The sale of second-hand phones has captured a huge market segment as people nowadays practice all the means to save money. A second-hand mobile price is much lower than the new one, so people opt to buy them while getting the features similar to the brand-new phone of the same model.
The phone is also included among the things where people look forward to getting the best features and saving some bucks simultaneously. The market value of a phone depends on various factors. The same is done by the valuation tools present online. Overall, every year around $520.3 billion worth of mobile phones are sold, so the second-hand market of smartphones is quite huge.
The key factors in determining the market value of a phone are:
Brand and model
Different brands have different prices in the market, and this rule also applies to used phones. So, for example, top brands like Apple have a higher market value for their phones than middle-range brands like Vivo and Oppo.
Brands like Micromax and Blackberry are outdated devices, and that’s why they have a very low market value for their phones.
Along with the brand, the phone’s model also plays a significant role in determining the market value. As a result, the latest model would have a higher market value than initially launched.
For instance, iPhone 13 would have a greater market price than iPhone 8. The same happens in other brands as well. On the other hand, the phone series that is no longer available in the market, for instance, iPhone 2G, would have a lower market price. The best way to know the right market value is to check used mobile price by OBV tool of any brand and model. This will help to know the fair market price within just 10 seconds.
Functions and specs
The specifications and functions of a phone influence its market value greatly. Therefore, all the features present in the phone, ranging from the processor used to the camera quality and specifications, are considered to determine the device’s market price.
The phone having the latest features present, for instance, a recent processor, a good camera quality, fast charging, a more excellent battery life, etc., would be getting a high price in the market.
The Apple series has features exclusive to their phones, so the same is not present in the brands having an android system on their phones. Hence, iPhones released in a particular year would have a greater market value than other brands’ phones.
Age of the device
The age of the phone matters a lot while finding out its value in the market. An outdated phone is of no use for anyone in today’s time. Usually, the phone’s value is reduced by half as the one year of the purchase is completed. This happens in the case of almost all the brands. Only for iPhone, this rule has an exception.
Mobile resale value of iPhones does not fall quickly compared to that of other phones. Instead, as a new model gets released, the price of the previous one gets reduced by some amount only. In other phones, the release of the recent model makes the value of the previous one drop drastically.
Degree of damage
The damage that occurred to the phone impacts its market value a lot. In many cases where there is a chance, the companies buy phones that don’t even turn on, fix them and then sell them again. Therefore, the damages with chances of repair may provide a fair value for the phone.
Similarly, small damages like some scratches on the surface or the screen, minor dents, and color wearing of the device do not impact resale value.
Major issues like the ones occurring with the display, touch, software, or any internal damage do not offer the phone’s high market price. Instead, the device’s value decreases due to the presence of internal issues.
Physical aspects of the phone are also taken into account while knowing the market price. The physical aspect covers all the damage to the phone’s body. For example, a faulty SD card slot or damaged volume buttons may not provide a high market value for the phone.
Also, overheating the phone and a decreased response to the touch stimulus decreases the phone’s market value. So, make sure to correct all the physical damages to get a higher price.
Determining the phone’s market value is essential for buying and selling used phones. It helps the buyer and the seller negotiate and get the best deal fairly. The factors mentioned above play a great role while finding out the resale value of the phone.
Many sites on the internet provide the tools that help get to know the recent market price of a phone. One of the sites among them is OBV which provides genuine information. People can check used mobile price to estimate the current price of their phones.
Make sure to buy a used phone or sell the phone to an authentic dealer to minimize the misuse of the device and prevent further issues in the future.