Owners of old Samsung Galaxy handsets should sell their phone now before the value plummets ahead of the launch of the new Samsung Galaxy S9, new research has revealed.
Phone specialist, Envirofone, analysed sales and industry data and found that the value of the Samsung Galaxy S8 is expected to drop by 8% in the run-up to the launch of the S9, followed by a further 11% after it launches, which could cost sellers over £50.
The figures reveal that the best time to sell is a few weeks before the Galaxy S9 launches, meaning that if you’re looking to get the best deal on your S8, the time to sell is now. It’s a similar story for Samsung Galaxy S7 owners looking to trade in their phone. The old handset is expected to drop by 6% after the new handset launches, which is rumoured to be in late February.
Speaking about the findings, Justin Woolridge, Commercial Marketing Manager at Envirofone, commented: “When the latest Samsung handset is released, and during the weeks following launch, we see the value of older handsets depreciate dramatically. The market becomes flooded with older handsets, as people look to sell on their old phone after getting their hands on the latest model and, as such, the value of these older phones drops.
When it comes to selling your phone, being ahead of the curve could mean you get a better deal. Those who traded in or sold their old Samsung handset in 2017 got an average of nearly 20% more for their device than those who looked to trade in after the launch of the new Samsung Galaxy. Sell now and you’ll get a better deal.”
Here, Justin gives his top tips for those looking to make an extra cash this month.
Have a phone clear out
Be honest, when you get an upgrade or buy a new model, how often do those old phones get relegated to the back of a drawer, never to be seen again? The rule to play by is if you haven’t used it in the last year you probably never will, so take a few hours to have a clear out at home. At the very least you’ll clear some much-needed space in your home and you never know - you could be sitting on a fortune.
Trade it in
While selling your old phone on a second-hand site or via social media is an option, trading in your handset on sites such as Envirofone gives you extra protection. You can even get money for phones that are damaged, which is ideal if your old tech is looking like it’s seen better days.
Buy a cheap handset, or keep a spare to hand
You could end up with a gap of around four to six weeks without a handset if you decide to trade in now, but don’t worry. You can pick up a cheap handset from a refurbished or second-hand phone retailer to keep yourself connected before launch, or keep an older phone on hand to use in the month before launch.
