iPad Trade-Ins Shoot Up By 700 Percent

ipad-mini-thumbnailMarketWatch reports that iPad resales at electronics trade-in sites Gazelle and NextWorth are up by huge numbers, after Apple unveiled a new iPad mini and refreshed the larger iPad during yesterday’s keynote.

The iPad mini is a new product with a 7.9 inch display, and a much smaller form factor. The iPad 4, meanwhile, retains the same size and design as the 3rd generation iPad, but has a much faster processor.

From MarketWatch’s report:

Some 140,000 devices were put up for sale on Gazelle.com Tuesday – a 700% spike from the day before, says Anthony Scarsella, chief gadget officer at the site. Half of that increase occurred in the hours just before the announcement, he says – and the most common model put up for sale was the “new iPad” released just six months ago. Another resale site, NextWorth.com, reported that trade-ins for iPads rose over 1,000% on Tuesday. (Nextworth declined to release actual numbers.)

Assuming that the trade-ins on both these sites are a good enough representation of the much larger iPad resale market, it’s very strange that the most traded-in model is the iPad 3, accounting for 70 percent of the trade-ins on both portals. They were either eagerly waiting for a smaller iPad, or they were convinced that iPad 4 upgrade, with twice the performance, is worth spending for.

Both sites allow sellers to lock in their price and ship the device within a certain period (30 days for Gazelle, 21 days for NextWorth), which is what people trading-in their iPads are taking advantage of, since the new iPads don’t start shipping until November.

Gazelle is presently offering $250 for a 3rd generation 16GB Wi-Fi only iPad, while NextWorth is offering $265 for the same model.

Are you planning to trade-in their older iPad for the iPad 4 or iPad mini?