If you are in the market looking to buy a new phone this holiday season, then the Refurbished iPhone market is something you should absolutely explore. Now, the general misconception that surrounds a refurbished phone is that is an old or damaged phone that has been used by the previous user and returned after a certain degree of usage with significant damage.
When in reality it could be that for example a lightly iPhone XS used owner just didn’t like the phone and returned it to the seller within a couple of days. In some cases, they may have an inherent manufacturing defect for which it was returned, and the original manufacturer replaced the parts.
The mark down on the price tag of a refurbished product depends on the degree of imperfections or flaws on the exterior or the interior.
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The current market scenario for Refurbished Electronics Market
The recent reports suggest the following:
- The refurbished electronics market value stood at US$ 85.42 Billion in 2021 with an expected CAGR of 12.1% from 2022 to 2031.
- The market value is projected to hit US$ 272.91 Billion in 2031.
- 25% of the refurbished electronics market consists of smartphones.
- The smartphone market is reportedly going to grow 11.2% per year till 2024, amounting to US $65 billion.
The impact on the Environment:
When choosing a Refurbished phone or iPhone you become a part of the change, as you take a step in the right direction. The manufacturing process of a brand-new smartphone can produce approximately 95% of the 85 kgs of emissions that are expelled into the atmosphere during the first year of its use.
The majority do not know how to dispose of old phones properly, and they can thus be seen ending up in landfills, which is extremely detrimental to the environment and contain Lithium-Ion batteries which contain a lot of valuable metals like cobalt, graphite, and lithium, which can be repurposed and reused, and if not disposed of properly are at risk of catching fire as they are explosive in nature.
The best way to avoid any damage to the environment due to improper handling, for example, an old iPhone XS used could be exchanged or returned to the seller for proper utilization of the parts inside and get paid in return, which is a win-win situation for both parties. A 4-year-old premium smartphone may fetch up to 80% of the original price in an up-and-coming market, although the same may not sell fast in a mature and developed market.
Factors to keep in mind while browsing for a refurbished phone
- It is preferable to buy from trusted sources, as they provide you with a warranty of 6 months included with the product and the product has gone through a battery of benchmark tests and product photos are present
- Reading between the lines helps, especially when you are going for a refurbished product, as there may be hidden conditions that may not be very visibly placed and might include clauses of non-returnability or no-refund policy
- Choosing the repair service with the best replacement parts if available, as they are the most compatible with the bionic chip inside
Longevity of a refurbished iPhone
The extent of refurbishing is an important factor that determines the life of a repurposed iPhone. To answer the question directly, depending on the model it can last up to 3-4 years. After that, there will be signs of a dip in the performance of the phone. The life expectancy of a refurbished iPhone also depends on the screen time and the apps that are being installed on the phone.
Bear in mind, that even a new iPhone will start to show reduced performance and will be slow after 5 years. Factors like utilized storage space, apps, and the duration of use are important in determining the lifespan of a brand-new phone
Even when choosing a refurbished phone it’s better to go with quality and a slightly higher price tag than being offered in the average refurbished phone market. A lot of dishonest sellers will try to scam you out of your money by advertising the phone and displaying slashed prices on their websites as a part of their marketing gimmick.
Better quality of a phone means that the device has gone through rigorous safety checks and original replacement parts.
Choosing a refurbished iPhone without a warranty is a big no-no. It’s better to avoid them and look for a trusted seller with a huge customer base that has been in the business for a long time. All the details and the specs will be displayed alongside the refurbished phone with no hidden charges and the condition of the phone will be shown alongside.
The classifications may be Fair, Good, Superb, and Open Box. The classifications are generally a good determiner of the price point.