As rising smartphone prices make new devices more expensive, consumers are increasingly turning to refurbished phones and exchange offers to own premium models. Smartphones priced above ₹50,000 are seeing the fastest growth in both trade-ins and refurbished sales, according to data from Cashify, a platform for buying, selling and repairing electronic devices.
Trade-ins of smartphones priced above ₹50,000 have more than quadrupled, while refurbished sales in the segment have more than doubled. This indicates that consumers continue to aspire to own premium devices but are exploring cheaper ways to buy them.
New smartphone sales under pressure
The shift comes as India’s new smartphone market faces pressure on sales volumes. Smartphone shipments fell 26% year-on-year in the July-September quarter of 2026, according to Omdia. Counterpoint Research has also projected a 12% annual decline in smartphone volumes during the festive season.
According to Counterpoint Research’s latest report, iPhone 18 Pro series is seeing uneven demand across major markets, with a 29% jump in sales in China masking declines in the US and Japan. Global sales of the iPhone 18 Pro and Pro Max rose 3.1% year-on-year in the first three weeks after their September launch, surpassing sales of the iPhone 17 Pro series during the corresponding period last year.
However, the growth was largely driven by China, where better product availability and price increases by rival Chinese smartphone makers helped Apple gain ground. Excluding China, global sales growth would have been significantly weaker, Counterpoint said, highlighting the dependence of Apple's latest flagship phones on a few markets.
Nakul Kumar, co-founder and chief marketing officer of Cashify, said rising prices were changing how consumers bought premium smartphones.
Refurbished smartphones offer significant savings. Prices are 26% lower for devices in the ‘superb’ grade and 36% lower for those in the ‘best value’ grade.
Refurbished iPhones in the superb grade are about 25% cheaper than new models, while refurbished Android devices are around 31% cheaper than their new counterparts.
Smartphone exchanges rise 25% during festive season
Cashify recorded a 25% increase in smartphone exchange volumes during the festive season, while the total value of exchanged devices rose 40%. The average trade-in value reached ₹15,105.
Motorola and Google recorded growth of 79% and 74%, respectively, in festive upgrade and trade-in activity. Samsung registered the largest increase in volume.
September and October account for 21% of Cashify's annual trade-ins, while the October-December period contributes 32% highlighting the importance of the festive season for consumers looking to upgrade their smartphones through exchange offers.
Demand shifts to newer iPhones
The iPhone 13 remains the most traded-in iPhone, accounting for 23% of all iPhones exchanged, although activity for the model has remained flat. Trade-ins are increasingly shifting towards the iPhone 14, 15 and 16.
In the refurbished market, the iPhone 13 continues to lead in sales, but demand is moving towards newer generations. Refurbished iPhones priced above ₹50,000 have recorded nearly double the unit sales and are the only refurbished iPhone price segment performing above a normal month's level.
Smaller cities are also emerging as important markets. Tier 3 and smaller markets recorded 49% growth over the previous festive season, compared with 39% across the six metros.