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Will Consumers Try Apple’s New Trade-in Program?

Will Consumers Try Apple’s New Trade-in Program?

Apple's Trade-In Program

Yesterday, our CEO Dave Goldberg sat down with Bloomberg West’s Emily Chang to discuss Apple’s new trade-in program, where customers can trade up from an old model of an Apple product to a new one at a discounted price. In light of the newly released iPhone 5S and 5C, we wanted to learn more about what consumers are doing with their old cell-phones. Are they recycled, re-sold, donated to charity, or just left to gather dust? And how likely are people to take advantage of the new trade-in program?

Using SurveyMonkey Audience, a powerful product designed to get survey responses from a specific demographic, we gathered feedback from over 500 smartphone owners to get a pulse on Apple’s latest offerings.

Check out the full segment and snapshot of our survey’s results below:

We’re hoarders: Most (42%) keep their old phones instead of selling, trading-in, donating, or throwing away.

  • 19% of respondents reported donating their phones while 17% generously gave old phones to their friends
  • A mere 8% had participated in a trade-in, and an entrepreneurial 6% sell their old phone
  • And finally, 5% simply throw their old phones away when they get an upgrade
  • We hold out for upgrades: most of those who trade-in (37%) or sell (31%) do so only when there’s an upgrade available
  • Nobody buys old phones: only 17% of respondents have purchased a used phone

Why we hold on: Most (27%) keep old phones as emergency backups

  • For 22%, it never occurred to them to sell or trade-in their old phone
  • 17% are wary of the personal information on their phone being compromised

Craig’s List and eBay: top re-selling platforms

  • For those planning on re-selling their old phones, 28% sell on Craig’s List and 22% sell on eBay
  • The remaining few trade in to Best Buy (12%), Amazon (5%) or Gazelle (2%)

Few “Gotta Have-its” out there

  • Only 2% trade-in as soon as the latest device they want hits the market, regardless of upgrade availability
  • Only 13% sell to put money toward the latest device as soon as it hits the market, regardless of upgrade availability

iPhone plays by its own rules: A quarter of iPhone owners (34%) extremely or quite likely to upgrade to the 5S; 40% moderately or slightly likely

  • When broken down according to current iPhone owners, 4S owners 37% reported they were extremely or quite likely to upgrade to the 5S
  • For current 5 owners, 30% were extremely or quite likely to upgrade to the 5S
  • However, 5C is not as high on the “upgrade” list. 48% of iPhone owners reported they not at all likely to upgrade to 5C

50% of those planning to upgrade to a new iPhone are extremely to quite likely to use Apple’s new trade-in program

  • A mere 17% reported they were not at all likely to give the new program a try.
  • Those who had traded-in iPhones in the past, 69% were more likely to use Apple’s new program than the one they used previously

What do you think? Are you planning on trying Apple’s trade-in program? Will you upgrade to the 5S or 5C? Share your thoughts with us below!

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