Monday, September 17, 2018 - With the launch of the latest iPhone generation, the hype around the newest Apple models is reaching fever pitch once again. Past years have shown that the launch of the newest iPhone coincides with Apple owners looking to sell their older models to fund the new one. As a result, Shpock, the marketplace app, has analysed the prices of over 300,000 iPhones traded in the last year and also looked into the value of damaged iPhones. The analysis shows when it pays off to sell a damaged iPhone and when a repair is more advantageous.
One in four iPhone owners in the UK plan to sell their current phone to fund the latest version of the device. As a result, around the time of the newest release, the supply of used iPhones on Shpock is particularly high.
How much is your old iPhone worth?
The high number of iPhone listings matches the demand for used smartphones. 71% of all iPhones sold on Shpock find a new owner in less than a week while 21% are sold in less than 24 hours. Second hand Apple products tend to hold a high value; the iPhone X is currently sold at £655, the iPhone 8 for £442 and the iPhone 7, which is now two years old, for £266.
“iPhones are one of the bestselling items on Shpock and offer a great opportunity for the public to cash in on something they no longer use. 30% of UK households admit to hoarding at least one fully functional smartphone that is no longer used. Even the iPhone 5 can still get you £74”, explains Shpock Spokesperson Conor Gannon.
Damaged iPhone: Sell or repair?
The analysis reveals that alongside functioning iPhones, damaged ones are also available.
“The vast majority of smartphones on Shpock are in good condition. However, we also see damaged phones listed, such as ones with a cracked screen or damages to the edges and they surprisingly sell just as well”, states Conor Gannon.
Depending on the model and type of damage, damaged smartphone owners are better off by not repairing them before selling as seen in the calculations below.
Who buys damaged smartphones?
“Often the phones are bought up by tech savvy users. It gives them the opportunity to buy the smartphone at a cheaper price, use their skills and equipment to fix and refurbish the model and then sell on at a later date”, explains Conor Gannon.
Haggling can save you up to 20%
For buyers, the time to strike is just weeks away. The analysis shows that bargain iPhone hunters can save more money than usual in the month of October. With the new release, people want to sell their old smartphone quickly in order to buy the new one. Therefore, they are more likely to negotiate and accept lower offers.
Although haggling is easier on older versions of the iPhone. Thrifty shoppers can get 13% off the iPhone X with some shrewd negotiation skills. This rises to 18% for the iPhone 8 and even 20% in areas such as Manchester, Liverpool and Newcastle translating to as much as a £100 saving.
 All figures, unless otherwise stated, are from Shpock. Total sample size was 300,000 iPhones traded between July 1 2017 and August 30 2018.
 All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2245 adults. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).