Assurant's report shows a remarkable $1.09 billion returned to consumers from trade-ins in Q3 2024, marking a first for this quarter in history, highlighting the growing significance of trade-in programs.
The average age of trade-in devices has decreased for the first time in 2024, with iPhone and Android devices trending significantly younger, indicating a shift in consumer behavior towards upgrading more frequently.
5G devices are dominating the trade-in landscape, as demonstrated by the iPhone 13, which became the top-traded model, pushing aside the previous leaders, iPhone 11 and 12.
Historically, the peak of trade-in returns occurs in Q4, making this third-quarter milestone particularly significant as it underlines the accelerating consumer adoption of trade-in programs.
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