As MacRumors spotted on Wednesday, Apple has slashed the iPhone trade-in price by $80, with the biggest cuts coming from the iPhone 13 Pro Max ($570 when traded up from $650 previously) and the iPhone 13 Pro ($470). versus $550).
And while the trade-in prices for many base models (iPhone 7, 8, X, and 11) and some of their siblings (iPhone 8 Plus, iPhone XR, XS, and XS Max) remain unchanged, nine of the 20 iPhones listed now have a reduced trade-in price. According to MacRumors, the cost of most Android smartphones has also come down.
Most recently, in November, Apple reduced the cost of items to be exchanged, and has done so for many years without explaining the reasons. Decreasing device prices may be one factor, and Apple’s most recent trade-in price move follows a terrible year of smartphone sales. From 2021 to 2022, sales fell 11.3 percent, according to research firm IDC. This year saw the lowest number of phones sold (1.21 billion) since 2013. Apple’s fall was 4 percent (226.4 million vs. 235.8 million).
The used phone market has become attractive for both buyers and sellers. Earlier this month, IDC predicted that the number of used smartphones, including “officially refurbished”ones, would grow at a compound annual growth rate of 10.3 percent from 2021 to 2026. 74 percent) of used smartphone shipments in 2022 were reportedly from countries outside of North America.
With many tech companies mulling ways to convince people to buy a new gadget after the rush to upgrades in the midst of the COVID-19 pandemic, using used phones with attractive trade-in values could benefit companies like Apple. In the US, where swaps and refurbished phones are not new, “trade-in continues to play an important role in speeding up refresh cycles,”according to IDC.
As smartphone upgrades often seem less and less exciting, higher swap costs can help convince people that the upgrade is worth it. Apple also says its trade-in programs are good for recycling.
But while Apple has reduced the exchange rate for some phones, the money it will pay for four Macs has increased, while the exchange rate for the other three has not changed. At $40 ($670 vs. $630), the MacBook Pro posted the highest increase.
Apple has also reduced the trade-in price for the Apple Watch SE ($65 vs. $70) and Series 5 ($75 vs. $80), but will pay you $5 more for the Series 7 than before ($160 vs. $155).