How to check iPhone trade‑in value?
Customers often look for an opportunity to update their iPhones, because new models appear every year. Even if consumers are not ready to buy new devices yet, they are most likely checking prices in order to sell their device as profitably as possible later.
Official prices for trade-in from Apple are publicly available and do not change as often as those of third parties. But these prices are not very attractive for consumers who want to hand over their device by trade-in.
Therefore, there are many opportunities in the market now. You can become a third party or streamline your existing business and start buying back iPhones or trading them indirectly for your consumers.
What’s a used iPhone worth?
Market prices may vary depending on the buyer. Obviously, some big companies will set prices that will be the most beneficial to them, rather than to individuals.
Moreover, they do not really estimate the real value of the device. Thus, a phone in almost perfect condition and another one with scratches on the device’s housing can be probably bought for the same price. Some consumers use such services, but most want to see some benefits of the deal. That’s why they prefer to trade-in their iPhones to a third party for a better price.
iPhone 7 and iPhone 7 Plus
This iPhone model was released in 2016. Today these phones are old and people keep bringing them for trade-in or buyback. The resale value of the iPhone 7 and iPhone 7 Plus has dropped an average of about 25% since it was released. Anyway, Apple buys this device for $50 while other buyers can offer from $63 to $80.
iPhone 8, iPhone 8 Plus, and iPhone X
iPhone 8, iPhone 8 Plus, and iPhone 10 were released in 2017. This is already quite a long time for Apple devices because people are used to switching to a new device every year. But despite this, these iPhone models remain in use and sold by individuals on the aftermarket.
In particular, the iPhone X, which is the cream of the iPhone, still has solid value in the market and is in great demand for trade-in.
iPhone 11 and iPhone 11 Pro
After only a year on the market, resellers still get the most bang for the buck for reselling and buying an iPhone 11 and 11 Plus. Moreover, a month before the release of iPhone 12, Apple hadn’t even included iPhone 11 in its swap portfolio yet.
Now the prices are generally available and are beneficial for iPhone resellers. Apple buys an iPhone 11 on average for $222, and third parties can provide the price up to $470 for A grade 512 Gb iPhone 11.
To sum up, it can be seen that third-parties can trade used iPhones with great profit. What are the main difficulties of iPhone trade-in business?
The main problems here are unawareness of market opportunities, inaccuracy in determining the value of the iPhone, and fears that selling used iPhones is unprofitable. Here are some great options to help you get the most out of the buyback deals:
1.Always check for IMEI locks. Used iPhones in the US may have carrier locks that prevent future owners from using other mobile carriers. Also, sometimes customers leave their iCloud accounts on old devices. It turns a phone into non-functional hardware and the phone can no longer be sold afterward. Such locks as carrier lock and financial debt can be easily checked via NSYS Buyback, our automated solution.
2. Estimate the exact cosmetic condition. Pre-owned iPhone 11 can be bought for $34 to $420, depending on its condition. If a phone has a broken screen, which needs to be changed, the price of the device can drop by up to 50% (mostly for newer models). In situations where the device’s conditions are estimated incorrectly, the businesses are in the red and lose money.
For example, Apple charges $199 for the repair of iPhone 11 broken screen. The average price for a used iPhone 11 is $222. It’s getting more obvious that customers will prefer to sell or trade-in their devices to third parties rather than manufacturers.
Prices are valid as of October 25, 2020, Apple website.
3. Organize workflow in one interface. Many businesses that already trade-in mobile phones are not aware of any automated systems for processing phones and collecting them in the system.
We recommend using an automated mobile phone buyback solution. NSYS Buyback provides a cloud database that will store information about all devices, no matter if you own a chain of stores across the country or a huge warehouse.
Also, the system allows you to calculate the value of an iPhone automatically through an easy-to-use calculator. The calculator takes into account carrier lock, cosmetic condition of a device, and the results of functionality tests.
Your company will be able to redeem devices with greater accuracy, confidence, and sell them with a higher profit margin using NSYS Buyback solution.
