Consumers continue to hold onto devices longer before trading them in, according to second-quarter data from a trade-in company.
Global insurance company Assurant, which owns reverse logistics company Hyla Mobile, reported that the average age of a mobile device turned in from trade-in or upgrade programs reached a record high of 3.7 years in the second quarter of 2024.
However, when broken down by brand, the average age of iPhones increased from 3.6 years in the first quarter of the year to 3.8 years in the second quarter, while the average age of Android devices decreased from 3.7 years to 3.5 years in the same timeframe.
The average trade-in value of devices increased 28% quarter-over-quarter, from $110.87 to $141.02, the report noted. That means consumers received about $829 million of trade-in value in Q2.
By brand, Android devices had a trade-in value increase of 37%, while Apple devices had a 20% increase.
“Given the strong consumer interest in AI capabilities, we anticipate a supercycle of upgrades when Apple launches their new devices that will support an embedded Apple Intelligence expected later this year,” Rebekah Griffiths, vice president of Product Management and Strategy, said in the report.
