It's junk. 4 years old. Scratched up, cracked screen. Obsolete. Why do they want it so bad? They say they'll even give me a new phone for free or a heavily discounted one if I'll simply give them my 4 year old old phone. Seems suspicious.
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A few reasons.
One, the phones are refurbished and sold in secondary markets and third world countries. They make good money off of this.
Two, it prevents you from handing it to someone else to use or sell, giving them primary access to control secondary market flow, pushing out individuals and small businesses. This is why you see large corporate repair shops opening up.
Three a lot of the parts or materials can be recycled. The amount of precious metals or viable parts is a pittance in one old phone but in ten million it adds up.
Finally, if they get people used to this, and reduce the secondary market into a few select revenue streams they own, they can reduce the amount they "pay" for the old phones and restrict access to used or refurbished devices increasing demand for new ones. Think cash for clunkers.
All good points, with a few more reasons: