I’m an example of this in a couple of different ways. First, when it recently came time to get my teens their first phones, I opted for refurbished, prior-generation iPhone SEs that cost less than $200 apiece—and have proved perfectly suitable for their needs. And second, when I wanted to give my youngest a device to occasionally play games on, I handed him my old iPhone 8—which is still generating revenue for Apple, through a $5-a-month Apple Arcade subscription.
What’s enabled this new channel for not-so-new smartphones is that iPhones in particular are lasting longer, and new models often are nearly indistinguishable from previous ones. Phones are, in other words, rather like vehicles: expensive and durable—and for most people, older models are more than good enough.
And with network carriers offering discounts on new phones when people trade in an old one, another parallel with the auto market, there are ample devices available for bargain hunters.