I know this will cause a lot of immediate debate, but I have never owned an iPhone for many reasons besides personal preference. But before you respond with all the reasons why they are superior products, you should consider these seven financial reasons not to buy the newest iPhone.
1. The Price
It’s exciting to get a brand-new phone with all the latest features, but it comes with a steep price tag. The current base model goes for $799 or $33.29 per month for two years with a trade-in. However, you will pay even more for the iPhone 14 Pro or the Pro Max. When you add in the accessories, you may end up with a bill well over $1,000.
If you think you’ll save money by choosing the latest Samsung Galaxy 23 instead, then you’ll be surprised to learn that it runs about the same price. Although, you can save hundreds of dollars by choosing other Android phones. A new iPhone isn’t the most budget-friendly option if the price is your most important consideration.
2. The Previous Models Still Function Well
While upgrades often come with significant improvements, that doesn’t automatically make previous models worthless. Although Apple has been releasing a new model every year, their older ones still function well.
For example, the iPhone 13 has an excellent camera and battery life, while the iPhone 14 has all these benefits plus new safety features. As long as they aren’t damaged or malfunctioning, they will still have excellent performance and access to Apple’s services. So if you are only considering an upgrade because you want the latest tech, you can save yourself extra money and hold off buying an iPhone 15.
3. Its Older Models Will Drop in Price
There is an allure to having the newest product as soon as it’s available. However, the savings of choosing an older model is one of the best reasons not to buy the newest iPhone.
When Apple releases the newest iPhone, its older models experience a price drop. So, you can still get a new, top-quality smartphone at a significant discount. This may also allow you to get upgraded phones that were not affordable.
4. You Can Get a Great Price on Refurbished Phones
Unfortunately, sometimes, even the price drop isn’t enough to get some people to buy last year’s iPhone. If the price is your deciding factor, you may want to consider refurbished phones.
Although you won’t be the first person to own it, you can still get a newer iPhone for only a few hundred dollars. If you buy from a certified dealer, all phones have been serviced with genuine replacement parts from Apple and inspected to ensure they are in good working condition. But if you go this route, make sure that you go through a reputable dealer.
5. There Is Nothing Wrong With Your Current Phone
If you enjoy the latest tech and gadgets, it can be hard to resist the temptation to splurge on things you don’t need. But if you are living on a budget, it’s important to understand the difference between wants and needs.
Those who don’t have room in the budget for yearly upgrades should reconsider spending this much money on a new phone. This is even more important if their old one is still working perfectly. Unless you have had serious technical issues or damage to your current phone, there is no practical reason to upgrade.
6. You Have Paid off Your Last Phone
Keeping in the stream of logical thought processes, another good reason is if you have already paid off your last phone. In terms of dollars and cents, using something you’ve paid off for as long as possible is wiser. Not only does this keep you out of debt, but it also ensures you get the most value out of the product.
The money you would use could be better spent elsewhere, paying down on other debt or building your savings. While it may not be huge, leaving extra cash in the budget is always a smart financial move.
7. It’s Better for the Environment
This last reason looks at finance on a macroeconomic scale. Electronic waste has become a huge problem in the last few decades. As technology advances, it creates a massive amount of waste, more than 50 million metric tons each year.
Furthermore, smart technology uses non-renewable resources that are difficult and expensive to recycle. Therefore, people who trade in every year are accelerating the problem. Keeping your current phone as long as possible and buying a used one is better for the environment. It’s one small way you can help make a difference.