Should you get the newest cell phone or keep your older model? How do installment plans and contracts measure up? This calculator will help you compare the total cost of plans with different price structures over the next two years. Total costs are based on the accounting principal of Net Present Value.
Option 1
Option 2
2 Year Total Cost (NPV)
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2 Year Total Cost (NPV)
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iPhone Savings Report
Infographic Assumptions
Costs quoted in the above infographic reflect the Net Present Value (NPV) of a 64 GB iPhone 12 under the following types of plans:
Individual Plans
|
NO CONTRACT (BUY PHONE UP-FRONT) |
INSTALLMENT PLAN (CARRIER) |
INSTALLMENT PLAN (APPLE) |
AT&T |
AT&T Unlimited ExtraSM |
AT&T Unlimited ExtraSM |
AT&T Unlimited ExtraSM |
T-Mobile/Sprint |
T-Mobile Essentials |
T-Mobile Essentials |
T-Mobile Essentials |
Verizon |
Play More Unlimited |
Play More Unlimited |
Play More Unlimited |
Visible |
Visible Plan |
N/A |
N/A |
Walmart Family Mobile |
Family Mobile Plan – Truly Unlimited |
N/A |
N/A |
Boost Mobile |
Boost Mobile Unlimited |
N/A |
N/A |
Metro by T-Mobile |
Unlimited High-Speed |
N/A |
N/A |
Cricket Wireless |
Unlimited Cricket |
N/A |
N/A |
Straight Talk |
Ultimate Unlimited |
N/A |
N/A |
Page Plus |
The $55 |
N/A |
N/A |
UScellular |
Unlimited Data - Even Better |
N/A |
N/A |
Consumer Cellular |
Unlimited Data |
N/A |
N/A |
Family Plans (4 lines)
|
NO CONTRACT (BUY PHONE UP-FRONT) |
INSTALLMENT PLAN (CARRIER) |
INSTALLMENT PLAN (APPLE) |
AT&T |
AT&T Unlimited ExtraSM |
AT&T Unlimited ExtraSM |
AT&T Unlimited ExtraSM |
T-Mobile/Sprint |
T-Mobile Essentials |
T-Mobile Essentials |
T-Mobile Essentials |
Verizon |
Play More Unlimited |
Play More Unlimited |
Play More Unlimited |
Cricket Wireless |
Unlimited Cricket |
N/A |
N/A |
Walmart Family Mobile |
Family Mobile Plan – Truly Unlimited |
N/A |
N/A |
Boost Mobile |
Boost Mobile Unlimited |
N/A |
N/A |
Metro by T-Mobile |
Unlimited High-Speed |
N/A |
N/A |
UScellular |
Unlimited Data - Even Better |
N/A |
N/A |
Visible |
Visible Plan |
N/A |
N/A |
Data is accurate as of 10/20/2020.
Notes:
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Apple's iPhone Upgrade Program – the Apple Installment Plan – allows users to pay for their phone in monthly installments made directly to Apple and exchange their devices for the latest model every 12 months (6 months with advance payment). Since this program is not affiliated with any particular carrier, users can avoid signing up for multiyear service contracts and select the carrier or plan they find most advantageous at any given time.
With that in mind, we combined the cost of Apple's monthly installment plan with that of the most advantageous data plans available from individual carriers to provide a more-detailed comparison. One thing to note is that AppleCare is mandatory with the Apple Installment Plan, while carriers offer it as an extra option when consumers purchase phones through them.
- For family plans, we assumed one device would be purchased and three existing devices could be included in the data plan with no compatibility issues. These lines are new connections with the carrier; thus, they pay activation fees.
- All plan data was collected for online pre-orders. Installment-plan costs assume excellent credit.
- We considered single unlimited plans that might reduce the data speed only if the network was crowded or after at least 35GB of traffic.
- AT&T currently offers only 30-month installment plans, for comparison purposes, the pricing has been adjusted to reflect a 2-year agreement.
- For AT&T, the price for the AT&T Unlimited ExtraSM plan assumes the activation of the Autopay & Paperless billing process and takes into account the $10 related monthly discount.
- For T-Mobile, the price for the Essentials plan assumes the activation of the AutoPay billing process and takes into account the $5 related monthly discount. The final installment payment will be rounded so that the final total price of the item will be $799.99. The upfront cost assumes a $20 assistance charge will be applied. Owners of a valid T-Mobile SIM card will have the $10 SIM card charge waived.
- For Verizon, the one-time activation fee of $20 assumes the purchase was done through VZW.com or the My Verizon App. The price for Play More Unlimited plan assumes the activation of paper-free billing and Auto Pay billing process and takes into account the $10 related monthly discount.
- For Cricket Wireless, the price for the Unlimited Cricket plan assumes the activation of the AutoPay billing process and takes into account the $5 related monthly discount.
- For Page Plus, the price for the $55 plan assumes the activation of the Auto Refill billing process and takes into account the $5 related monthly discount.
- For Straight Talk, the price for the Ultimate Unlimited plan assumes the activation of the 3-month Auto Refill billing process and takes into account the $5 related monthly discount.
- For UScellular, the price for the Unlimited Data - Even Better plan assumes the activation of the Autopay & Paperless billing process and takes into account the $5 related monthly discount.
- For Metro by T-Mobile, the price for the Unlimited High-Speed plan assumes a $20 per line activation fee.
- In order to identify the best plans for low-cost carriers, WalletHub analyzed the existing offers of the following carriers: Walmart Family Mobile, Page Plus, Boost Mobile, Metro by T-Mobile, UScellular, Cricket Wireless, Visible, Consumer Cellular and Straight Talk.
2020 iPhone Survey
The release of each new iPhone model is a big-money occasion for Apple, but this year many people may not have as much money to spend due to the COVID-19 pandemic. The unemployment rate is 8.4% and total credit card debt stands at nearly $1 trillion, which means that buying a new iPhone is an even bigger decision for consumers than usual. Depending on what features people want, they may have to shell out over $1,000 for a new device. For some people, that's too much. In fact, 36 percent of Americans plan to reduce the cost of their cell phone as a result of the pandemic, according to a nationally representative survey conducted by WalletHub. However, despite the overall financial outlook, one in three Americans still plan on getting the new iPhone this year.
WalletHub examined not only how the COVID-19 pandemic has impacted Americans' cell phone purchase plans, but also why people buy new phones, how essential phones are and more. Below, you can find additional highlights from WalletHub's 2020 iPhone Survey, along with further insight from a panel of experts and a full description of our methodology. Consumers looking to save money on a new cell phone purchase can also check out WalletHub's Cell Phone Savings Calculator to crunch the numbers.
Key Stats
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iPhone demand is still high: Despite high unemployment, 1 in 3 people plan on getting the new iPhone this year.
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MVP – most valuable possession: Almost half of Americans say that their phone is their most important belonging during the pandemic.
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Americans want price reductions: Almost 75 percent of people think that Apple should charge less for the iPhone due to COVID-19.
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iPhones worth borrowing for: About 73 percent more people think that the new iPhone is worth going into debt for compared to last year.