Over a decade-old iPhone sells for a whopping Rs 52.47 lakh; here's why

Apple iPhones are known to be expensive, esepecially in India where the brand commands a massive margin, compared to its home country USA. The most expensive variant costs Rs 1,89,900. In US, the same variant costs $1,599 (roughly Rs 1,32,400). But what if I told you these prices are nothing compared to what a person earned by selling over a decade-old iPhone. This iPhone is none other than the original 2007 model. The phone managed to earn $63,356 (roughly Rs 52.47 lakh) in an auction. 

But you might be wondering why would an old iPhone sell for such an absurdly high cost, considering that millions of iPhones were manufactured. The old iPhone sold for over Rs 52 lakh because it is in a pristine and sealed box.

But what's the story behind this sealed iPhone?

The seller and the former owner of the phone was Karen Green. In a report by Business Insider, Green was gifted the smartphone by her friends. However, she was not able to use it due to Apple’s former AT&T exclusivity, so it remained in its box.

Looking at the condition of the smartphone, the seller decided to put the iPhone on auction which started the bid at $2,500. The auction remained live for around 17 days and there were a total 19 bids on the device leading to a overall price of over $63,000. In comparison, the previous most expensive smartphone managed to get a price of around $39,000. In fact, the auctioneer claimed that the previous price of around $39,000 was one of the reasons why the owner of the iPhone decided to sell her iPhone.

This is not the first time an old Apple product has managed to get so much money in an auction. In fact, the first unit of Apple-1 computer, which was made in the year 1976 was sold for a staggering $500,000 (roughly Rs 4.14 crore). However, it was not a mass-produced unit and was used by Steve Jobs and Steve Wozniak.

So, if you have some old gadgets in pristine condition, you might want to hold them close to your chest. 

Also read: Man orders iPhone, kills delivery agent for not having enough money, says report