Which smartphone retains its value the longest? A new report details what your phone is actually worth.
If you’re the kind of person to sell your smartphone after upgrading then Apple is the best choice for you, according to a new report.
The tech selling site musicMagpie has released data indicating that Apple is a clear winner when it comes to retaining value, beating out other leading brands such as Samsung.
musicMagpie estimates that Apple and Samsung account for 51% and 22% of the UK phone market respectively, according to eBay sales data, and this level of demand means that prices typically remain higher for longer.
Liam Howley, marketing director at musicMagpie, said: “The clear winner when it comes to phone depreciation are Apple users. iPhones have a reputation of being premium products and after the initial fall in price when a model is launched, the iPhone holds the most value after a 12-month, and even a 24-month period which are both average contract lengths.”
“This is good news for savvy consumers who are looking to cash in after their phone contract ends as they know they’ll get the best value from their old iPhone if they are re-selling once they upgrade, or better still, that it really pays to sell your phone as soon as possible if you’re planning to upgrade.”
So how much is your phone actually worth? musicMagpie found that after one month of ownership an iPhone 7 depreciated, on average, 34% from its RRP, whereas the Samung Galaxy S7 lost 50% of its value.
The study also found that the depreciation suffered by iPhone models is lower with each iteration of the devices. The iPhone 5 lost 65% of its value after six months on the market, whereas the iPhone 6 lost less than 40% within that same time period.
On the opposite end of the spectrum, musicMagpie found that the biggest depreciation came from HTC. The HTC one M9 lost 65% of its value in just one month, and 75% after a year.
The average contract last roughly 24 months and in that time the HTC One M7 and M8 lost 86% and 83%, respectively.