There’s a good chance that you’re already aware that your new cell phone loses value as soon as you take it out of the box. Wear and tear, frequent new releases and tech leaping forward at lightening speed means that what you carry in your pocket can end up out-of-date these days.
When it comes to the Samsung Galaxy S9 that’s due to be launched at MWC this weekend, data from tech buy back site Decluttr.com has revealed that now is the best time to trade-in unwanted Samsung devices, ahead of the much-anticipated S9 launch at the end of February due to phone depreciation.
Consumers can receive up to 25% more when trading-in ahead of a launch, in comparison to after major manufacturer releases. For those looking to upgrade, trading-in a Samsung Galaxy S8 to Decluttr.com could give consumers up to $290 to put towards the new Samsung Galaxy S9.
Decluttr’s study also compared the newly launched iPhone 8 with the Samsung S8 models. The analysis showed the Samsung Galaxy S8, which had a recommended retail price (RRP) of $720, lost 54% of its value in the first month after launch with an average rate of depreciation at 1-2% every month. After nine months, the handset had lost 67% of its value. The Samsung Galaxy S8+, which had a RRP of $820, lost 56% of its value in the first month after launch, and in the nine months following, it had depreciated by 65%. If the Samsung Galaxy S9 follows the same depreciation pattern as its predecessors, such as the S5, S6, S7 and S8 models, it is set to lose at least 50% of its value in the first month after launch.
In comparison, the iPhone 8 depreciated by 49% in the first month after launch, while the iPhone 8 Plus lost 42% of its value. Once the iPhone X was announced, the 8 Plus took another 10% drop and lost 52% of its value. While the iPhone X has only been out a few months, it has held on to its value by only depreciating 41% in the first month following launch. Currently, it has depreciated by 44%, proving that even though this particular model has had some reported difficulties, it’s still holding its value.
Liam Howley, CMO at Decluttr.com, said: “Our study has shown that it really does pay to not hold on to Samsung devices for too long, as they depreciate a lot faster. With the Samsung Galaxy S9 launch just around the corner, consumers looking to upgrade to the S9 can get more money for their old device now rather than after.”
“While cars typically lose 19% when driven off the lot, technology items can lose up to an average of 65% once they are taken out of the box, depending on the brand. Our recent cell depreciation study shows that iPhones still hold their value better than Samsung devices, and by the time a Samsung device has had nine months on the market it will have depreciated by at least three quarters,” Howley said. “When comparing this to Apple, it will take 16 months on average to reach the same depreciation level.”
For those looking to trade-in their Samsung S8 now, customers can expect to get up to $290 for a device in good condition, or $331 for an S8+. Using Decluttr.com consumers can get an instant estimate and pre-paid shipping label making their S8 trade-in completely free and painless. Decluttr pays more for used smartphones than any other site or mobile provider buy-back program and payments are delivered within 24 hours of receiving the shipment.
For more information, please visit: www.decluttr.com.