iPhone 16 Pro prices plunge as iPhone 17 release approaches

As of August 21, 2025, consumers looking to purchase the Apple iPhone 16 Pro are experiencing significant price drops ahead of the anticipated release of the iPhone 17 series. The keynote event is scheduled for September 9, where Apple is expected to unveil the new models. In light of the upcoming launch, retailers like Amazon are offering considerable discounts on refurbished models of the iPhone 16 Pro. The substantial reductions are part of a broader trend where last year’s premium models see their prices slashed as newer versions take the spotlight. The iPhone 16 and iPhone 16 Plus are likely to remain in the market, while the Pro versions may be phased out once the new models are available. The cheapest iPhone 16 Pro with 128GB of storage is now priced at $804.99, 19.5% off the standard retail price. Other configurations, such as the 512GB model, are also seeing noteworthy price reductions, going for $959, a savings of $340 compared to the new retail price. This trend will affect consumers looking for value in refurbished options rather than brand-new devices. The market for smartphones is notably influenced by the presence of new models, as consumers often flock to the latest offerings, prompting price adjustments on existing models to remain competitive. The Apple ecosystem, known for its loyal customer base, tends to experience these fluctuations regularly, particularly around significant product announcements. As Apple gears up for its next major product reveal, prices will likely continue to stabilize and adjust, providing a unique opportunity for consumers to take advantage of deals before the unveil.