Smartphone consumers are more attracted to trade-in options than ever before, according to a new report from NPD. The research company found that, of all smartphone consumers, 60 percent know of available options that allow them to trade-in their current device toward the purchase of an upgrade. Of that 60 percent, 55 percent are interested in using a trade-in plan for their next upgrade.
Trade-in options are available from most carriers, most of which offer a credit toward the purchase of a new smartphone with the trade-in of an old device. Additionally, eBay and other online or brick and mortar destinations also allow you to recycle old devices for a quick cash buyout. “Trade-ins, in their many variations, are the new competitive battlefield for carriers, retailers and OEMs,” explained Eddie Hold, NPD’s vice president of Connected Intelligence. “Consumers are embracing these smartphone trade-in options and open to alternative models in return for a better trade-in value. This means that the consumer may not necessarily shop at the carrier store for their next device, but instead may look to big box retailers if the trade-in price is right.”
T-Mobile, Verizon Wireless and AT&T also recently introduced new frequent upgrade programs, though customers are required to turn-in their old device when they purchase a new device – completely removing any chance of a resell.
NPD said that just 13 percent of smartphone owners confirmed that they have ever traded in a device (yours truly is among them), but 30 percent of consumers would switch their wireless carrier for one that offers a better price on a smartphone trade-in. We generally like these deals, but recommend that you explore all of your options and take the best offer for your device.