With all the hype that’s been building, it feels like we’ve been waiting for the 10th anniversary iPhone for years. But now that we’ve entered Q3, iPhone 8 (and the 10th anniversary event) is almost upon us.
The iPhone 8 hype has many consumers looking down at their own devices and wondering what they can do to get their hands on the latest model (or models) when it comes in September. However, as exciting as the 10th anniversary iPhone might be, the complicated phone-buying process can be a major roadblock for consumers.
As we approach the iPhone release, carriers should be focused on raising awareness for their trade-in programs. And one of the most critical components of an efficient trade-in program is having customers who understand the best times to trade their devices.
Consumers looking to make an upgrade to the new iPhone should keep these points in mind to get the most money toward a new device.
Consumers: 3 Loose Rules for iPhone Trade-in Timing
As complicated as buying a new phone is, it would be nice if there was some structure to help you understand exactly when to head in for a trade.
Unfortunately, we all know that the process isn’t so simple. While there aren’t any hard-and-fast rules for trade-in timing, the following guidelines can help you get more for your old devices:
- Ride the Wave of Promotions: Pay attention to win-win situations for yourselves and carriers. Carriers want to push the new iPhone and will offer highly-valuable trade-in promotions to make more sales. You will receive the best price for an old iPhone when you take part in a promotion for the new model. And over the next couple of months, every major carrier will release information about their own iPhone 8 promotions.
- Stay Within Two Generations: Whether you prefer iPhones or Android devices, trade-in timing should always stay within the latest two generations of your smartphone. When the iPhone 8 models are released, you should be trading in devices from the iPhone 6S and iPhone 7 families rather than something like an iPhone 5S or 6. Part of the reason is that promotional offers often don’t extend further into past generations. Simply put, if you wait too long to trade a device, it won’t have much value in the secondary market anymore.
- When in Doubt, Don’t Wait: You might have already missed the boat on new iPhone promotions and the idea of staying within two generations when trading a device. However, there’s a rule you can fall back on to determine trade-in timing. We’ve said it before and we’ll say it again, there’s (almost) never a better time to trade in a device than right now. The idea here is that mobile devices lose value every day, so if you fall outside the first two guidelines, your trade-in value is diminishing all the time. Don’t wait until the device is essentially worthless in the secondary market.
Again, it’s hard to consider these three guidelines as hard-and-fast rules. The reality is that there are nuances to each point that can impact your unique case. For example, many promotional trade-in offers require the device be in “good working condition” (screen isn’t cracked and the phone can make/receive calls). Carriers will take a damaged device at trade-in, but that doesn’t mean you’ll be eligible for iPhone 8 promotions.
Carriers: Want to Boost Your Mobile Trade-in?
The trade-in process is still a bit mysterious for many consumers. It’s your job to make the process smoother and to clearly explain the value of trading devices when it comes time to upgrade.
If you want to learn more about streamlining the trade-in process for your customers, download our free white paper, 16 Steps to Optimize Your Mobile Trade-in Program.
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