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Only 1 in 3 Euro consumers are trading in their old phones
(www.theregister.com)
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I don't. Maybe I should but I like having an emergency device on hand. That said, I'm due an upgrade in a couple months, so if a trade-in is meaningful, I'll trade my eldest Pixel.
With how many things I log into on my phone I think I'd rather have no phone at all than one that's too old to receive security updates.