Used iPhone market booms after launch of latest version

The iPhone 15 came to the Vietnamese market at the end of September, but instead of buying Apple’s latest offering, Thanh Ha, 28, an IT engineer in Ho Chi Minh City, went to e-commerce and group sites to find an old iPhone 14.

"I just bought an iPhone 14 Pro Max with a capacity of 256 GB, genuine warranty still valid for more than a month and full accessories at VND22 million (US$932)," he said.

This was nearly VND7 million less than the price of an iPhone 15 for a phone that looks good and works perfectly well.

He says a week after the latest model goes on sale is the best time to buy used iPhones."At that time the previous iPhone model is still under warranty, and has not been resold or had parts replaced."

According to classified advertising website Cho Tot, since September the number of ads for used iPhones has increased by 12%, that of people looking to buy them has risen by 24%, with ads for the iPhone 14 Pro Max surging by 69%.

An executive of electronic retailer CellPhoneS said sales of older iPhones are increasing by 10-30% compared to last year.

The iPhone 13 and 14 series are highly sought after.

"When a new iPhone model is released, the price of older ones decrease," Nguyen Lac Huy of CellPhoneS said.

Retailers offer a used iPhone 14 Pro Max with 128 GB ROM at VND21 million, some VND5 million cheaper than the newest version. An iPhone 13 equivalent costs from VND18 million.

Meanwhile, on Cho Tot, the average offer prices are VND23.5 million for an old iPhone 14 Pro Max with 128 GB and VND17.3 million for a 13 Pro Max.

The five most searched iPhones are 12 Pro Max, XS Max, 11 Pro Max, iPhone 11, and 8 Plus. At stores the iPhone 13 is the most purchased followed by the 14 Pro and 14 Pro Max.

Compared to last month the prices of old iPhones are down only VND1 million.

"iPhone prices in Vietnam are unlikely to fall further due to the recent price race," an executive at a major retailer said. "In both the new and used iPhone markets, prices have almost hit bottom. After the new iPhone goes on sale, the price of the older models may decrease slightly."