So what if you hold onto a phone for longer, say 4 years. By not paying anything for the phone once the 2-year contract is over and you’ve fully paid for it, you’ll save $792 since you’re not paying anything for the phone for 2 years. Last year’s iPhone 12 is $799 and the new the iPhone 13 will be about the same. That breaks down to about $33 a month with a 2 year contract. If you have an iPhone 11 to trade in, one in good condition is worth $390 from Apple and the carriers which would bring the cost down to $459 for a one-time payment or $17 a month. But here’s what happens if you trade in that phone after 4 years: an iPhone 8 in good condition is worth up to $120 (according to Apple’s trade-in value), bringing your monthly bill to $28.29 which is just $5 less than you’d pay for a brand new iPhone 12 with no trade-in.
Who would ever think you might save money by upgrading your phone every year? Let’s crunch some numbers. Every new iPhone is at least a little better than the previous one. Most of the time it isn’t worth spending another $800-$1,000 for a better camera, screen and speed.
iPhones lose a lot of their value in the first year. Around 35% according to a new study from Decluttr. When Apple unveils the new iPhone 13 next week lots of current iPhone customers will ask themselves “should I upgrade now or keep the phone I’ve got?”
Include the savings by not paying monthly for that iPhone 8 for 2 years, you’re saving a total of $570 by upgrading to the iPhone 12. But, and this is important, if the trade-in phone has any damage such as buttons don’t work or it is cracked, it has no value at all. Apple will offer to recycle it for you. An iPhone 12 after trading in an iPhone 8 is $679.
An iPhone 12 with a trade-in of an 11 in good condition is $459 total. What do we have so far?
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