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As Apple prepares to update the iPhone range, new pricing research suggests that old models will lower in value drastically over the next 24 hours.
A study based on smartphone trade-in value from retailer musicMagpie claims that specific iPhone models could lose ‘up to 25%’ of their value. If you’re looking to get the most for your old handset, this would indicate you don’t have long to act. On the other hand if you’re looking to buy and are happy with a slighter older model, you could save a fair bit of money.
Whispers online suggest Apple will be showcasing three new smartphones on-stage tomorrow – a 6.5-inch iPhone, 6.1-inch iPhone and 5.8-inch iPhone. With older iPhone models becoming cheaper ahead of the press event in California, we take a look at your options.
Best Buy smartphones – the best iOS and Android mobiles around
How much is your iPhone worth?
To find out which brand’s smartphones hold their value over time, musicMagpie rounded up a selection of phones, noting the current trade-in value and depreciation rate.
The Samsung Galaxy S6 has been hit with the highest depreciation rate of 85%, although that figure may not come as a big surprise considering the handset is around three years old. The 32GB Galaxy S6 retailed at £559.99 originally.
Apple’s iPhone 6 has a current trade in value of £111, equal to a hefty 84% depreciation rate. Even so, Apple gadgets tend to hold their value fairly well when compared alongside other big-name brands.
See below for the full table of results from musicMagpie, in order of depreciation rate:
|Current trade-in value||Depreciation rate|
|Samsung S6 (32GB)||£95||-85%|
|OnePlus 5T (128GB)||£130||-85%|
|iPhone 6 (16GB)||£111||-84%|
|Samsung S7 (32GB)||£133||-81%|
|Google Pixel 2 (128GB)||£290||-80%|
|iPhone 6 Plus (16GB)||£163||-80%|
|Samsung S7 edge (32GB)||£166||-80%|
|HTC 10 (64GB)||£100||-79%|
|iPhone 6s (16GB)||£135||-79%|
|Samsung S6 edge (32GB)||£117||-79%|
|Huawei P20 Pro||£300||-78%|
|iPhone 6s Plus (16GB)||£178||-77%|
|iPhone 7 Plus (128GB)||£355||-69%|
|iPhone 7 (128GB)||£255||-65%|
|Samsung S8 (64GB)||£260||-62%|
|Samsung S8+ (64GB)||£281||-62%|
|iPhone 8 (64GB)||£361||-45%|
|iPhone 8 Plus (64GB)||£458||-43%|
|iPhone 8 Plus (256GB)||£549||-40%|
|iPhone X (64GB)||£572||-34%|
|iPhone X (256GB)||£680||-32%|
How to sell a second-hand smartphone
If you’re looking to sell your smartphone to fund a replacement, musicMagpie isn’t the only option. On the high street CeX (Computer Entertainment Exchange) is a popular choice – it’s one of the largest chains in the UK that sell second-hand phones, tablets, laptops and games consoles. The shop values its used smartphones based on ‘condition, availability, memory size, network and colour’.
There are also plenty of options for ‘recycling’ your phone – websites such as CompareMyMobile.com can search a range of them to help you discover how much you could get for a handset.
You could also try Ebay – although it’s more hassle to list a phone and wait for an auction to end, you’ll often find it’s the best way to get a good price.
The bottom line is, do a bit of digging online to find out who will offer the most for your old handset, and you could find that replacement becomes far cheaper than you first thought.
How to buy a second-hand iPhone
With Apple set to unveil a host of new gadgets at its 2018 event, it could be a great time to buy – if you’re happy with an older model. Assuming you do your research and shop around, you could find a used premium device for a surprisingly low sum.
When Google’s Android-powered Pixel 2 XL made its debut towards the end of last year, it cost £799 Sim-free. Today, the average price for a used model in good condition, with 64GB of storage, lands at a far more tempting £432. That’s a saving of almost £400.
Buying a used smartphone online isn’t without its risks. You’re relying on the seller to upload high-quality pictures that show the full extent of any wear and tear. Second-hand phones are also listed according to their grade, which determines the shape the handset is in:
- Grade A – This is as close as you can get to buying brand new
- Grade B – Visibly used, but any damage is purely aesthetic
- Grade C – Its wear will be heavier than a Grade B unit, but it will still be in full working order
For more top tips, see our expert advice guide on how to buy second-hand or refurbished mobile phone. Alternatively, head over to our smartphone reviews page to see which handsets are worth your hard-earned cash.
We’ll be covering tomorrow’s Apple event live when it kicks off at 18:00 GMT. Stay tuned for news on the latest announcements from the event.