This year, 2 in 5 Americans plan to buy the new iPhone, according to the personal-finance website WalletHub’s new 2023 iPhone Survey. However, as the iPhone 15 release date approaches on September 22, WalletHub found that people can save $981 - $1,995 over two years by picking the right plan.
You can find some highlights from the report below, along with a Q&A with WalletHub analyst Jill Gonzalez. You can also crunch the numbers to see which iPhone plan is right for you, using WalletHub’s custom Cell Phone Savings Calculator, ahead of the newest models starting to ship on Friday.
- A no-contract individual plan from Walmart Family Mobile is the best way to get the new iPhone, beating plans from all three major carriers.
- For even more savings, keep your old phone. Individuals can save up to $1,708 and families can save up to $2,723.
- More than a third of Americans say that their phone is their most important belonging.
- More than 1 in 5 people think that the new iPhone is worth going into debt for.
WalletHub’s Cell Phone Savings Calculator lets users input their upfront and monthly costs to compare the true cost of two-year contracts, installment plans and no-contract plans from all of the major carriers. You can check out the calculator, along with an embeddable infographic comparing the most popular plans, here: https://wallethub.com/cell-
Q&A with Jill Gonzalez, WalletHub analyst:
Do you have any advice for saving on a cell phone during this difficult economic period?
“The best way to save money on a cell phone is to buy a phone that’s at least one generation behind, rather than getting the latest model. There is relatively little difference in phones from one generation to the next, so waiting at least two years will be more cost effective and bring more dramatic improvements,” said WalletHub analyst Jill Gonzalez. “You can cut your phone cost in half by getting a phone that’s a generation behind while still having almost the same user experience. Other good ways to save money include buying used phones in good condition or taking advantage of carrier discounts.”
What advice do you have for reducing the cost of wireless coverage, especially in light of the inflation we’ve experienced?
“You can decrease the cost of wireless coverage by doing comparison shopping and holding off on buying a phone until you see a good promotional offer. Another money-saving tip is to purchase coverage from a ‘budget’ phone provider that uses the same network as one of the larger, name-brand providers. Budget providers can be a lot cheaper while having just about the same level of coverage, so it’s no surprise that 60% of Americans are willing to try them,” said WalletHub analyst Jill Gonzalez. “You can also get discounts for bundling your phone coverage with family or friends and setting up autopay on your phone bills. If you are experiencing extreme financial hardship, you might be able to receive temporary relief on your bills from your service provider, though you’ll have to call and ask.”
Why do you think nearly 2 in 5 Americans think it’s better to buy a cell phone in installments?
“One major reason why nearly 2 in 5 Americans think it’s better to buy a cell phone in installments may be that inflation has made it hard to afford the entire cost of a phone upfront. Since it’s often possible to get 0% interest when you pay for a phone in monthly installments, the cost gets distributed into smaller payments that are much more manageable,” said Jill Gonzalez, WalletHub analyst. “Other consumers may want to have full ownership of their phone from the start, though, rather than having to make payments for years to come. In addition, they may want to avoid being locked into a contract with a certain carrier that will last until the phone is paid off.”
The above Q&A is also provided in audio format and can be edited as needed.
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