This year, 44 percent more Americans plan to buy the new iPhone compared to last year, according to the personal-finance website WalletHub’s new 2020 iPhone Survey. However, as the iPhone 12 release date approaches on October 23, WalletHub found that people can save $933 – $2,280 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 Visible 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 $1,690 and families can save up to $2,663.
- Almost 75 percent of people think that Apple should charge less for the iPhone due to COVID-19.
- About 73 percent more people think that the new iPhone is worth going into debt for compared to last year.
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-phone-calculator/
Q&A with Jill Gonzalez, WalletHub analyst:
Why do almost half of consumers think that their phone is their most important possession during the COVID-19 pandemic?
“Almost half of consumers think their phone is their most important possession during the COVID-19 pandemic because a phone can help with so many tasks, like working remotely, placing online orders, keeping in touch with friends from a distance, reading the news and more,” said Jill Gonzalez, WalletHub analyst. “Cell phones can help us track how coronavirus spreads through contact tracing apps, and they can provide consistent internet access to people who don’t have Wi-Fi in their homes.”
Do you have any advice for saving on a smart phone, considering the fact that 36 percent of Americans plan to reduce the cost of their cell phone this year?
“One of the best ways to save on a smart phone is to buy a phone that’s at least one generation old, because the differences between each new generation are relatively small nowadays,” said WalletHub analyst Jill Gonzalez. “If you don’t purchase the latest model, you’ll have very little difference in quality but save a lot of money. You might even consider buying a used phone. Many people need to save as much money as they can during the COVID-19 pandemic, so spending less on a new phone is ideal.”
What advice do you have for reducing the cost of wireless coverage, especially during the COVID-19 pandemic?
“Consumers can reduce the cost of their wireless coverage by shopping around for the best deal, as well as switching when there’s a good promotional offer available. It’s a good idea to look not just at ‘name-brand’ carriers, but to also consider ‘budget’ options that operate on the same network as a bigger company. You can save a lot of money with a ‘budget’ carrier while having the same quality service,” said WalletHub analyst Jill Gonzalez. “If COVID-19 has impacted your ability to pay your phone bills, you should ask your provider if they have a hardship program to help. Another good way to save is by enabling autopay on your account or having a bundled service with friends.”