The iPhone is an interesting technology with its own following and fan base. For Apple, it’s literally the most profitable product. However, due to the iPhone’s high entry price and price-sensitive markets in different parts of the world, it is not equally available worldwide.
It’s true that Apple offers its own iPhone SE series of phones, which offer users a very low entry point into the iPhone ecosystem, but they do have a single rear camera, You’re sacrificing some features, such as having a smaller screen or an older design. This is where the refurbished or used smartphone business comes into play.
The refurbished smartphone market is an industry in itself, within which the iPhone has its own little industry. iPhones generally have a very high resale value and a thriving refurbished market. When you trade in your old iPhone or buy a used iPhone, it goes through a series of checks and processes before you finally get it.
Consumers can save a lot of money by trading in their old iPhone for credit towards a new iPhone, but companies offer trade-in programs for reasons other than environmental responsibility. increase. It’s true that Apple has iPhone recycling technology, but it’s for cases where the phone is unrepairable and cannot be resold.
However, have you ever thought about the process of returning your previously owned iPhone to the refurbish market?
Companies will always give more money to their customers in exchange for a used phone if the phone is new and in good condition. I don’t speak
Still not wall street journal Reporter Joanna Stern only explained the trade-in process for one company. In 2022, she reportedly had over 2.5 million phones traded in by United States Mobile Phones (USMP), with iPhones accounting for the majority of those sales. It’s been known for some time that iPhones have a higher resale value than Android phones, but according to the USMP, this is largely due to Apple keeping smartphones running the latest version of iOS for much longer than Android. This is due to the fact that it maintains
Joanna Stern went to US Mobile Phones (USMP), a company that works with many of the major US carriers, to compile this report. According to her report, the majority of her 2.5 million trade-in devices handled by the USMP last year were her iPhones.
While Joanna toured the warehouse, the USMP received 3,000 used iPhones from “one of America’s leading cell phone carriers” in exchange for new models. Joanna was able to observe her procedure with the help of her iPhone 11, which she had previously traded in. These are her four main steps taken throughout this iPhone 11 trade-in process: data wiping, cleaning, grading, and kitting. See this video for a comprehensive explanation.
Stern’s 128GB iPhone 11 of choice went through all this and ended up selling for $350. She contrasts this with the fact that Apple no longer sells this same model, but you can buy it new for about $500 from a third-party reseller.
Compared to $500, it’s easy to see that consumers are getting a better deal by paying $350. A trade-in reseller is reported to receive his 10% to 15% of the $350 profit. The remaining budget is for the time and effort required to clean, prepare, and otherwise manage used phones.
Apple Insider says that by 2022, the industry is expected to generate over $80 billion in revenue from the sale of over 280 million used cell phones.
In addition to the environmental benefits of recycling, a trade-in can save you the first sticker shock on your new iPhone or the monthly cost of your cell phone plan. However, there is also the potential for a significant amount of money to be made by trading in a used device.
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