While we focus on the shiny, new smartphones coming to market each quarter, including the big iPhone 8 launch anticipated for later today, there's a thriving used cell phone market that shouldn't be ignored.
According to eBay Canada, in the last year alone, an iPhone was bought and sold by a Canadian approximately every 10 minutes. Not surprisingly, there's typically an uptick in sales once a new iPhone is introduced, presumable as Apple fans search for buyers for their previous-generation models so they can upgrade to the new one.
"Essentially," says eBay Canada, "the release of a new iPhone spurs Canadians to trade in and trade up."
Looking back at 2016, shortly after the iPhone 7 launch, a previous generation iPhone was bought or sold by a Canadian every five minutes on eBay. Also, iPhone listings by Canadians increased by more than 30% from the beginning of August to the end of October last year.
If you're considering looking to eBay to buy an older model iPhone, consider that the average sale price of previous-generation iPhones dropped by nearly 10% the month after a new generation model was released. So sellers, sell early, and buyers, if you can wait it out, check back to the site in a month for to potentially save a few bucks.
It's not just used iPhones being sold on eBay Canada: while 70% are indeed new, 10% are refurbished, and 20% are new.
To-date, the most popular iPhone model purchased by Canadians on eBay is the iPhone 5s, and the most popular iPhone model sold by Canadians on eBay is the iPhone 4s.
The current average selling prices for the following iPhone models available to Canadians on eBay are: $705 for the iPhone 7 Plus; $616 for the iPhone 7; $368 for the iPhone 6s Plus; $251 for the iPhone 6s; $258 for the iPhone 6 Plus; and $173 for the iPhone 6.
To-date, the most popular iPhone model purchased by Canadians on eBay is the iPhone 5s.