 3 and 4, old phones are worth about 20% less.
By locking in a sale price before an upcoming iPhone launch (many platforms like uSell.com, NextWorth and Gazelle offer 30-day price guarantees) you can substantially increase the value of your old iPhone.
- iPhone 5: Potentially worth $72 more (compared to 3 weeks after launch)
- iPhone 4S: Worth $46 more
- iPhone 4: Worth $29 more
The pro tip is to lock in your quote with one of the big three above before September 10, but wait to ship your old iPhone until day 29 or 30. Hopefully you'll have your new iPhone 5S or 5C by then.