Apple to raise trade-In prices for older iPhones ahead of iPhone 16 launch

With the iPhone 16 on the horizon, Apple is reportedly taking steps to clear out stocks of the iPhone 15 family of devices.

Starting on May 20th, Apple will allegedly boost the amount of credit paid for trading in older iPhones towards the purchase of any iPhone 15 model in the US and Canada. The report, from Bloomberg's Mark Gurman, says the promotion will run until June 3rd.

The boosted trade-in promotion may not apply to very recent models, such as the iPhone 13 and 14 iPhones, and most recent iPhone SE. Instead, Apple is looking to encourage customers who have held on to older iPhones to make the leap to an iPhone 15 model.

Current trade-in credits for older models range from the iPhone 7 Plus at $50 to the iPhone 12 Pro Max at $350. There's not yet any indication of how much those trade-in values will rise during the promotion.

Trade-in values for the iPhone 13 line and later range from $270 to $630, depending on the model. Trading your device in through a third-party service can often result in higher payouts, though, as evidenced in our iPhone Trade-in Value Guide.

Apple is likely looking to reduce existing inventory of the iPhone 15 line ahead of the iPhone 16's arrival. Although the company has maintained its position in smartphone sales, overall markets worldwide have dwindled in recent months, particularly in China.

Trade-ins can be done directly at Apple Stores or handled online through Apple's online store. The credit can be applied towards the purchase of any new Apple product, or put onto an Apple Gift Card.