Mobile Phones Lose Value Faster Than Cars – Is Your Phone The Worst Offender?
Did you know that mobile phones can lose up to 65% of their value a month after being released on to the market? This is according to research conducted by musicMagpie.co.uk. While cars, a notorious asset for depreciating very quickly, only lose about 20% of their value when they leave the sales forecourt. This means that your phone loses its value much faster and in a greater amount than your car will. Now if a phone loses 65% of its value after only 1 month imagine what happens after 1 year?
iPhone 6 (16GB)
The 16GB version of the iPhone 6 also managed to keep around 50% of its original value one year after being released.
The Worst Offenders
Android mobile phones tend to lose their value faster than iPhones and while the majority of iPhone models don’t lose their value as fast as the typical Android phone, the iPhone 5 is perhaps the single exception to this rule. The 16GB version of the iPhone 5 saw 66% of it’s value disappear after only 8 months of being on the market. MusicMagpie claims the reason for the iPhone 5’s rapid depreciation is the iPhone 5s, was released too soon after the iPhone 5.
HTC One M9 and Samsung Galaxy S5
In terms of Android phones, the HTC One M9 lost 65% of its value only 1 month after its release, while the Samsung Galaxy S5 was down by 50% in value after two months of its launch.
The LG G4 has to be one of the worst offenders to date. It struggled to retain its value and depreciated by 88% only 9 months after its initial release on to the market.
Be patient and wait a month or even better, a year to buy nice smartphone at knock down prices. Buy it outright so you are not forced to pay a premium for the phone (based on it’s original inflated price) through your monthly phone subscription and then get a reasonable sim only deal. The best I’ve seen so far is Freedom Pop (works via the Three Network) who will give you a 100% free SIM only package. That’s right you pay £0/per month, get more information here.
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I would love to hear your thoughts…
Have you ever experienced an expensive smartphone you bought losing its value quickly? Do you have a trick or method of keeping your phone as valuable as possible?
Please share your experiences and / or comments below.