Apple has slashed the maximum estimated trade-in values for most second-hand Apple products, including the iPhone, Apple Watch, iPad and Mac computers.
According to Mac Rumors, the top drop in value is for the iPhone XS Max for which you can now only get $500, down from $600.
In fact, every iPhone X model's trade-in value has been cut by at least $70.
James Peckham, TechRadar's Phones editor, told us:
"Apple's trade-in scheme has been one of the easiest ways to make money from upgrading to newer devices, but this drop in value is a good reminder that you can get better prices for your old tech elsewhere. Third-party options such as eBay are sure to offer better value for you, but that can be more hassle than using Apple's trade-in service."
What is the Apple trade-in scheme?
The Apple trade-in scheme gives you credit toward a new Apple purchase. It's a great scheme for upgrading to a new iPhone model or getting rid of an unused device sustainably, with a nice financial incentive in the form of an Apple Store gift card. Even if you're not after a new device, you can sell this using the best gift card exchange services.
Only months ago, Apple CEO Tim Cook said of the trade-in scheme that “a third or more of the people that come into our stores that are trading in, and this number is trending up." However, with these recent drops in trade-in values across a huge range of products, only time will tell if this upward trend continues.
What can I get for my Apple product now?
Mac Rumors has published a full list of price changes showing that whilst iPhones took the biggest hit in value, Mac and Apple Watch trade-ins saw only slight reductions as the largest price cut faces the iMac Pro, with a $90 drop. You can see the full list of reductions below. Keep in mind that value listed are 'up to' a certain value, meaning that you'll rarely be offered this unless trading in a pristine, barely-used product.
iPhone trade-in values
- iPhone XS Max - up to $500 (was $600)
- iPhone XS - up to $420 (was $500)
- iPhone XR - up to $300 (was $370)
- iPhone X - up to $320 (was $400)
- iPhone 8 Plus - up to $250 (was $300)
- iPhone 8 - up to $170 (was $220)
- iPhone 7 Plus - up to $150 (was $200)
- iPhone 7 - up to $120 (was $150)
- iPhone 6s Plus - up to $100 (was $120)
- iPhone 6s - up to $80 (was $100)
Apple Watch trade-in values
- Apple Watch Series 4 – up to $100 (was $110)
- Apple Watch Series 3 – up to $70 (unchanged)
- Apple Watch Series 2 – up to $60 (unchanged)
- Apple Watch Series 1 – up to $30 (unchanged)
iPad trade-in values
- iPad Pro – up to $220 (was $290)
- iPad – up to $100 (was $140)
- iPad Air – up to $70 (was $100)
- iPad mini – up to $80 (was $120)
Mac trade-in values
- MacBook Pro – up to $2530 (was $2530)
- MacBook Air – up to $660 (was $670)
- MacBook – up to $610 (was $630)
- iMac Pro – up to $4150 (was $4240)
- iMac – up to $1500 (was $1560)
- Mac Pro – up to $1700 (unchanged)
- Mac mini – up to $230 (unchanged)
What are my other options for selling my iPhone?
As TechRadar told us, third-party options such as eBay are sure to offer better value for you, but that can be more hassle than using Apple's trade-in service. This is because you have to go to the effort of listing your device and then packaging and sending it once it's sold.
There's also a higher level of risk when dealing with online buyers when compared with Apple, who send you a prepaid shipping label or let you trade-in instore. However, a cursory glance on eBay shows plenty of iPhone XS Max phones listed for between $500 and $700, meaning you could get an extra $100 or more for selling your used tech elsewhere. It's definitely worth doing your research and weighing up your options by looking at eBay or Craigslist to see how much you could get for your iPhone or other electronics.