Consumers looking to trade-in their old devices to upgrade to the Samsung Galaxy S5 are not aware of the predecessor’s depreciation in trade-in value
Bournemouth, Dorset (PRWEB UK) 16 April 2014
CompareMyMobile surveyed all people trading in old handsets on the site following the Galaxy S5 reveal, asking what they were planning to upgrade to, key points are:
- 37.48 percent of people upgrading to Samsung’s Galaxy S5 were previously iPhone users
- 18.75 percent of Galaxy S5 upgraders already had a Samsung device
- Samsung saw a 21 percent boost in trade-in market share following its Galaxy S5 reveal
- The Galaxy S3 and Galaxy S4 saw a 196 percent and 150 percent spike in trade-ins respectively, resulting in huge value drops for both devices.
Mobile phone recycling comparison site CompareMyMobile surveyed everyone trading in their old handsets on the site following the Galaxy S5 reveal in February – results suggest that Samsung is stealing some previously loyal iPhone users away.
Over a third of people upgrading to Samsung’s Galaxy S5 were trading in their old iPhone – no longer displaying loyalty to Apple. A further 15.63 percent of Galaxy S5 upgraders were previously Sony handset users.
Top 5 brands people are trading in for the Galaxy S5
1. Apple – 37.48 percent*
2. Samsung – 18.75 percent*
3. Sony – 15.63 percent*
4. Nokia – 9.38 percent*
5. HTC – 6.27 percent*
*Percentage of Galaxy S5 upgraders trading in this brand following the Galaxy S5 reveal in February. Survey data collected between 24/2/14 and 10/4/14.
Survey results reflected smartphone trade-in spikes seen by CompareMyMobile. Apple’s iPhone 4S and iPhone 5S were both in the top five devices being traded-in for Samsung’s new flagship device.
Top 5 handsets being traded-in for a Samsung Galaxy S5
1. Apple iPhone 4S – 210 percent*
2. Samsung Galaxy S3 – 196 percent*
3. Apple iPhone 5S – 184 percent*
4. Sony Xperia Miro – 182 percent*
5. Samsung Galaxy S4 – 150 percent*
*Percentage spike in trade-ins following the Galaxy S5 reveal on 24/2/14
Samsung devices across the Galaxy range saw a boost in trade-ins and valuations too following the Galaxy S5 reveal – giving Samsung, as a brand, a 21 percent boost in trade-in market share. Samsung now makes up over 40 percent of all smartphone trade-ins on the site.
Top traded-in brands of CompareMyMobile
1. Samsung – 40.12 percent*
2. Apple – 29.67 percent*
3. HTC – 8.93 percent*
4. Blackberry – 6.68 percent*
5. Sony – 6.18 percent*
*Brand trade-in market share percentage on CompareMyMobile
The Galaxy S4 saw a 256 percent spike in valuations and a 150 percent spike in trade-ins, while the Galaxy S3 saw a 288 percent spike in valuations and a 196 percent spike in trade-ins. Experts from CompareMyMobile say the larger spike in Galaxy S3 trade-ins makes sense, as loyal Samsung users reach the end of 24 month contracts with UK networks.
This increase in trade-ins does have an impact on trade-in pricing though – as recyclers try to control the number of handsets sent into them. For this reason, the site has already seen dramatic value depreciation across Samsung’s Galaxy range.
Value depreciation of Samsung’s Galaxy smartphone range:
- Samsung Galaxy S4: -10.2 percent*
- Samsung Galaxy S3: -6.6 percent*
- Samsung Galaxy S2: -1.34 percent*
- Samsung Galaxy S: -9 percent*
*Percentage drop in value between February and April 2014.
Following the release of Samsung’s Galaxy S4 last year, the Galaxy range as a whole suffered a 20 percent drop in value within three weeks of the launch – CompareMyMobile predicts a similar trend this year based on the increase in valuations.
Co-Founder of CompareMyMobile Ashley Turner says: “Consumers looking to trade-in their old devices to upgrade to the Samsung Galaxy S5 are not aware of the predecessor’s depreciation in trade-in value that typically happens following the release. Consumers can complete a trade-in sale and freeze their quoted price for up to 14 days and retain more value using our site.”
Notes for Editors
Full hi-res supporting infographic, along with blog-sized images, are attached to support any of your stories with the appropriate reference. Please get in touch with our main press contact, Ashley Turner, with any questions or for further information.
Founded in 2009, CompareMyMobile is the UK's #1 source for independent mobile phone, tablet, sat nav, laptop, iPad, iPod and games console recycling price comparison. It delivers customers confidence in making the difficult decision of where to recycle their old phone safely and for the most money. CompareMyMobile is 100% impartial, comparing prices from more than 40 recycling stores. Further information on CompareMyMobile attached and you can check out our press RSS feed here.
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