As secondhand mobile phone sales surge, here's how buyers can protect themselves from scams
The second-hand device market has been on a tear over the past few years as a growing number of consumers opt for pre-owned mobile phones over brand new. Posting nearly 10 percent growth in 2020, the market is expected to grow an average of nearly 12 percent more over the next 2 years, reaching $65 billion by 2024.
Amid this steady uptick, it’s no surprise that purveyors of used devices are also growing fast to meet demand. Most notably, one of the largest used device marketplaces, French-based Back Market, just landed a $510 million Series E investment, launching the company to a $5.7 billion valuation. And Back Market is far from the only game in town. Amazon and eBay are also big players in the $17 billion used device market, in addition to mobile carriers and the device makes themselves, like Apple and Samsung.