There will always be times when we believe we have spent enough time with our existing phone. And now is the time to sell it and replace it with a newer, better smartphone. It is, however, simpler to say than done. For many people, the resale value of their phone is one of the most crucial elements in deciding which phone to buy.
Most recent flagship or high-end phones can easily fetch a high price once sold, but securing a reasonable price for what it is worth is extremely tough when you are stuck with an outdated phone.
Understanding your phone’s resale worth is vital, especially in an emerging and evolving marketplace like India. This comprehensive guide explains the elements that influence smartphone depreciation and assists you in determining the resale value of your device.
Depreciation rates of smart phones
Smartphone depreciation can vary depending on a variety of factors, including the phone’s manufacture and model, its condition, and the current market worth of smartphones. In general, though, cell phones depreciate significantly in the first year or two after they are released.
According to a Sell Cell survey, the average depreciation rate for cell phones in the first year is 35%. This indicates that a phone that costs 82,674 when it is first released will be worth around 53,740 after a year. The rate of depreciation then decreases, but it continues to average around 15% per year over the next few years.
TREND COMPARISON AMONG LEADING BRANDS
After one year, Apple iPhones retain 60-70% of their original worth.
After a year, Samsung Galaxy phones often retain 50-60% of their initial worth.
Xiaomi and OnePlus phones depreciate faster in general, yet they have competitive beginning pricing.
Factors Influencing the Resale Value of Your Phone
- MODEL OF THE PHONE
Phones that are more popular and expensive tend to keep their worth better than phones that are less popular or inexpensive. The depreciation rates of these phones are also lower over time. For example iPhones and Samsung Galaxy phones, have a higher resale value than other brands.
- CONDITION AND AGE OF THE PHONE
A phone in good condition will sell for more money than one with scratches, dents, or other damage. Before selling your phone, make sure you fully clean it and erase any personal information from it. While older models of phones typically have lower resale values, the newer the phone, the better the resale value.Newer models in better condition have the most resale value.
- CURRENT MARKET VALUE OF THE PHONE
The current market value of phones has a significant impact on the resale value of your phone, always try to sell it when it has a good market value and receive the most resale value .
- DEMAND OF THE PHONE
Some phone models are far more popular than others, which might have an impact on their resale value. If a certain model is in high demand, its resale value will be higher. Phones such as iPhones and Samsung phones are in high demand in the market, hence their resale value is substantially higher than that of other phone brands.
- AVAILABLE ACCESSORIES
If you sell your phone with its original box and accessories, it will fetch a higher price than if you sell it without them. Buyers prefer phones with their original accessories, bills, and box, and the resale value is calculated based on the availability of these accessories as well.
- STORAGE CAPACITY
Smartphones with higher internal storage capacities deteriorate at a slower rate. The consistent need for higher storage choices is much high in the market .People give a preference to the phones which bears a high internal storage.
Increasing the Resale Value of Your Phone
- MAINTENANCE OF THE PHONE
Although it may not appear so, smartphones acquire dust. A careful examination of smartphone users reveals that people carry their phones with them everywhere. This may be convenient, but it exposes devices to a lot of dust particles.
Regular cleaning and good smartphone maintenance keep dust from building in your phone’s holes, ports, and even speakers. Using screen protectors and cases will help to keep the phone more secure .
- SECURITY AND SOFTWARE UPDATES
Software updates help to ensure that your smartphone is operating at peak performance and with the most recent modifications. By installing software updates on a regular basis, you can keep your phone’s functionality and keep up with more efficient features.
Fundamentally, smartphone maintenance is incomplete unless the most recent operating system and application updates are installed. Furthermore, for phones that allow these capabilities, you should enable security features such as fingerprint, PIN, or Face unlock.
- MEMORY AND STORAGE ADMINISTRATION
Clearing unwanted files and programmes that clutter space is a crucial approach to manage smartphone storage and memory. Another option is to use cloud storage services. You may simplify your phone and improve its speed by simply shifting some files to the cloud.
You should also manage your cache and temporary files on a regular basis. Clearing the cache on your smartphone offers it more space to work faster and more efficiently.
- MAINTENANCE OF THE PHONE
Although it may not appear so, smartphones acquire dust. A careful examination of smartphone users reveals that people carry their phones with them everywhere. This may be convenient, but it exposes devices to a lot of dust particles.
Regular cleaning and good smartphone maintenance keep dust from building in your phone’s holes, ports, and even speakers. Using screen protectors and cases will help to keep the phone more secure .
SECURITY AND SOFTWARE UPDATES – Software updates help to ensure that your smartphone is operating at peak performance and with the most recent modifications. By installing software updates on a regular basis, you can keep your phone’s functionality and keep up with more efficient features.
Fundamentally, smartphone maintenance is incomplete unless the most recent operating system and application updates are installed. Furthermore, for phones that allow these capabilities, you should enable security features such as fingerprint, PIN, or Face unlock.
MEMORY AND STORAGE ADMINISTRATION
Clearing unwanted files and programmes that clutter space is a crucial approach to manage smartphone storage and memory. Another option is to use cloud storage services. You may simplify your phone and improve its speed by simply shifting some files to the cloud.
You should also manage your cache and temporary files on a regular basis. Clearing the cache on your smartphone offers it more space to work faster and more efficiently.
Where Should You Sell Your Old Smartphone?
There are numerous platforms available for reselling smartphones such as Mobilegoo.in, Amazon, Flipkart etc .
Get Ready to Sell Your Smartphone
- BACKUP
You must back up your previous phone before wiping it. Many manufacturers now allow you to use your own account associated to that manufacturer, which is excellent if you’re switching from one Samsung to another, but not so wonderful if you’re switching to a new manufacturer.
The simplest method is to use Android’s backup mechanism, which is powered by Google Drive. Go to your phone’s settings and you should see a backup and reset option in the menu.
- PROVIDING THE REQUIRED ACCESSORIES
Including the charger, as well as the original box, can increase the resale value. Always choose the available accessories you have of your phone while listing it on mobilegoo.in to increase the value of the phone.
- HIGH-QUALITY PHOTOS FOR ONLINE LISTINGS
When selling online, clear and detailed images demonstrating the condition of the phone are critical.
In the ever-changing technology of smart phones, the high depreciation rate is unavoidable. By following these guidelines, you may maximise the resale value of your phone while selling it.To get the best output, always look for the depreciation curve, maintain the phone effectively, and organise it well for selling.
