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Your old iPhone is worth big bucks. Here's why

October 17, 2020. Summarized by summa-bot.

Apple this week widened the price range for its flagship smartphones, announcing the iPhone 12 mini at $699 for users who balk at spending over $1,000 for more premium models.

But for people who want to spend even less — in one case, absolutely nothing — to upgrade, Apple (AAPL) and major wireless carriers are doling out big discounts to those trading in their old devices.

Apple is currently offering discounts up to $500 for the iPhone 12 lineup if you trade in your old smartphone, depending on its age and condition.

Beyond providing users with an opportunity to get a new phone for a fraction of its price, it helps companies boost sales by prompting more frequent upgrades, gives carriers a way to lure customers into long contracts, delivers more affordable devices for secondary markets and provides raw materials that companies can reuse to make new phones more environmentally friendly.

A major issue trade-ins aim to address is the growing tendency of smartphone users to hold onto their devices for longer, often skipping a model or two (sometimes even more) before buying a new one.

McQueen says phones that aren't resold by carriers or smartphone companies might also end up with insurance firms to replace lost or broken devices for their customers or sent to emerging markets where consumers tend to be more price conscious.

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