Nearly everyone who uses a phone owns a smartphone as compared to older, traditional models. In recent years, the number of people opting for a used smartphone over a new one has increased. The global market for refurbished smartphone grew 13% in 2017, reaching close to 140 million units. On the other hand, the global new smartphone market grew at a mere 3%.
It has become easier for one to own a smartphone due to a number of mobile financing options like EMIs and loans.
Let us look at the pros and cons of buying used smartphones vs a new one.
The only con of buying a new smartphone is that it will cost you a lot. But, if you really wish to have a new smartphone, you can buy mobile on easy EMI. In the end, the choice is yours whether you want to go with a used smartphone or buy a new one. Weigh all the pros and cons before making the final decision.
Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap, India’s first app-based credit-line. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life’s mission to help and educate people on various financial topics, so email him your questions at firstname.lastname@example.org.