Assurant, a global titan in risk management products and services, and one of the world's largest resellers of used phones, has just unleashed its latest report on mobile device trade-ins. This report, dripping with insights from the second quarter of 2024, doesn’t just highlight trends; it roars them. Consumers are clutching their devices longer, pushing trade-in values to breathtaking new heights. Dive in as we dissect the key revelations that are shaking up the mobile industry.

Apple iPhone Users Relentlessly Extend Device Lifespans

In a bold move against the relentless march of technology, Apple iPhone users are holding onto their devices like lifelines. Assurant’s report uncovers this rising tide, showing that the average device traded in during Q2 2024 was a staggering 3.71 years old, up from 3.64 years in the previous quarter.

iPhone Lifespan Defiance

• Apple iPhones: iPhone users are not just holding the line—they’re extending it. The average age at trade-in surged from 3.63 years in Q1 2024 to a defiant 3.78 years in Q2 2024. This trend signals a growing resistance to the pressure of upgrading, as users squeeze every last drop of value from their beloved devices.
• Android Smartphones: In stark contrast, Android users are accelerating their upgrade cycles, with the average trade-in age dipping from 3.67 years to 3.5 years. The message is clear: Android users are ready to ride the next wave of innovation, leaving their older models in the dust.

Explosive Growth in Trade-In Values

Assurant’s report doesn’t just whisper about rising trade-in values—it screams. The numbers are undeniable, reflecting an explosive demand for pre-owned devices that’s driving up prices across the board.

Android and iPhone Trade-In Value Eruptions

• Android Devices: The average trade-in value for Android devices didn’t just rise—it skyrocketed by an eye-popping 37%, catapulting from US$ 103.45 in Q1 2024 to a towering US$ 141.02 in Q2. This meteoric rise underscores the ever-increasing value placed on Android smartphones, as they become hot commodities in the secondary market.
• Apple iPhones: Despite their age, iPhones are not losing value—they’re gaining it. The average trade-in value for iPhones surged by 21%, from US$ 163.47 in Q1 2024 to an impressive US$ 198.01 in Q2. This surge is a testament to the enduring allure of Apple’s technology, which continues to command top dollar even as newer models emerge.

The combined average trade-in value for smartphones in Q2 2024 hit US$ 141.02, a figure that’s as strong as the demand driving it.

The Unstoppable Apple iPhone 11

The Apple iPhone 11 is more than just a popular device; it’s a juggernaut, crushing all competition in the trade-in arena. For the ninth quarter in a row, it has reigned supreme as the most traded-in smartphone.

• Market Domination: The iPhone 11 didn’t just show up; it conquered, accounting for a commanding 31.01% of the top five traded-in devices. Its grip on the market is unrelenting, solidifying its status as the king of trade-ins.
• 4G Longevity: Even as 5G technology sweeps the globe, the iPhone 11 stands tall as the only 4G device in the top ranks. Its enduring appeal defies the push for newer, faster networks, proving that true value is timeless.

Conclusion: The Roaring Surge of the Secondary Market

Assurant’s Q2 2024 report paints a vivid picture of a secondary market that’s not just growing—it’s exploding. Consumers are holding onto their devices longer, driving trade-in values to new zeniths and redefining the lifecycle of mobile technology. The iPhone 11’s unyielding dominance, coupled with the rising value of both Android and iPhone trade-ins, signals a robust market that shows no signs of slowing down.

This surge in the secondary market is not just about financial gain—it’s a revolution in how we perceive and value our technology. As this wave continues to build, industry players must adapt swiftly, ensuring that they ride the crest of this momentum or risk being swept away. The future of mobile devices lies not just in the next big release but in the enduring legacy of the devices we’ve come to rely on.

FAQs

Q: Why are consumers holding onto their devices longer?

A: The report suggests a growing resistance to upgrade cycles. Users are extending the lifespan of their devices, likely due to factors like economic considerations or satisfaction with their current technology.

Q: How much has the average trade-in value increased?

A: The combined average trade-in value for smartphones in Q2 2024 reached US$141.02, reflecting a significant rise compared to previous quarters.

Q: Which platform saw the biggest trade-in value increase?

A: Android devices witnessed a staggering 37% increase in average trade-in value, compared to a 21% increase for iPhones.

Q: Is the iPhone 11 still the most traded-in phone?

A: Yes, the iPhone 11 holds onto its dominance for the ninth consecutive quarter, accounting for over 31% of the top five traded-in devices.