The new iPhone is rumored to be revealed at a press conference that Apple has scheduled for September 10th. If you were thinking of selling your iPhone, now is the time.
According to new metrics from uSell.com which measured the effect of a new iPhone model on the used iPhone market in 2012, when new models come out, the resale value of old models goes way down. According to the site, a week after the iPhone 5 launch, old iPhones lost about 5% in value. By two weeks after the new model came out, old iPhones dropped in price about 12% and 3-4 weeks later, older models were worth 20% less than they were before the new model came to market.
If you sell your old device today, uSell.com estimates that an iPhone 5 is worth about $330, $72 more than it will be worth about 3-4 weeks after the new iPhone model comes out. An iPhone 4S is worth about $250 today and an iPhone 4 is worth about $130. uSell.com will lock in prices for three weeks once an item is listed. Rumors don’t have as much of an effect, so now is the time to sell.
“We’ve observed a drop in prices of older models immediately after the official, widespread Apple announcement of the new model, not during these smaller rumors,” Nik Raman, Chief Operating Officer of uSell.com, explained to AppNewser. “What drives this is mainly a drop in global wholesale prices for the previous models. They become less desirable, because at the high-end of the market, a new device is becoming available.”