Glad I unloaded mine a month ago. Surely resale values will plunge more now. I think this is an effect of people not upgrading as much (thus shrinking demand for resale units) not a cause of people not upgrading as much even if that’s true for some.
I think that’s the trend with all products though. I remember when I got into Apple in 2006 you can resell stuff years old for 20-30% off now it’s more than 50% after just a year. Some devices like Apple Watch are virtually worthless after two years.
I think the problem is that a few years ago people still wanted to get into a device and hoped to get a bargain. Now a days everyone who wants one has one, and the market for people who want another one or upgrade theirs is smaller.
At the same time the amount of people trying to sell theirs is bigger. So you combine these forces and you get lower resale prices. Expect this to continue. Wouldn’t surprise me if in 2-3 years a 3 or even 2 year old iPad is virtually worthless too.