4 Ways to Save Money on an iPhone

4 Ways to Save Money on an iPhone

Technology enthusiasts want to stay up to date with the latest iPhones, but buying the newest Apple product is not easy. The cost of buying new iPhones is steadily increasing with each new model. Most versions of the iPhone cost several hundred dollars, with the newest model priced more than $1,000 as of writing. For those who have a limited income, saving money on an iPhone purchase may seem like a difficult feat to manage.

To save money on an iPhone, you need to be creative in your approach and you must be willing to compromise. Oftentimes, the price for these devices significantly decreases over time, as newer models are introduced. You may need to settle for an older model until you can save up enough to buy the latest edition. There are several steps you can take to reduce the cost of an iPhone, whether you want to purchase a pre-owned model or you want a brand-new device.

1.     Purchase a Smaller or Slightly Older iPhone Model

One of the most effective ways of saving money on your next iPhone purchase is to buy a smaller model. Larger phones have the capacity to store more content, which immediately increases the price. If you do not want to sacrifice storage to save money, then you can proceed with buying a smaller iPhone and purchase an SD card to expand your storage capacity. In choosing this option you can save a few hundred dollars, even when you factor in the cost of buying an SD card. Of course, you will need to purchase a special adapter to read the card, too.

This same mentality can be applied to purchasing older iPhone models as well. Once a new model of phone is announced, the price on previous models drops, even if the new model is not for sale yet. While you may want to purchase the brand-new iPhone, the price tag attributed to this item is significantly higher than the cost for an older iPhone model. Older iPhone versions are typically discounted in September after the new iPhone edition has been announced earlier in the month.

Related Article: Minimizing Daily Costs

Many shoppers want new iPhones because they want to use the most cutting-edge technology. New iPhones are more efficient than the previous models, but it does not mean the older models are no longer usable. In many cases, newer models feature the same features, but with more storage space or faster speeds. These are nice features to have, but if you are on a tight budget, then it makes more sense to save several hundred dollars to purchase a phone with the same features, even if those features are not quite as efficient.

2.     Purchase Your iPhone During a Promotional Period

If you want to purchase your iPhone through your mobile carrier, then you may want to wait until a promotion period has been announced before you buy one. Mobile carriers and retail stores often announce iPhone promotions during the holiday season. These deals can save you a considerable amount of money.

Typically, promotional periods begin during a Black Friday sale, as this is a popular time for customers to make large purchases. If you have been saving up for an iPhone but are just shy of the current sale price, then wait until a promotional period and purchase your iPhone then. You do not need to wait outside a retail store for hours on Black Friday to receive these savings, as some stores may list iPhone discounts on Cyber Monday as well.

3.     Pay for Your iPhone in Installments

Individuals who want to buy a brand-new iPhone and do not want to settle for an older model may want to consider the prospect of paying for your iPhone in installments. Payment plans are commonly available through most major cell phone providers. These plans offer you the opportunity to pay for your new device gradually over a designated period. You can purchase your iPhone directly through Apple with a payment plan as well if you want to purchase the phone separately from your carrier service.

When you select a payment plan for your new iPhone, the amount you pay per month varies from one mobile provider to another. Apple offers its own unique payment plans for iPhone users, and you may want to spend time comparing the different installment options to ensure you are receiving the best deal. Choose the best payment plan for your lifestyle and income, as you do not want to lose access to your phone because you are unable to make one of your payments.

Some of the most common payment plans offered to people who want to buy a new iPhone stipulate a monthly payment of around $50 or less, which is more manageable than paying for the total cost of the phone at the time of purchase. However, you should create a personal budget before agreeing to the payment plan to ensure you can afford the additional cost.

Sell or Trade-In Your Existing Phone

To save money on an iPhone, consider the idea of selling your existing phone or trading it in for the newer iPhone model. You may receive a better deal or more money when you choose to sell your phone versus choosing to trade it in. Different retailers and mobile providers have varying trade-in programs and you may make more at one place over another. The way you receive payment during a trade-in may vary as well, as some stores prefer to give you a gift card or store credit in lieu of actual money.

If you choose to sell your existing phone, then you can do so through a variety of mediums. You can sell your existing phone through any major online marketplace, although you must adhere to their company rules when creating your listing. You may need to cover the cost of shipping when utilizing an online marketplace but this only costs a few dollars in most areas.

For those who do not want to sell their phone online, you can speak with friends and colleagues to see if anyone you know might be interested in purchasing your phone. You can charge as much or as little as you want depending upon the quality and condition of your existing phone. You can then take this money and use it to purchase the iPhone of your choosing.

Related Article: Developing Better Money Habits

By Admin