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iPhone Trade-in Vs. Brand Retention
Apple's Decline in Sales During Q1-Q2 2019 Visible as 15.2% Less Trade-In Savvy iPhones Owners Are Sticking With Apple, compared with CIRP's 2018 Activation Survey.
Since October 2018, iPhone trade-in site BankMyCell has been collecting data on the new device people have during the valuation and trade-in of their old iPhone. The result is a vast dataset of 38,043 individuals, providing insight into consumers upgrade cycle patterns and Apple's brand loyalty during the online trade-in process.
Key Stats: iPhone Trade-in Retention
Key Stats: Apple VS Android
Historic iPhone Upgrade Loyalty
In March 2018, Consumer Intelligence Research Partners (CIRP) released data showing 86% of users with an iOS mobile operating platform remained loyal, using a sample size of 500 individuals.
What was interesting when benchmarking this data against ours, was the considerably lower -15.2% of trade-in savvy iPhone uses remained loyal in 2019, this data tied in well with the report of sales declining 17%. In addition, our online audience 62.4% millennials with a 60/40 gender split in favor of females, which may differ from CIRP; however, they did not mention demographics in their release.
Monthly iPhone Trade-in Loyalty (2018 - 2019)
Below we see the monthly brand retention of people trading in their iPhones over 9 months. This shows low retention during following the XS / XS Max / XR release, followed by a boost during Q1 and Q2 (typically Apple's highest quarterly revenue periods since 2007). We also see Apple's brand retention at iPhone trade-in drop down into the 60-70% band. The vast majority of this decline was due to people selling iPhones while using a new Samsung device.
38,043 Individuals - iPhone trade-in / valuation data from 10/2018 - 06/2019:
Quarterly iPhone Trade-in Loyalty (Q4 2018 – Q2 2019)
Below we see the quarterly brand retention trend of people trading in their iPhones (Q4'18 – Q2‘19). This chart shows the gains and losses of iPhone users to other brands, grouping each manufacturer to visually observe quarterly movements.
38,043 Individuals - iPhone trade-in / valuation data from Q4 2018 – Q2 2019:
Average iPhone Brand Retention (2018 vs. 2019)
In this chart, we examine at the top 10 smartphone brands consumers have when they trade-in iPhones during 2018-2019. We see a more granular view of the changes in iOS retention between the two years.
38,043 Individuals - iPhone trade-in / valuation data from 10/01/2018 - 06/30/2019:
iPhone X Upgrade Loyalty Compared to Galaxy S9 (2019)
Below we have a comparison of the iPhone X and Galaxy S9 brand retention. These device-specific samples show that fewer Samsung users were changing to iOS, compared to double the percentage of iPhone users going to Samsung.
2,427 Individuals - iPhone X VS Galaxy S9 trade-in loyalty 01/2019 - 06/2019:
Best vs. Worst iPhone Upgrade Loyalty by Device (2019)
Below we show each end of the retention scale as user's trade-in iPhones on a device specific level. The overarching storyline here is where almost 1 in 5 individuals trading in the iPhone XS had a Samsung device (compared to an iPhone 8 where less than 1 in 10 had.)
12,105 Individuals - iPhone trade-in / valuation by device from 01/2019 - 06/2019:
Methodology
BankMyCell's report is based on the collection of brand, device and operating system data for marketing material, with the goal knowing the next device a consumer has to offer trade-in prices at various stages of the upgrade cycle.
This sizable dataset gave us a unique insight into consumer upgrade patterns within the trade-in market.
This iPhone trade-in report collected the following datasets:
Data was collected from 10/01/18 – 06/30/19.
Since the first iPhone launched in 2007, Apple has been pushing out brand new models every year making fans want the latest technology. Lately, these advanced smartphones have gotten EXPENSIVE, which means when you're looking at how much can you sell your iPhone for there's a high chance you'll lose more trade-in cash by picking the wrong buyback store.
So where is the best place to sell your iPhone? The options are carrier trade in services, shopping mall kiosks with ATMs or online trade-in stores. The best place to resell your device is online, in fact, if you look at the comparison charts below you can see you'll only get a fraction of your devices worth using resale ATMs or a carrier trade-in service. Use our valuation tool to save time and avoid going down a rabbit hole of quote hunting, we compare the highest prices and give you the best deal online.
Here's how you can get what your device is truly worth, earn up to double its value using BankMyCell:
Most carrier buyback deals seem like the convenient option, however, the majority of the time you'll be receiving a fraction of your iPhone's resale value, and it will be via account credit instead of cash. This trade-in offer credit is either deposited to your carrier account instantly or applied over the life of your contract. The exception is if carriers run promo codes seasonally or with major phone releases, sometimes during that period the credit can be a reasonable amount.
If you're thinking of using your carrier out of trust, most trade-in services are run by a third party company they outsource it too.
| Trade-in program | iPhone X 256GB | You Lose |
|---|---|---|
| BankMyCell | $512 | TOP DEAL! |
| AT&T | $400 | -$130 |
| Sprint | $395 | -$135 |
| T-Mobile | $395 | -$135 |
| Verizon | $420 | -$110 |
Prices collected: 26th June 2019 for Verizon locked devices in 'good' used condition
With BankMyCell you compare iPhone buyback programs that will not only pay more, but they'll also give you the freedom of getting paid in cash to spend on whatever you want. If you were upgrading, our price locks and higher payouts you get more cash to use with your carrier with 30 days to take care of it all, simple!
If you're looking where to sell my iPhone for cash in person, make sure it's ONLY because you need cash that day. Check out the table below to see how these convenience trade-ins profit on offering much less than your iPhone's actually worth.
So if you're looking to sell your iPhone for cash near you, consider that with BankMyCell's trade-in programs, it doesn't matter where you live, the FREE shipping kit is sent directly to your home.
In other words, if getting more money is important to you, it's best to compare iPhone trade-in program prices here than visiting a store to get a lower deal. After all, going out to the store takes the same amount of time as mailing an iPhone to a trade-in program.
| Phone trade-in program | iPhone X 256GB | You Lose |
|---|---|---|
| BankMyCell | $512 | TOP DEAL! |
| Eco ATM Kiosk | $335 | -$195 |
| Apple | $349 | -$181 |
| Amazon | $380.05 | -$150 |
| Best Buy | $420 | -$110 |
| Gamestop | $375 | -$155 |
| Staples | $375 | -$155 |
| Target | $304.92 | -$225 |
| Walmart | $345 | -$185 |
Prices collected: 26th June 2019 for Verizon locked devices in 'good' used condition
Thinking of selling and wondering what's your used iPhone worth? You should always keep in mind that your used device's value will always vary from the amount of wear and damage it has, its storage size capacity and what carrier it's on.
The highest trade-in payouts are received by people that have iPhone's in immaculate condition with no technical faults. Typically the larger storage sizes and carrier unlocked devices get the highest trade-in values.
For example, say you're curious how much is an iPhone worth when it's got a cracked screen or has water damage, perhaps it's locked to Verizon, AT&T, T-Mobile or Sprint, or maybe it's brand new! The easiest thing to do it use BankMyCell to find your device, and quickly pick the options on each device's quote page to find out how much your old iPhone's worth today.
Essentially, the best time to sell your iPhone is now. Why? Prices rarely go up and last for more than a day or two, they steadily lose trade-in value for 11 months of the year then plummet when the latest model gets released. So if you're upgrading to the latest model you need to lock in your trade-in a day or two before the announcement.
For example, on average last year's iPhone will lose 38.46% in the first 14 months, with 26.92% of that in the 2-3 months following a new iPhone release.
If you used the price lock and sold a few days before last year's iPhone was announced, then you'll make around $150 more. Lock in your quote for 30 days by getting a quote and requesting a pre-paid shipping kit; this gives you plenty of time to get the new device and sell.
