The newly launched iPhone 18 Pro Max has already demonstrated how quickly smartphone values can change in the secondary market. According to Envirofone’s Apple Depreciation Index, the £1,299 256GB model had a trade-in value of £800 in excellent condition on launch day — £499, or 38%, below its original retail price.

Envirofone’s wider analysis shows that depreciation is particularly pronounced during the first years of ownership. Across the iPhones included in its index, a device initially priced at £1,000 was typically worth £580 after one year, £494 after two years and £353 after three years. After five years, the average value had fallen to £214.

For the circular technology market, rapid depreciation can create an important trade-in opportunity. The earlier a device enters a resale or refurbishment channel, the greater the residual value that can potentially be recovered and transferred to another user. This can encourage more structured upgrade and trade-in programmes, particularly as consumers become more conscious of the financial value of their existing devices.

Envirofone CTO Sam Hargreaves said the figures demonstrate that depreciation begins from the moment a device is purchased, rather than only when a successor model launches. The company’s data also shows substantial differences between products: among Apple devices aged three-and-a-half to five-and-a-half years, iPads retained a median 33% of their original launch price, compared with 22% for iPhones.