Hold on before you buy a brand-new iPhone. Apple dominated refurbished smartphone sales in 2024 with 56% of the market — a 5% increase from 2023, according to a report from Counterpoint Research. That’s faster growth than the new phone market, which grew only 3%.
Apple drove the majority of growth in the market. In several regions, the supply of refurbished phones outpaced sales. In fact, there were so many in-demand models that the average sales price dropped to $394 from 2023’s $445.
There are multiple factors at play driving the cost down. Inflation and the rising costs of goods have resulted in more frugal spending for many families, but another aspect to examine is what phones offer. The iPhone 16 lineup introduced many new features, but its overall performance isn’t much greater than the iPhone 11 Pro Max. Sure, you get things like Apple Intelligence, an Action button, and some other useful features, but the core applications for a phone — talking, browsing socials, etc. — are virtually the same.
With that in mind, customers are using their phones for longer. Devices have become more durable in recent years, making it easier to get through a standard two-year generation without cracking a display or otherwise breaking the phone.
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The only risk to using an older model device for an extended period is that security support will eventually end. Apple is notable for providing extended support for its phones, with many devices remaining viable five to seven years after they are no longer for sale. As a result, the iPhone 11 will likely receive support until 2026.
Android devices tend to receive only two to three years of updates, although Google has raised the bar with the Pixel line and offers up to seven years of support. Qualcomm recently announced a program that would allow manufacturers to offer up to eight consecutive years of Android updates, allowing the non-iPhone market to offer longer support windows. However, it’s up to the manufacturers how long support lasts.
With talk of the iPhone 17 already creating headlines, you could get your hands on one of the iPhone 14 line for a bargain. Now that Apple has killed off its budget lineup, it would be no surprise to see second-hand sales continue to grow over the next year.
