If you care about price or the environment, you should read this!
…and learn how to get the best iPhone for just £240
At vendi, we strive to provide the safest way to buy and sell electronic devices with the advantage of giving YOU a way to get the most value when buying and selling. In today’s blog, we wanted to tap into the economics of phone pricing and show you the hacks on how to find the best deals in the short and long term. We will also touch on the best way to plan to buy your next device and sell your previous device in a peer-to-peer (P2P) marketplace.
Why peer-to-peer? Why does it matter to me? It is a known fact that peer-to-peer is a hidden gem when it comes to finding the best deals for you: prices are always lower than the average market rate, and you can sell at a much higher price than the traditional options (e.g. MusicMagpie or Apple Trade-in Programmes). On the other hand, it has always been known as the riskiest place out there – meeting dodgy people, chances of being scammed and countless time wasted dealing with unprofessional buyers or sellers.
With all these risks and frustrations, we understand why many avoid these marketplaces. BUT, that is exactly why vendi was built! What if you could buy or sell in the safest marketplace encompassing the best deals, no risk, all alongside an awesome experience? This also incentivises more people to resell their devices – therefore finding the best solution for your pocket and the environment. This is what we at vendi call the “augmented peer-to-peer experience”: the safe and fair circular economy 2.0!
With that said, we wanted to do the numbers to help you find a way to get the best iPhones for just £240 or £10 a month! This involves buying and selling every 2 years. For this case study, we will consider the iPhone 11 Pro 64GB - Apple’s flagship iPhone in 2019 and one of the most purchased phones in the UK. Let us look at the prices for both a brand new iPhone 11 Pro 64GB and a practically new one.
BRAND NEW: Never opened, with 12 months Apple warranty.
| Where from? | BUY PRICE | SELL PRICE (after 2 years) | Total Paid in 2 years | Price / month |
|---|---|---|---|---|
| Mainstream | £1,049 | £350 | £699 | £29.13 |
| Leasing option | Rented | No option to sell | £ 815.76 | £33.99 |
| Network (upgrade) | £1,079 | £270 | £809 | £33.71 |
| Refurbished B2C brand | N / A | - | - | - |
| vendi | £820 | £460 | £360 | £15 |
*Prices as of September 2020 – may fluctuate in P2P based on offer / demand
PRACTICALLY NEW: Opened 0-3 months old phone, with Apple warranty, looks new.
| Where from? | BUY PRICE | SELL PRICE (after 2 years) | Total Paid in 2 years | Price / month |
|---|---|---|---|---|
| Mainstream | N / A | N / A | - | - |
| Leasing option | N / A | N / A | - | - |
| Network (upgrade) | N / A | N / A | - | - |
| Refurbished B2C brand | £ 800 | £ 350 | £450 | £14.58 |
| vendi | £700 | £460 | £240 | £10 |
*Prices as of September 2020
With this analysis in hand, we strongly recommend to go for a practically new phone, take care of it, and sell it 2 years later! You will find the best deals in P2P marketplaces. To avoid any risks and getting scammed, check out vendi! Other indirect benefits from this model are that on P2P you are not tied to any contracts and you fully own the device, so it gives you the freedom to change sooner than 2 years.
If you extend this way of thinking to phones which show signs of more usage - so you don’t mind about some scratches here and there - the savings can be even greater!
Great for your pocket, and even better for the environment!
The iPhone 12 Mini / iPhone 12 / iPhone 12 Pro / iPhone 12 Pro Max are just around the corner. Therefore, before you go and buy it quickly, do the maths and think about where you can find the best actual deal! Remember this article and think about the long term investment of buying peer-to-peer!
Cheers,
The vendi team
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