Understanding the iPhone 15 Trade-In Deals

As the iPhone 15 hits the market, carriers are rolling out enticing trade-in deals to woo customers. This guide is aimed at equipping our staff (and you!) with the knowledge and insights needed to guide and assist our customers in navigating these deals. We’ll break down the specifics of the trade-in incentives from the big three carriers – Verizon, AT&T, and T-Mobile, ensuring our team can offer the best advice and clarity to our valued customers.

Pre-Ordering

iPhone 15 pre-ordering begins 5:00AM PDT on Friday September 15th, 2023. Devices will be available Friday, September 22nd. You have 30 days to turn in your devices to begin receiving trade-in deals by the carriers. Deal information below.

Who Should Consider Upgrading?

Our focus is on base model iPhones, not the Pro series. Depending on your specific iPhone Pro model and storage capacity, carrier trade-in deals might not be the optimal choice. For instance, an iPhone 13 Pro Max 1TB owner might not find this the best deal. But for someone with a base model iPhone 12 64GB, the perspective shifts.

Owners of an iPhone 11 might notice a rise in their monthly bill if they haven’t transitioned to a 5G plan. Monthly bills could surge by up to $15 per line plus tax, contingent on your current plan and carrier. The trade-in deal offers $800 for an iPhone 11, which, if you were to sell in the secondary market, would fetch only about a quarter to a third of that amount.

For those with a fully paid-off iPhone 12 in good shape, pondering the free upgrade based on the trade-in credits might be worth it. However, if you’re already on a 5G plan with your iPhone 12, you likely won’t witness a significant hike in your monthly bill since you’re probably on an Unlimited 5G plan. The deal offers $800 for an iPhone 12, which, in the secondary market, would value between half to a third of that price.

As for the iPhone 13 users, the improvement from the iPhone 13 to the iPhone 15 aren’t dramatically different, aside from features like dynamic island. While a free upgrade is an option when trading in for an iPhone 15, it’s essential to ensure your device isn’t tied to a similar lease agreement like the iPhone 15’s. Moreover, the secondary market value for the iPhone 13 remains robust, being the last model with a SIM tray. Given the minimal changes from the iPhone 13 to iPhone 14, we believe that making the leap to the iPhone 15 might not present a compelling case for an upgrade. As soon as we get our hands on an iPhone 15, we will post a review and update our findings.

AT&T Trade-in Details

• • Eligibility: New and existing customers can get this offer.
  • Device Trade-in: In this example, you’re trading in an undamaged, perfectly working iPhone 11. Forecasted to be the number one trade-in device based on market research at Hyla.

• Payment Structure:

• • • The iPhone 15 is available from $0.00/month over a span of 36 months after trade-in.
    • The total cost of the iPhone 15 before any AT&T bill credits is $799.00.
    • Up to the first three monthly payments amount to $22.20 before the AT&T bill credits begin.

• Credits and Discounts:

• • • Total bill credits for trading in an iPhone 11 amount to $799.00.
    • There’s an additional connectivity discount of $30.00. This discount is already included in the full cost of the iPhone selected and requires connection to AT&T at the time of purchase.

• TLDR

• • • iPhone 15 is free trading in anything undamaged iPhone XS & newer on a three year contract.

⚡ Please note that by opting for this deal, you are effectively entering a 36-month contract with AT&T.

T-Mobile Trade-in Deals

• • Eligibility: This offer is available for existing customers.
  • Device Trade-in: In this example, you’re trading in an undamaged, perfectly working iPhone 11.

• Payment Structure:

• • • The iPhone 15, when paired with a Go5G Plus rate plan, is available from $0.00/month over a span of 24 months after trade-in.
      • The total cost of the iPhone 15 after the instant trade-in credit is applied (excluding T-Mobile bill credits) is $614.00.
      • Up to the first two monthly payments are $25.59 before T-Mobile bill credits begin.

• Credits and Discounts:

• • • The total trade-in credit for an iPhone 11 is $799.00.

• TLDR

• • iPhone 15 is free trading in anything undamaged iPhone XS & newer on a two year contract.

⚡ Please note that by opting for this deal, you are effectively entering a 24-month contract with T-Mobile.

Verizon Trade-in Deals

• • Eligibility: This offer is available for existing customers.
  • Device Trade-in: In this example, you’re trading in an undamaged, perfectly working iPhone 11.

• Payment Structure:

• • • For the iPhone 15 paired with an Unlimited Ultimate Plans:
      • The cost starts from $0.00/month over a span of 36 months after trade-in.
      • The total cost of the iPhone 15 after the instant trade-in credit is applied (excluding Verizon bill credits) is $614.00.
      • Up to the first two monthly payments are $17.05 before Verizon bill credits begin.

• Credits and Discounts:

• • • The total trade-in credit for an iPhone 11 is $799.00.

• TLDR

• • • iPhone 15 is free trading in anything undamaged iPhone XS & newer on a three year contract

⚡ Please note that by opting for this deal, you are effectively entering a 36-month contract with Verizon.

Trade-In Insights

iPhone 7 and iPhone 7 Plus:

• T-Mobile: Offers a significant $400 trade-in value for undamaged devices.
• AT&T & Verizon: Both offer lower values ($40 and $50 respectively).
  • Recommendation: T-Mobile customers should consider repairs, while Verizon and AT&T customers need not worry.

iPhone 8:

• AT&T: Only offers $60 on a good screen, and $25 on a damaged screen.
• T-Mobile: Offers $355 less for a cracked screen.
• Verizon: Consistent trade-in value of $415, irrespective of screen condition.
  • Recommendation: T-Mobile customers should consider repairs, while Verizon and AT&T customers need not worry.

iPhone 8 Plus:

• AT&T: Offers $295 less for a cracked screen.
• T-Mobile: Offers $355 less for a cracked screen.
• Verizon: Consistent trade-in value of $415.
  • Recommendation: AT&T and T-Mobile customers should consider repairs, while Verizon customers need not worry.

iPhone X:

• AT&T: Offers $295 less for a cracked screen.
• T-Mobile: Offers $345 less for a cracked screen.
• Verizon: Maintains trade-in value at $415.
  • Recommendation: AT&T and T-Mobile customers should consider repairs, while Verizon customers need not worry.

iPhone XR:

• AT&T: Offers $295 less for a cracked screen.
• T-Mobile: Offers $345 less for a cracked screen.
• Verizon: Full trade-in value of $415 regardless of screen condition.
  • Recommendation: AT&T and T-Mobile customers should consider repairs, while Verizon customers need not worry.

iPhone XS/XS Max:

• AT&T: Offers $300 less for a cracked screen.
• T-Mobile Advantage: Offers $749 less for a cracked screen.
• Verizon: Unlike AT&T and T-Mobile, Verizon provides a consistent trade-in value of $799, irrespective of screen condition.
  • Recommendation: AT&T and T-Mobile customers should consider repairs, while Verizon customers need not worry.

iPhone 11 & Newer Devices:

• AT&T & T-Mobile: Both carriers offer a significant reduction in trade-in value for cracked screens compared to good screens.
• Verizon: Unlike older models, for the iPhone 11 and newer devices, Verizon’s trade-in value is less consistent. While they offer a full trade-in value for good screens, they reduce the value for cracked screens, making it similar to AT&T and T-Mobile’s offers.
  • Recommendation: All customers, irrespective of their carriers, should consider repairs for iPhone 11 and newer models to gain the maximum trade-in value.

Quick Summary Reference Table

Verizon’s Deals 👀

There is an interesting trend with Verizon’s trade-in offers that can help us guide our customers better.

For iPhones from the iPhone XS and older models, Verizon is offering substantial trade-in credits, often the same amount for both good and cracked screens. This means that even if you have a damaged device, Verizon is willing to give you a significant credit towards an iPhone 15 upgrade.

However, when we look at the newer models, starting from iPhone 11 and up, Verizon offers a lesser credit, especially for those with cracked screens compared to other carriers. Why is this happening?

Verizon is actively encouraging customers with older devices to upgrade to the latest models. By offering higher trade-in values, even for damaged devices, they’re making the upgrade more appealing and affordable. For the newer devices, customers are already on a relatively recent model, so the incentive to upgrade isn’t as high, and hence the trade-in value is standardized.

What does this mean?

For those with an iPhone XS or older, especially if they’re damaged, they’re getting a great deal from Verizon to upgrade. For them, the need to repair might be less urgent if they’re considering a trade-in with Verizon.

On the other hand, customers with iPhone 11 and newer might benefit from a repair before a trade-in, especially if they’re with other carriers.

Why is Verizon Pushing for Upgrades?

They have heavily invested in the new 5G network over the past several years, spending billions to ensure they’re at the forefront of this technological shift. As a result, they’re under immense capital pressure to have more subscribers on their 5G network. Verizon currently has the largest churn rate in the industry, thus they’re losing subscribers. The best way to keep them is (three year contracts) and getting those older customers that are loyal to upgrade.

Customers using older devices, like the iPhone XS and earlier models, are typically on legacy plans, many of which are much cheaper than the current 5G offerings. These older plans, often referred to as “grandfathered” plans, are no longer offered but still honored for those who have them. By incentivizing these customers to upgrade their devices, Verizon is also nudging them towards transitioning to the newer, more expensive 5G Unlimited plans.

In essence, while Verizon offers a higher trade-in value upfront, they anticipate making this back and more over the course of the customer’s new contract on a 5G plan. It’s a strategic move to accelerate the adoption of 5G and increase their revenue from the more expensive plans.

Conclusion

In the rapidly evolving world of technology, staying updated with the latest offers and deals is essential. Armed with this comprehensive guide on iPhone 15 trade-in deals from Verizon, AT&T, and T-Mobile, you are now well-equipped to help make informed decisions.