How much is your used iPad worth?
You want to sell iPad, but you aren’t certain how much your unit will fetch in the open market? Well, join the club of millions. The fact is, the valuation of iPads is quite subjective, and is based on many arbitrary factors. Anyone who tells you otherwise is lying or ignorant.
Yes, there are some hard factors that can give you a good indication of the value of an iPad. The model, year of production and year of purchases gives you a good baseline figure of an iPad’s relative worth.
So does the condition of an iPad. Scratches on the screen, nicks on the body, muffled or shrill sounds from the speaker are bound to reduce the valuation of a particular unit.
And let’s not forget about colours – there are some who are positively manic about colours and will pay extra to get the colour of their desire.
Of course, depreciation rate plays a factor as well. Conventional wisdom dictates that the shelf life of tablets and smartphones is about two years. However, some believe the rate is lower for Apple products (5% monthly) owing to its high manufacturing standard and social influence.
The hard factors alone make price appraisals difficult. When we add in the soft factors, you can begin to understand why there is sometimes a wide difference in prices between buyers. So what are the soft factors?
(i) New product launches: Prices in the used market will drop in the weeks leading to and after the launch of a similar product, including those from rival brands.
(ii) Seasonal effects: Increase in demand during festive period drive up prices of electronic products. Conversely, the traditional sharp drop in demand in January and February, school holidays and during spring and summer will lead to a price decline.
(iii) Market Demand: The market is a notoriously fickle place. One moment iPad is adored, and the next, Samsung Galaxy becomes the flavour of the month. So refurbished product dealers, who are the biggest buyers in the second hand tablet market, tend to stop buying a particular model once they have a healthy level of stock.
So really, how much is my iPad worth?
The best amateur appraisal method we can offer is the halving method. That means, divide the value of your purchase by half every year since your purchase, and you will arrive at a reasonable good ballpark figure of the perceived value of your iPad. For instance, if you purchased the iPad for £500 three years ago, the baseline priced for the first three years are £250, £125 and £62.50 respectively.
If prices stray too far from the baseline figure, it’s probably a good idea to check out other dealers or sales channels.