Apple users have been advised to trade in their old iPhones today to avoid losing £100 before tomorrow. The tech giant is launching its new iPhone 16 today, causing the value of existing iPhones to drop significantly. Data from Compare and Recycle shows that older iPhone models typically lose 9% of their value on average after Apple announces new models. Searches for ‘iPhone trade-in’ have surged by 28% in the UK this month as users prepare for the new release.
According to historical data from Compare and Recycle, iPhones lose over 25% of their retail value immediately after unboxing and up to 62% within the first year of ownership. The depreciation rate for iPhones in the first year has been increasing, with recent models losing between 40.09% and 55.57% of their value. This means that iPhones lose more value in one year than a new car, which typically loses 15-35% of its value in the same timeframe.
Experts recommend selling your iPhone during August and early September when trade-in prices are usually at their highest. After Apple’s official announcement of a new model, trade-in prices drop by 9% and can decrease further by an average of 20% (£100) after the release. Compare and Recycle advises iPhone users to take advantage of the current market conditions to get the best value for their devices.
If you are planning to upgrade to the iPhone 16, it is best to trade in your old iPhone soon to avoid a significant loss in value. However, if you prefer to hold onto your device, iPhones typically maintain their value better in the second year after release. With the predicted depreciation rates for the iPhone 16 models, it is advisable to act promptly to maximise the return on your investment.