Samsung phones are expected to drop to 21 percent of their resale value in the coming weeks, new data shows.
If you have an old Samsung handset lying around, now may be the time to sell as the price they are ordering will drop in the coming days and weeks, according to research from Music Magpie.
The technology resale website found that Samsung devices could lose up to 12 percent of their value after the first month a new model was released, and up to an additional 21 percent after three months.
The new Samsung Galaxy S21 smartphone will be released in the UK on January 29
Therefore, with the launch of the Samsung Galaxy S21 on January 29, customers are encouraged to sell now if they want to get the best deal.
If it goes on sale soon, customers trading a Samsung Galaxy S20 can earn up to £ 310, while customers trading a Samsung Galaxy S20 Ultra can earn up to £ 364.
However, these phones may be worth as little as £ 245 and £ 288 over three months. However, it’s worth pointing out that many people will be happy with their S20 and not feel the need to just grab the latest smartphone.
The Galaxy S20 launched just under a year ago in March 2020.
Those who have older Samsung models can expect to get a lot less for their phones, with Samsung Galaxy S8 holders likely getting £ 90.
People may also want to reconsider buying a new phone as soon as it comes out, as new Samsung models lose an average of 64 percent of their value after being on sale for 12 months and then 74 percent after 24 months.
|Samsung model||Maximum trade-in price |
effective January 11, 2021
|Galaxy S8||£ 90.00|
|Galaxy S8 +||£ 95.00|
|Galaxy S9||£ 125.00|
|Galaxy S9 +||£ 140.00|
|Galaxy S10||£ 210.00|
|Galaxy S10 +||£ 230.00|
|Galaxy S20||£ 310.00|
|Galaxy S20 Ultra||£ 364.10|
|Galaxy Note 8||£ 185.00|
|Galaxy Note 9||£ 200.00|
|Galaxy Note 10||£ 302.00|
|Galaxy Note 20||£ 430.00|
|Source: Music Magpie (prices correct from January 2021)|
However, it can happen even earlier. Last year, the Samsung Galaxy Fold and Samsung Galaxy Flip already saw a huge drop in value after a month on the market after failures to the screen when folding the screen.
A month after launch, the value of the Galaxy Fold fell by a whopping 75 percent and the Galaxy Flip by 73 percent.
Liam Howley, Music Magpie chief marketing officer, said: “With the upcoming launch of the Samsung Galaxy S21, many people are planning to upgrade.
“Our data clearly shows that those people should now sell their old phone instead of waiting to get the best price for it.
“Trading in your old phone is also good for the environment and drives a circular economy where phones are recycled, refurbished and reused – so it’s something anyone planning to upgrade should consider.”
Which phones are falling in value the most?
Music Magpie hasn’t just looked at Samsung devices, though. It has also used its data to see how different brands of smartphones maintain their value.
It found that as the price of a new phone increased, more expensive handsets held their value much better than cheaper models.
For example, the iPhone 11 and 11 Pro managed to retain their value most in the first six months after release.
The value of an iPhone 11 fell 34 percent from £ 729 to £ 481, while the price of an iPhone 11 Pro dropped 35 percent from £ 999 to £ 649.
Meanwhile, cheaper models like the Google Pixel 3a lost nearly twice as much. The phone, which cost only £ 399 at release, saw its value drop by 64 percent.
The iPhone 11 and 11 Pro retained their value most of the investigated phones
Overall, iPhone was the brand that retained the most value.
On average, Apple handsets lost 43 percent of their value in the first 12 months and 61 percent at the end of a standard 24-month contract period.
However, Apple’s latest model fares less well than the iPhone 11. The iPhone 12, which has been on the market for three months now, has lost 40 percent of its value so far.
Samsung shares the number two spot with OnePlus in this year’s report, with Galaxy and OnePlus handsets losing an average of 64 percent of their value after 12 months on sale.
The Samsung Galaxy Note 10 5G has had one of the worst depreciations for the brand, losing 71 percent of its value 12 months after its release.
Google came in third as its phones declined in value by an average of 72 percent in the first 12 months after release, and by 79 percent after 24 months.
The Google Pixel 3a and Google Pixel 3aXL depreciated the most of all Google handsets, with a 72 percent loss in the first 12 months after release.
The Google Pixel 2, an older model, lost only 59 percent of its value in the same time.
Meanwhile, Music Magpie found that Huawei models declined in value by an average of 74 percent in the first 12 months, and by 88 percent in the 24 months after release.
One of its more expensive phones, the Huawei Mate 30 Pro released in 2019, had a purchase price of £ 899.99 at launch, but was worth less than £ 144 just six months later.
The most traded-in device on the Music Magpie website in the 12 months to August 2020 was the iPhone 7.
The phone also dropped in value by only 44 percent in its first year of release in 2016.
The second best-selling model was the iPhone 8, which also kept its value well, losing just 41 percent in the first 12 months of release the following year.
Music Magpie calculated its data using the average trade-in prices for each of the models over a period of time. Data for iPhone 12 and all Samsung models, except Samsung Galaxy Fold and Samsung Galaxy Flip, is correct as of January 2021. All other models are correct as of August 2020.
Some of the links in this article may be affiliate links. If you click on it, we can earn a small commission. That helps us fund This Is Money and use it for free. We do not write articles to promote products. We do not allow commercial relationships to affect our editorial independence.