Brits could save £200 buying second hand phone, claims report

As price rises take hold and consumers look for ways to save money, new research from mobile network giffgaff reveals that UK consumers stand to save on average £204 by opting for a refurbished mobile phone rather than a brand-new model.

As we all look for easy ways to save money, the nation could be sitting on a saving of £4.5 billion each year. 

giffgaff research highlights that mobile phone costs are one of the nation’s top worries when it comes to the rising cost of living, with two in three (66%) reporting it as a key concern. As well as increased stress, more than a quarter (28%) are worried about how rising costs will impact their plans for the rest of the year.

To mitigate this, 62%  plan to track budgets and spending more closely, and over a third (38%) say they’ll opt for second hand or refurbished items to save money. 

On average, claims giffgaff, going for a refurbished mobile phone could lead to £204 in savings, with savings reaching as high as £500 on some models. No wonder 45% of Britons say they’re more likely to use refurbished tech than they were a few years ago, with one in three (35%) having done so in the last few years. 

As well as being better for people’s pockets, refurbished tech has benefits for the planet too. Each refurbished phone saves around 50 kg of carbon – the equivalent carbon captured by planting two trees.

Refurbished tech – the biggest misconceptions 

Despite an increase in people opting for refurbished tech, there are still some common misconceptions holding people back when it comes to moving away from picking a brand-new device, claims giffgaff. Over half, (55%) believe refurbished phones tend to be older models, and 37% believe they have poor battery life and no warranty.

On top of this, a third (33%) of the UK believe that refurbished phones won’t last very long, that they are lower quality (32%), and that they are expensive (30%) – highlighting that a number of people are still unsure what to make of them. 

Some of these misconceptions may have been true a few years ago, claims giffgaff, but now, some of the newest models are available as refurbished devices, guarantees are in place across most providers on battery life, a warranty is provided, and clear, consistent quality labels are displayed. 

Says giffgaff CEO, Ash Schofield:

“At a time when lots of people are really feeling the rising cost of living, refurbished devices can be a great option. You still get that new phone feeling, without breaking the bank. Our research shows that whilst a number of people see refurb tech as a viable option, quite a few are still missing out on the savings because of outdated misconceptions. But £200 is a big saving. So we want to bust these myths – about battery life, outdated models, and lower quality devices – and help the nation manage their finances to get more of what they want and need.”