iPhone 18 Pro Max premiums collapse on launch day; Pro version sees no markup

Following the release of the new iPhone 18 series, market reception has shown clear divergence. The iPhone 18 Pro Max remains highly sought after by scalpers, with resale premiums exceeding 700 yuan for in-stock units, while the iPhone 18 Pro has faced a cold reception, with some scalpers bluntly stating "no one wants it."

Premiums Decline Rapidly on Launch Day

On September 18, the official launch day, market premiums for the iPhone 18 Pro Max began to decline rapidly.

According to reports, on the first day of sales, initial in-stock iPhone 18 Pro Max units in the scalper market generally carried premiums of around 500 yuan. The Burgundy Wine Red color was the most popular and commanded slightly higher premiums than other colors. Recycling prices dropped quickly, with industry-wide buyback premiums currently standing at 300 yuan.

One scalper revealed that during the morning peak on launch day, buyback premiums reached as high as 800 yuan, but prices had clearly fallen by the afternoon, suggesting that premiums are likely to continue declining.

On-Site Visit to Apple Store in Beijing

On September 19, reporters from Securities Times visited an authorized Apple store located in southern Beijing's Third Ring Road area. Demo units of both the iPhone 18 Pro and iPhone 18 Pro Max were fully displayed.

Store staff stated that the iPhone 18 Pro is well-stocked, with all color options available for immediate purchase in-store. In contrast, the iPhone 18 Pro Max is currently out of stock.

"The initial batch of Max models had limited supply, which was prioritized for online channels such as mini-programs. We expect new inventory to arrive within two to three days."

During the visit, reporters found consumers inquiring about reselling their newly purchased iPhone 18 Pro devices—bought online—at a markup through recycling services. Store staff clarified:

"Our store supports new device trade-ins, but we can only offer discounts based on second-hand market standards; we do not support markups for recycling."

Additionally, when reporters consulted mainstream digital recycling platforms within the shopping mall, they learned that neither the iPhone 18 Pro nor the iPhone 18 Pro Max currently qualifies for premium recycling rates. Both are settled uniformly according to real-time second-hand market prices.

Recycler: "The Price Has Collapsed"

On September 19, reporters contacted mobile phone recyclers to understand the latest market conditions. One recycler stated:

"Currently, there is no premium for recycling the iPhone 18 Pro. For the iPhone 18 Pro Max, today's recycling premium is only 200 yuan, down from 500 yuan yesterday—the price has collapsed. If you order now, forget about making a profit; once the goods arrive, you will definitely incur losses, as recycling prices will be lower than your purchase price."

E-Commerce Data Confirms Price Decline

E-commerce platform data also indicates that transaction prices for the iPhone 18 Pro series have continued to fall from pre-sale through official launch.

Data from Dewu App shows that although selling prices for many popular versions of the iPhone 18 Pro Max remain above official retail prices, the premium margin has narrowed significantly compared to peak levels seen on the first day of pre-sales.

Notably, the previously hottest and most sought-after iPhone 18 Pro Max 256GB Burgundy Wine Red version recently recorded an average transaction price of 11,861 yuan, representing a premium of 862 yuan over its official retail price of 10,999 yuan.

• During the first day of pre-sales on September 12, the average transaction price for this version briefly soared to 13,888 yuan.
• By the official launch date, the price had fallen by 2,027 yuan, marking an overall decline of approximately 14.6%.

iPhone 18 Pro Enters "Negative Equity" Territory

In stark contrast to the iPhone 18 Pro Max, which still retains some market premium, the iPhone 18 Pro has already experienced negative equity (selling below retail price)—a topic that previously trended on social media platforms.

As early as September 14, data from multiple e-commerce platforms showed that the selling price of the 256GB iPhone 18 Pro had dropped to 9,099 yuan, a direct reduction of 900 yuan from Apple's official launch price of 9,999 yuan, officially entering negative equity territory.

Furthermore, after combining trade-in programs and platform subsidies across major sites, actual purchase prices fell even further below official launch prices.

Apple's Response to Third-Party Pricing

Regarding the phenomenon of "negative equity pricing for the iPhone 18 Pro on e-commerce platforms," Apple's official customer service responded:

"Third-party sales channels have independent pricing authority. Platform subsidies, store discounts, and various promotional activities are autonomous decisions made by these channels, and Apple does not intervene in third-party channel pricing."

Editor: Chen Lixiang Proofreader: Liao Shengchao

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