If you thought purchasing a new smartphone for $1,000 was expensive, brace yourself – prices are still on the rise. As the industry’s first mainstream foldable-screen device, the Galaxy Fold will be priced at nearly $2,000 when it’s officially released (the original launch date of April 26 was postponed due to display failures). While 5G speeds and new screen designs spike the cost of smartphones even higher, we can’t help but wonder – will consumers be able to afford the latest models?
On the average income, upgrading a mobile device annually or every 24-months isn’t always feasible. Today, steep price tags are actually encouraging consumers to hold onto their mobile devices longer than ever. Even when a smartphone becomes damaged, mobile users are more likely to replace a screen or battery than to purchase a new device.
Luckily, trade-in platforms can help consumers upgrade their mobile devices without breaking the bank. Our device buyback solution, Phobio, can reduce the overall cost of a new device and incentivize consumers to make new purchases once again. By trading-in an older smartphone, laptop, tablet, or wearable, consumers can receive cash to put towards the latest technology.
To provide a transparent trade-in process, Phobio provides an explicit grading system that accurately determines the value of a pre-owned device based on its condition. For example, if a device has water damage, a cracked screen, or is unresponsive, it will be categorized as “damaged.” If a device is fully functional and in good condition, it will be categorized as “working.” A monetary value is then provided along with a detailed description and photo evidence explaining our assessment of the device.
Customers will be pleased to know that the value of older smartphones is increasing. For example, a customer looking to trade-in an older Apple device in working condition can receive up to $152 from Phobio. That money can be put towards a newer model, such as the iPhone XR or iPhone XS. Trading in is also an attractive option for customers with a cracked or pixelated smartphone screen – an Apple device in damaged condition is valued at $79 with Phobio. Our data has shown that Apple products tend to hold value longer than other manufactured devices and garner higher trade-in values.
We strive to provide consumers with the most spending power and provide the most competitive, transparent device pricing in the industry. Best of all, as an omnichannel trade-in experience, Phobio allows customers to upgrade in-store, online, or even begin a trade-in one channel and complete it in another. With this flexibility, customers can start their transaction at a local retail store, then go home to back up their photos, videos, and music, and finish their trade-in process online.
Overall, Phobio makes it possible for consumers to purchase a new mobile device at a reduced price. With more money in their pockets, consumers are also better positioned to purchase additional accessories in-store and online. Interested in learning more? Let’s talk!
