Is the new iPhone 15 worth it? – MoneySense

How much is the iPhone 15?

If you want an iPhone 15, brace yourself—these top-of-the-line phones come with sky-high prices: 

  • iPhone 15: starts at $1,129
  • iPhone 15 Plus: starts at $1,229
  • iPhone 15 Pro: starts at $1,449
  • iPhone 15 Pro Max: starts at $1,749

How do you know if it’s worth the cost of upgrading from your current phone? Should you wait for iPhone 15 prices to come down (as they eventually will), buy an older model like the iPhone 14 instead, or take the plunge and get the latest technology ASAP? 

The short answer is that it depends on your budget, preferences and other factors. Here’s what to consider before you buy the newest iPhone.

How can you buy the iPhone 15 series?

The iPhone 15 series will be available starting Sept. 22, but you can pre-order now. You have two options: buy your phone outright (from Apple, a cell phone provider or another retailer) or make monthly payments (typically over two years). 

Buying an iPhone 15 from Apple

If you buy a phone directly from Apple and opt for monthly payments, you’ll pay interest at 7.99% over 24 months. For an iPhone 15, the monthly payment including interest would be $51.05, for a total of $1,225.35 over 24 months. For the priciest model, the iPhone 15 Pro Max, the monthly payment would be $79.09, for a total of $1,898.26 over 24 months. If you opt to upgrade the storage and/or add AppleCare+ coverage, your monthly cost will go up.

Buying an iPhone 15 from a cell phone carrier

If you buy a phone through a cell service provider, you likely won’t pay interest (0% APR), but you will have to sign up for a mobile contract. You may also have to put down part of the phone cost upfront, depending on the provider. For example, Fido requires $690 down for the iPhone 15 (and more for the other models), while Rogers, Bell and Telus require no upfront payment for any of the iPhone 15 series phones. 

Some of these cell phone carriers offer upfront discounts of a few hundred dollars if you agree to return the phone in two years. This may be a good option if you change phones every couple of years already.

What about Rogers’ new Equal Payment Plan?

For customers who plan to buy their phone outright, with no monthly mobile contract, Rogers recently launched its Equal Payment Plan—a cell phone financing plan with no interest charged as long as you make the payments on time. 

To be eligible, you have to pay for the device using a Rogers Bank credit card (like the Rogers Mastercard) at a Rogers, Fido or Shaw branded store. You can choose from two payment plans: 36 months (three years) or 48 months (four years), and your payments will be up to 50% smaller than if you had a 24-month (two-year) payment plan. Note that this is not a discount. Your new phone will still cost the same, but you get more time to pay it back. You also have the option to pay off the debt in full any time.

Can you afford to upgrade your phone? 

The cost of a new device can be expensive, especially if you’re signing on to a payment plan that charges interest. And, of course, you’ll need to factor in the monthly cost of your mobile plan. This could add another $100 or so to your monthly bill—maybe more, depending on what features you choose. 

Be honest with yourself—does buying a new phone make financial sense? “The prices for all four of these new iPhones are well over $1,000,” says Amber MacArthur, a Canadian tech expert, podcaster and author. “For a lot of people, that’s a pretty steep investment.”

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