It’s a common practice for people to buy the latest tech at least every two or three years, but when they do so they generally keep their old phones on hand. A big part of the reason why that is the case has to do with the fact that they might want to use them as backup phones or they just don’t think to sell them. This has lead to approximately 43 billion dollars worth of unused tech sitting around in American homes, and the interesting thing is that this value is dropping quite drastically.
Since new phones come out each year, the value of your old phone is going to drop dramatically before you know it. Just this year the value of unused tech in American homes is expected to drop by a staggering 11 billion dollars, nearly a quarter of their current worth.
This information comes from a survey by Decluttr, and it has revealed a lot of surprising facts about how hoarding old tech is causing a lot of problems. This is one of the reasons why you should just sell your old tech as soon as you get something new. Its value would drop so quickly that keeping it on hand really doesn’t do all that much good if you think about it.
iPhones seem to a pretty common culprit for this sort of thing, even more so than others. The average iPhone will decrease in value by over a hundred dollars each and every year, showing just how dramatic the price drop can be. Most iPhones decrease in value by about 40% in the used phone market just a couple of months after they have been released, although this new value then begins to depreciate at a very slow pace with the lower value staying more or less the until the end of the year.
Samsung phones see a slightly smaller drop in value, but their phones lose 35% of their value after one year as well. Gaming consoles aren’t exempt from this sort of thing either, with both PlayStation and Xbox consoles losing over 15% of their value over a year after they have been released.
Hence, if you are thinking of spending a lot of money on a new gadget you should think about selling any old tech that you might have. Old tech doesn’t really do you any good and selling it could mean that it would at least be used and you would get some extra cash not to mention how it becomes part of a less wasteful lifestyle. If you want to sell old tech you should do it soon before the value decreases so much that the tech becomes worthless.
Read next: What Do Parents Think About Their Child's Tech Usage? Stats Prove
Since new phones come out each year, the value of your old phone is going to drop dramatically before you know it. Just this year the value of unused tech in American homes is expected to drop by a staggering 11 billion dollars, nearly a quarter of their current worth.
This information comes from a survey by Decluttr, and it has revealed a lot of surprising facts about how hoarding old tech is causing a lot of problems. This is one of the reasons why you should just sell your old tech as soon as you get something new. Its value would drop so quickly that keeping it on hand really doesn’t do all that much good if you think about it.
iPhones seem to a pretty common culprit for this sort of thing, even more so than others. The average iPhone will decrease in value by over a hundred dollars each and every year, showing just how dramatic the price drop can be. Most iPhones decrease in value by about 40% in the used phone market just a couple of months after they have been released, although this new value then begins to depreciate at a very slow pace with the lower value staying more or less the until the end of the year.
Samsung phones see a slightly smaller drop in value, but their phones lose 35% of their value after one year as well. Gaming consoles aren’t exempt from this sort of thing either, with both PlayStation and Xbox consoles losing over 15% of their value over a year after they have been released.
Hence, if you are thinking of spending a lot of money on a new gadget you should think about selling any old tech that you might have. Old tech doesn’t really do you any good and selling it could mean that it would at least be used and you would get some extra cash not to mention how it becomes part of a less wasteful lifestyle. If you want to sell old tech you should do it soon before the value decreases so much that the tech becomes worthless.
Read next: What Do Parents Think About Their Child's Tech Usage? Stats Prove
