Samsung devices can lose up to 12 per cent of their value following the first month of a new model being released and a further 21 per cent after three months, research from musicMagpie has indicated.
If sold now, customers trading in a Samsung Galaxy S20 can expect up to £310, while those with a Samsung Galaxy S20 Ultra could get up to £364, but these might only be worth £245 and £288 in three months’ time.
The research also suggested that people may also want to reconsider buying a new phone as soon as it’s released given that on average, new Samsung models lose 64 per cent of their value after being on sale for 12 months and then 74 per cent after 24 months.
The news comes as musicMagpie releases its 5th Annual Phone Depreciation Report with the latest statistics for 2021. More information can be found at https://www.musicmagpie.co.uk/phone-depreciation/
The annual report uses trade-in data to track the value of the most popular handsets from Apple, Samsung, Google, OnePlus, and Huawei.
musicMagpie chief marketing officer Liam Howley said: “With the imminent launch of the Samsung Galaxy S21 lots of people are planning to upgrade. From our data, it’s clear that those people should sell their old phone now rather than wait around to get the best price for it.
“We lock in a customer’s trade-in price for 14 days, giving them the opportunity to secure the best possible price while sorting out their new phone.
Trading in your old phone is good for the environment too and encourages a circular economy whereby phones are recycled, refurbished and reused so it’s something anyone planning to upgrade should consider.”