Brits losing out on hundreds of pounds in iPhone upgrades
Brits who upgrade their iPhones are losing hundreds of pounds due to the rapid depreciation of big ticket tech items, according to new analysis.
With the launch of the iPhone 17 set for Tuesday – holding a hefty price tag of £900 – those choosing to upgrade from old models will be met with a steep decrease in value.
Fresh analysis from eToro suggests the iPhone 12’s value has sunk to near £150 from £799 in 2020 – a drop of over 80 per cent.
Alternatively, an investment of £799 in Apple stock in 2020 has since grown to £2,100.
Apple’s latest financial quarter was bolstered by a jump in iPhone sales, which were up 13.5 per cent to $44.58bn, surpassing analyst expectations of $40.22bn.
The tech giant pocketed $94.04bn in revenue for the quarter, which was up ten per cent from the year prior.
Dan Moczulski, managing director at eToro UK, said an enhanced investment strategy from Brits would “put them on the same side as the companies that profit from our spending habits”.
The investment firm said a number of big ticket luxury goods were suffering steep drops in value in the years after purchase, whilst the share prices of the company behind them was soaring.
Reeves’ investment push
It comes as the government and regulators look to boost investment into the London stock market through improved financial education.
The Financial Conduct Authority (FCA) has laid out plans for “targeted support” to encourage greater participation in financial markets.
An estimated seven million adults in the UK possess more than £10,000 in cash savings but miss out “on the benefits of investing,” according to the FCA.
Chancellor Rachel Reeves is also turning to Britain’s high street banking giants to lead a campaign that will spark an investment revolution.
Banks are to lead the drive to highlight the benefits of retail investing and alert customers about investment opportunities and how to move cash from savings accounts to stocks and shares investments.
Former City minister Emma Reynolds has said the new reforms to Britain’s financial landscape would make it the “best location” for investment, tearing down barriers to entry.