$865 million returned to U.S. consumers through trade-in programs in Q1 2023

• The average trade-in value of an iPhone in Q1 was $201. This is the first time the average trade-in value of an iPhone has reached the $200 mark since Q3 2021, where the trade-in value was $207.
• The top five traded devices during the quarter were the iPhone 11, iPhone XR, iPhone 12, iPhone 11 Pro Max and iPhone 12 Pro Max. 
• The iPhone 11 remains the top traded device for four consecutive quarters and made up 38% of the top five traded devices.
• 5G smartphones, namely the iPhone 12 and iPhone 12 Pro Max, made up 29% of the top five traded devices.
• The Pixel 6 Pro was the top traded Android device for a second consecutive quarter.
• The average age of smartphones traded-in was 3.35 years, slightly older than 3.26 years in Q4 2022.
• Q1 of 2023 saw a 41% year-on-year growth in online trade-ins.
• For wearables, the Apple Watch Series 7 commanded the highest average trade-in value at $89.04, a 22% value decrease from Q4 2022.

According to International Data Corporation, the market experienced a 14.6% YoY decline in global smartphone shipments this past quarter. Samsung shipped the most smartphones during this same period with 60.5 million devices.

“An increase in trade-in values shows how smartphones are retaining their value, meaning carriers, retailers, cable operators, and OEMs can offer more appealing trade-in and upgrade deals to consumers—increasing their subscriber base and making it a win-win-win for all. These industry players get to boost sales and maintain customer loyalty, consumers get money in their pockets, something which is very much needed in today’s challenging economy, and devices stay out of landfills and get to live a second life,” said Biju Nair, EVP & President, Global Connected Living & International at Assurant.

The full report is available to download here. 

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