The average age of a mobile device brought for trade-in by consumers has grown to 3.7 years, according to a new report based on proprietary and industry data from Assurant.
While the age of the traded in mobile devices has grown, so has the amount of value placed on those trade-ins, according to the Assurant Mobile Trade-In and Upgrade Industry Trends Report. Consumers received a total estimated value of $829 million for their mobile device trade-ins in the second quarter of 2024. The average trade-in value was $141.02, nearly a 28% increase over the $110.87 of mobile device trade-ins during the previous quarter.
The value of Android trade-ins rose 37% on a quarter-over-quarter basis, while Apple device trade-ins saw a 20% increase, the report said.
The iPhone 11 (4G model) was the most turned-in device, accounting for nearly one-third (31%) of the top five models. The top turned-in Android device was the Samsung Galaxy S21. The volume of those devices in trade-in and upgrade programs rose 20% during the first half of the year.
The rising value of trade-ins of mobile devices can be linked to the growing popularity and capabilities of the devices themselves.
“The notable year-over-year increase in the volume of Samsung’s Galaxy S21 turned in from trade-in and upgrade programs in the first half of the year was potentially driven by Samsung’s new product launch in January,” said Biju Nair, Assurant’s Executive Vice President and President, Global Connected Living and International.
“During that launch, Samsung introduced Galaxy AI, one of the first and most impactful consumer-facing AI innovations seen in mobile devices since the advent of voice assistants. This suggests that while consumers are holding onto their phones longer than ever, those who are trading in may be motivated by innovative, user-centric capabilities, powered by AI.”
