Trade-in programs hit $1 billion milestone in Q3: Assurant report highlights 

5G devices dominate trade-ins 

For the first time, 5G-enabled devices became the most commonly turned-in models. Apple’s iPhone 13 led the trade-in charts, dethroning its predecessors, the iPhone 11 and iPhone 12, which had consistently dominated for several quarters. On the Android side, Samsung’s Galaxy S22 Ultra 5G overtook the Galaxy S21, marking a shift in upgrade preferences among Android users.

A new milestone for Q3  2024

A significant milestone was achieved in the third quarter of 2024, with trade-in programs returning $1.092 billion to U.S. consumers. This figure, previously seen only during the fourth-quarter holiday season, highlights how consumers are increasingly recognizing the value of trading in their devices year-round. The financial benefits of these programs are paired with growing consumer interest in devices with cutting-edge capabilities like AI and 5G.

Trends in device age 

The average age of traded-in devices saw a notable decline for the first time this year. Apple devices were traded in after an average of 3.69 years, while Android devices had an average lifespan of 3.38 years. This trend suggests consumers are upgrading more frequently, spurred by new technological advancements and the growing affordability provided by trade-in programs.

Tips for optimizing trade-in programs 

Maximizing the potential of trade-in programs requires strategic execution. Integrating trade-in options directly into the purchasing process ensures a seamless consumer experience. Offering instant credit or rapid payouts rather than store credit enhances customer satisfaction. Additionally, transparent communication about the environmental benefits of trading in devices can motivate more consumers to participate. Competitive pricing and clear explanations of how devices are refurbished or recycled also contribute to the success of these programs.

It's interesting to note that the average trade-in value for devices varies significantly by region. For some reason, consumers in Canada tend to receive the lowest trade-in offers compared to other parts of the world. In contrast, trade-in prices in regions like Europe, Asia, and the Pacific are generally much higher on average than those in the USA and Canada. This regional disparity could be due to various factors such as demand, market dynamics, and regional economic conditions affecting the resale value of devices.

Assurant’s leadership in trade-in programs 

Assurant has established itself as a leader in the trade-in and secondary device market. The company facilitated a record $ 4.3 billion in trade-in returns to U.S. consumers in 2023 alone. By partnering with wireless carriers, original equipment manufacturers, and retailers, Assurant ensures a streamlined trade-in experience while prioritizing sustainability. Its Device IQ analytics platform optimizes trade-in programs for businesses and consumers, driving value across the board.