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New Mini iPad causes older iPads and iPhones to be Traded In

New Mini iPad causes older iPads and iPhones to be Traded In

October 26, 2012- When new products are released by Apple it always stirs the secondary market for product owners who are looking to upgrade.

The shelf life for today’s gadgetry is not as long as it once was. On Tuesday, the tech world was surprised by the new model of iPad that Apple unveiled. The volume of trade-ins of the iPad 3, which was just launched 7 months ago, has soared.

Companies that specialize in gadget buybacks like Nextworth and Gazelle said on Wednesday they were offering between $250 to $260 for used iPad 2’s and iPad 3’s that had 16 GBs of storage.

Those owners of iPads that were willing to sell the tablets by themselves were fetching even higher prices. Even iPhone users started to sell it to get hands on latest iPad mini. On Craigslist and eBay, iPad 3’s with Wi-Fi and 16 GBs were being sold for around $400 and iPad 2s that were similar were getting $300.

In the month leading up to the announcement by Apple of the new smaller iPad, owners who were seeking quotes on a trade-in jumped by 80% from the prior month, according to a gadget officer at Gazelle.

Most consumers only thought that Apple was unveiling just a mini version of the iPad, which it did Tuesday. However, when Apple came out and said it was replacing the iPad 3 with one with a screen with a sharper one, adding a faster processor and a video camera with higher definition, owners of iPads appeared in droves looking for trade-in quotes.

Starting on Friday, the new iPads will be available for pre-order and will be in stores on November 2. Close to 70% of the trades Gazelle registered on Tuesday were from owners of iPad 3s. In all, the company made offers on 140,000 iPads to buyback on Tuesday, which was an increase of 700% from the prior day.

Apple caught insiders, analysts and consumers off guard with its announcement of the iPad 4 on Tuesday.

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