Brits are missing out on £6.9 billion of potential savings by not trading in their existing handsets as they upgrade to the latest technology, according to a new survey for Vodafone.
Despite the huge potential savings, 88% of Brits have never traded in a phone before, with the vast majority massively underestimating (by over £100) what a handset could be worth if traded in when choosing a new handset. A third of Brits who rejected trade in decided to skip savings and keep their old handset as a back-up – but nearly two thirds (58%) say they’ve never used them. Nearly 60% of households in the UK have between one and three unused devices sat at home gathering dust.
Security and privacy are big concerns for Brits who rejected trade-in, with a quarter saying they wouldn’t trade in for this reason. Meanwhile, nearly a quarter of people(25%) who have traded-in handsets say they didn’t receive as much for their phone as they were promised. And 4.7 million Brits admitted to throwing a phone away in a general waste bin.
At a time when it’s more important than ever to find the best deals, Vodafone is launching its new trade-in tool to help overcome the issues that have put people off trading in their phones in the past. Accessible through the MyVodafone app, the trade-in tool is quick and easy to use and takes just a few minutes, claims the telecoms company.
Using Vodafone’s trade-in tool, customers will know instantly if their handset has passed all of the trade-in checks, and they will know the guaranteed saving they will make each month on the new one, before they have to send away their device. Phones currently eligible for trade-in are the iPhone X, XS, XS Max or XR and the iPhone 8 or 8 Plus. What’s more you don’t have to be a Vodafone customer. More handsets will be available to trade-in in the future.
Says Max Taylor, Consumer Director, Vodafone UK:
“With our new, market-leading trade-in tool we’re fixing what has previously put people off trading-in. We have made the process quick and easy and will guarantee the saving you will make upfront. At a time when looking after your money is more important than ever, we can help customers still get their hands on the latest tech and unlock substantial savings.”
Adds TV presenter and Vodafone’s newly appointed Chief Trade-in Officer, Michelle Ackerley:
“So many people have missed out on savings because the trade-in experience just hasn’t been good enough. It’s so frustrating to be quoted one price, and then have that reduced at the last minute. As the new Vodafone Chief Trade-in Officer, I want to make sure everyone knows how much money they could be saving, and that everyone gets what they’ve been promised. I want to help customers upgrade to the latest tech at a much more affordable price than they might think is possible.”
The trade-in tool is available on the MyVodafone app and in Vodafone stores from Friday 16 October.