iPhone 5 Devotees Willing To Pay Three Times Retail Price

The longer Apple's purported iPhone 5 launch is delayed, the more eager people seem to be to get their hands on the next gen smartphone, and the higher the price they are willing to pay.

A new report reveals that some consumers are willing to pay way over the odds for the latest iPhone through outlets such as eBay, just to be among the first ones to own Apple's uber-popular smartphone.

The report, whose author is Professor Michael Waterson from the University of Warwick, suggests that some users might pay around three times the handset's retail price just to be amongst the first ones to get the iPhone 5. Waterson analysed last year's iPhone 4 release trends on eBay, for six weeks, from June 24th, the day when it became available in the UK.

“The extent of eBay activity on this product was extraordinary, with total transactions amounting to around £1.5m for 2,183 sales,” the Professor explained. "For the 32GB version of the phone, 97% of the sales completed above the listed retail price of £599. The average price was £778.73 and the maximum price achieved was £1,551.”

Given the popularity of the rumoured iPhone 5, the stocks will most probably fail to meet the high demand and many users could desperately resort to auction sites, similar to what happened with Apple's iPhone 4 last year, as the popular handset was in short supply in its first weeks of availability in UK.

"It will be fascinating to see what will happen to the iPhone 5 as the launch is eagerly anticipated. I think we will see the same level of activity," Waterson said.

One UK iPhone 5 fanatic has already begun camping outside a central London Apple Store up to 2 months before its anticipated release.