U.S. consumers were the financial beneficiaries from device trade-ins for Q4 and the full year of 2024. The Assurant Q4 Mobile Device Trade-In and Upgrade Industry Trends Report reveals that $1.7 billion was returned to consumers through trade-in, marking about a 7% increase over the same quarter the previous year. The 2024 report highlights an impressive $4.5 billion was paid out to consumers, reflecting a 5% increase over 2023.
5G Devices Dominate
Though the Apple iPhone 11 was the most turned-in device through trade-in and upgrade programs for 2024, as it was in 2023 and 2022, the iPhone 13 became the most turned-in device in Q3 and held that position in Q4. The iPhone 12, iPhone 12 Pro Max, and iPhone 13 Pro Max rounded out the top 5 list of most turned-in devices for 2024. Samsung’s Galaxy S21 was the top Android device for the year, as it has been for the last two years, however, the Galaxy S22 became the most turned-in Android device in Q4.
Trade-In Age
We saw some interesting movement in 2024 with device age as new AI-enabled devices were introduced. After the Galaxy S24 launched, the average age of Android Smartphones at turn-in from trade-in and upgrade programs went from 3.67 in Q1 to 3.38 in Q3. Similarly, the average age of iPhones moved from 3.78 in Q2 to 3.63 in Q4 after the iPhone 16 was launched.
Environmental Impact
Not only do consumers benefit from trading in devices and participating in upgrade programs, but the environment does also. Using estimates from Assurant Carbon IQ℠, an Assurant solution that provides insights on the carbon impact of individual connected devices, approximately 1.8M metric tons of carbon emissions have been avoided through the reuse of devices. Furthermore, an estimated 6M metric tons of potential e-waste was kept out of landfills.
