The average consumer will keep a smartphone for nearly 3 years before upgrading to a new device. But that still means that you’re investing hundreds of (or even more than a thousand) dollars in new devices every few years. Even with lease programs and equipment installment plans, that’s a significant cost.

Five or ten years ago, the thought that employees would use their personal iPhones and Android devices for work was enough to terrify business leaders. And yet, the rise of bring your own device (BYOD) policies was inevitable.

The point of mobile device upgrade is an exciting time for a consumer. It means no longer having to put up with an old smartphone that is slow, has a battery life of about three hours, and displays the dreaded ‘storage full’ message every time they go to take a picture, or download a song.

Every quarter, we analyze the millions of data points we’ve acquired and filtered regarding the mobile device trade-in market. We examine globally the most-traded devices, the devices with highest trade-in values, total amount of money returned to U.S. consumers, average value of traded devices and more.

Even though we spend hundreds (or, eventually, thousands) of dollars on smartphones, we inevitably replace them two to four years later.

What’s the first thing you think about when you’re trading in a mobile device? For most consumers, it’s the trade-in value. And with over $400 million returning to consumer hands each quarter, it’s understandable to focus on getting the most money possible for your old device.

HYLA Mobile began investing in the secondary device market in 2009. And almost a decade later, the market has become a multi-billion-dollar industry that continues to grow year on year. In fact, research from Counterpoint has shown that the fastest growing global smartphone market last year was for refurbished smartphones, which grew by 13%. 

The shift from subsidy models to equipment installment plans (EIP) was a rocky one for consumers (at least in terms of public perception of high-priced phones).

“The goods of today are the resources of tomorrow, but at yesterday’s prices.”—Walter Stahel, Founder of the Product-Life Institute.

The iPhone 8 was recently hailed the best-selling smartphone in the world according to Counterpoint Research. Despite being based on a four-year-old design, the iPhone 8 now outsells every other smartphone, including the more advanced iPhone X.