Introduction
Purchasing a refurbished iPhone is a great way to save money while still getting a quality device. However, timing your purchase can be crucial to ensure you get the best deal. As we approach the end of 2024, the team at UpTrade has analyzed over half a million price data points on Certified Used and Refurbished iPhones to provide the most accurate insights on when to make your purchase. This comprehensive review of iPhone pricing trends throughout the second half of last year will help you identify the optimal time to buy, ensuring that you secure the best deal on a high-quality device.
The Growing Used Smartphone Industry
According to the IDC report, used smartphone sales grow continue to grow year over year, while new phone sales are in decline. This trend is driven by several factors, including rising costs of new devices and the increasing availability of high-quality refurbished smartphones. More people are turning to Certified Used and Refurbished phones as they provide a cost-effective solution without sacrificing performance. The market for used phones is expected to continue expanding, making it an excellent option for consumers in 2024.
Data Source
UpTrade partners with major players in the Used and Refurbished Smartphone industry to monitor market prices for all iPhone models. Our analysis is based on over half a million data points collected during the second half of 2023, giving us a strong understanding of market trends in 2024. It’s important to note that UpTrade exclusively tracks prices from trusted Certified Used and Refurbished providers like Amazon, Apple, and Gazelle. We do not monitor prices from open marketplaces such as Craigslist or Facebook Marketplace, as we cannot guarantee the quality or authenticity of those sources.
Our Findings
Finding 1: September Had the Biggest Drop
Our data shows that September 2023 saw the largest price drop across all iPhone models, with an average reduction of 6%. (See Chart A below). This decrease was driven by the launch of the iPhone 15 in September, which caused prices of previous iPhone models to plummet as sellers rushed to clear inventory. Both retail and wholesale markets experienced significant price reductions, making September the ideal time to purchase a refurbished iPhone.
December Had a Slight Increase:
While it is typical for used products to gradually decrease in price, we noticed an unexpected uptick in December. After heavy selling in September, October, and November, the market experienced a temporary shortage of supply, causing prices to stabilize and slightly increase. Additionally, many sellers were hesitant to take on new inventory at the end of the year, further contributing to the price bump.
iPhone 14 Series Experienced the Biggest Dollar Drop:
See Table A and Chart B below. Among the various iPhone models, the iPhone 14 series saw the largest drop in dollar amount, with prices falling by nearly $150 during the last six months of 2023. Models such as the iPhone 12, 13, and 14 all experienced significant reductions—over $100 in some cases—but the iPhone 14 series led the way, making it a great deal for those purchasing in Q4 2023.
Suggestions for 2024
Suggestion 1: September Will Have the Biggest Drop
Similar to previous years, September 2024 is expected to see the largest price reduction, as the release of the iPhone 16 will drive down the prices of older models. This will be the best time of the year to buy a Certified Used or Refurbished iPhone.
Suggestion 2: Wait Until November for the Lowest Prices
If you're aiming for the lowest possible price, waiting until November could be ideal. Prices tend to decline steadily through September, October, and November, as sellers clear out inventory. However, based on our 2023 data, prices may start to rise again by the end of the year. If you’re not comfortable waiting until the last minute, October could be a good compromise for making your purchase.
Suggestion 3: iPhone 15 Series Will Have the Biggest Drop
As with previous models, the iPhone 15 series is expected to see the largest price drop in 2024. If you're interested in purchasing an iPhone 15, September through November will offer the best deals.
Suggestion 4: Best of Best
To take the most advantage, it’s combining the biggest discount and best timing. In other words, getting an iPhone 15 series device from now through November is the Best of the Best. For those eyeing a refurbished iPhone 15 series device, September, October, and November will offer the best savings for you among all Used and Refurbished iPhone options. If you didn’t see this article until December, but prices continue to decline in December, it could still be a good time to buy. However, inventory shortages may cause prices to rise again, so buying earlier is often safer.
Use UpTrade to Find the Best Price:
To ensure you’re getting the best deal on a Certified Used or Refurbished iPhone, UpTrade is the perfect tool. By comparing prices across all Certified Sellers, including Amazon, Gazelle, and others, UpTrade simplifies the shopping process and protects you from scams and misleading promotions. Unlike other platforms, UpTrade only lists Certified Sellers, ensuring you get a quality device. This means no dealing with individual sellers on Craigslist or Facebook Marketplace, where scams and falsely advertised phones are more common. With UpTrade, you can confidently compare prices and avoid falling victim to counterfeit or low-quality phones.
What If You Missed the Best Time in 2024?
If you happen to miss the ideal time to buy a refurbished iPhone in 2024, don’t worry. The next best opportunity will be in March 2025, during tax season and spring sales. Many retailers offer promotions and discounts during this period, allowing you to take advantage of great deals in the new year.
Conclusion
The best time to buy a Certified Used or Refurbished iPhone in 2024 will be from September to November. Prices typically drop after the release of new iPhone models, making it the perfect opportunity to get a high-quality device at a lower cost. For the best results, use UpTrade to compare prices from trusted sellers and avoid potential scams.
About UpTrade
UpTrade is a leading platform that simplifies the process of buying Certified Used and Refurbished iPhones. By partnering with certified sellers like Amazon, Apple, and Gazelle, we ensure that our customers receive only the best quality devices. With UpTrade, you can compare prices from multiple sellers and confidently purchase your next iPhone, knowing you're getting a great deal from a trusted provider.
