Robert A. Marsico
Partner
201-896-7165 rmarsico@sh-law.comFirm Insights
Could Your Old iPhone Be Worth Big Bucks?
Author: Robert A. Marsico
Date: September 6, 2013
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Apple Inc. is scheduled to introduce two new iPhone models this month. To offset the cost of a new device, the company is also introducing a highly anticipated new trade-in program.
According to The Los Angeles Times, Apple will accept older generation phones that still work well and have not suffered any water damage. Depending on the phone’s model and age, store employees will provide a credit from $120 to $250, which must be immediately applied to the purchase of a new iPhone. The program also requires users to enter a new two-year contract with their cellular provider.
“iPhones hold great value. So, Apple Retail Stores are launching a new program to assist customers who wish to bring in their previous-generation iPhone for reuse or recycling. In addition to helping support the environment, customers will be able to receive a credit for their returned phone that they can use toward the purchase of a new iPhone,” the company’s press statement reads.
While Apple is known for its innovation, the concept of using credits to entice customers to trade up is not new. Best Buy, Amazon and Radio Shack already have trade-in programs. Online companies like Gazelle.com have centered their business models on offering consumers cash for electronic devices.
In addition to clever marketing, the programs also foster good will among customers for being environmentally friendly. Rather than ending up in a drawer, devices are recycled or reused.
If you have any questions about how your company can take advantage of the Apple trade-in program or employ a similar marketing program, please contact me, Robert Marisco, or the Scarinci Hollenbeck attorney with whom you work.
- Practices: Corporate Transactions & Business
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
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