Earlier this year, LG announced it would officially be shutting down its mobile division, leaving the smartphone industry as a whole. In the time since, the resale value for LG phones has absolutely plummeted… more than it did before.
LG smartphones have long been notorious for losing value almost immediately. Not only do sales and official price cuts happen soon after launch, but the prices of used smartphones drop considerably quicker than phones from Google, Samsung, and other Android brands.
SellCell reports that the falling resale value for even LG’s latest smartphones has escalated in recent months. Right now, LG phones are losing approximately 9% of their value each month. That’s up from around 3.9% each month last year, before the shutdown rumors started swirling and, obviously, before LG had announced its intentions.
Diving into some specifics, the report found that LG’s V60 ThinQ, released just barely a year ago, has already lost nearly 70% of its value with a “like new” device being offered as a “buyback” at $269, a fraction of the $899 original price. Velvet has seen a similar drop from $599 to just $185. Devices from LG’s 2019 lineup have dropped even further, too. The LG G8 has dropped around 83% of its value in just two years. Beyond the flagship sector, LG’s mid-range and extremely popular Stylo 6 nets a mere $55 in “like new” condition, a far cry from its original $270 asking price.
Really, this comes as little surprise. Despite LG’s promise of continued software support, the fact that the company is leaving the smartphone space entirely does everything except instill confidence in potential customers.
How does this all compare to other brands? Looking at 2020 releases, Apple has lost just 20-35% of value on iPhone 12 models so far, Google Pixel 5 has dropped by around 45%, and Galaxy S20 has dropped by as much as 60%.
The bright side? These collector’s items are a whole lot cheaper to acquire. If you are stuck with an LG device, you can try your luck on marketplaces like eBay or Swappa to get a bit more cash out of your device, but trade-in programs will often be quicker and easier sales.
More on LG:
- LG officially shutting down worldwide mobile phone business
- What was the last exciting LG phone? [Poll]
- LG says software updates will continue, including Android 12
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