A new report claims that the resale or trade-in value of Samsung’s latest flagships, the Galaxy S10 line, depreciated by a whopping average of 50 percent in just 30 days. This is far bigger than the depreciation experienced by its closest competitor, the iPhone XR, XS and XS Max.

According to a report from BankMyCell, a site that lets consumers sell or trade in their used smartphones, the Galaxy S10 range’s trade in value depreciation for just one month is higher than the depreciation of the iPhone XS/XR range. This is terribly disappointing for Galaxy S10 owners who are looking to sell their phones, CNet noted.

Specifics

BankMyCell noted that “the Samsung Galaxy S10 range is one of the fastest depreciating handsets since 2017.” All three models -- the Galaxy S10e, Galaxy S10, and Galaxy S10+ -- had an average depreciation of -46.69 percent in just 30 days since being released to the public.

This amount is 5.03 percent more than the Galaxy S9’s depreciation over the same period (30 days since release). Furthermore, the Galaxy S10’s depreciation applies to all storage and memory variants.

Of the three models, the Galaxy S10e had the highest depreciation rate in one month at -53.3 percent. The Galaxy S10+, however, saw the biggest monetary loss. It was sold for $1,600 at launch, but in just one month, it’s trade in value dropped to $850.

The Galaxy S10 lost an average of -42.7 percent in on month. The Galaxy S10+ on the other hand lost an average of -47.0 percent in one month across all storage capacities. Moreover, the Galaxy S10e also lost an average of -50.2 percent in just one month.

More bad news

BankMyCell also predicts that, based on the resale pricing trends of the Galaxy S9, the Galaxy S10 will even have a lower resale price once the Korean tech giant releases the next Galaxy S-series smartphones.

BankMyCell predicts that the Galaxy S10+ with 1TB storage will see the highest predicted monetary loss by March 2020 (-$1,062 from $1,600). Both the 1TB and 512GB versions of the Galaxy S10+ are also expected to have the highest predicted depreciation rate by March 2020 (-66.4 percent).

For those who think that this report was based on some mumbo-jumbo meant to turn Samsung smartphone users off, it’s not. BankMyCell said they were able to arrive at these conclusions by keeping initial resale quotes everytime a new handset is released, organizing data in a pricing matrix, and keeping track of resale data by the hour.

Interested parties can read the full report here.

Samsung Galaxy S10 Samsung is working on a new feature called "Bright Night," and it could debut on the upcoming Galaxy S10. Photo: LLUIS GENE/AFP/Getty Images