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 11 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 & More |
AT&T Unlimited & More |
AT&T Unlimited & More |
| Sprint |
Sprint Unlimited Basic |
Sprint Unlimited Basic |
Sprint Unlimited Basic |
| T-Mobile |
T-Mobile Essentials |
T-Mobile Essentials |
T-Mobile Essentials |
| Verizon |
Start Unlimited |
Start Unlimited |
Start 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 Gigs |
N/A |
N/A |
| Metro by T-Mobile |
Unlimited High-Speed |
N/A |
N/A |
| Cricket Wireless |
Unlimited Cricket Core |
N/A |
N/A |
| Straight Talk |
Ultimate Unlimited |
N/A |
N/A |
| Page Plus |
The $55 |
N/A |
N/A |
| Virgin Mobile |
Unlimited |
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 & More |
AT&T Unlimited & More |
AT&T Unlimited & More |
| Sprint |
Sprint Unlimited Basic |
Sprint Unlimited Basic |
Sprint Unlimited Basic |
| T-Mobile |
T-Mobile Essentials |
T-Mobile Essentials |
T-Mobile Essentials |
| Verizon |
Start Unlimited |
Start Unlimited |
Start Unlimited |
| Cricket Wireless |
Cricket Core Plan |
N/A |
N/A |
| Walmart Family Mobile |
Family Mobile Plan – Truly Unlimited |
N/A |
N/A |
| Boost Mobile |
Boost Mobile Unlimited Gigs |
N/A |
N/A |
| Metro by T-Mobile |
Unlimited High-Speed |
N/A |
N/A |
Data is accurate as of 9/17/2019.
Notes:
- 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 phones are purchased 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.
- For AT&T, the price for the Unlimited &More 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 $699.99. The upfront cost assumes the acquisition of the phone through an unassisted channel (i.e. on-line), else a $20 assistance charge will be applied. Owners of a valid T-Mobile SIM card will be waived the $10 SIM card charge.
- 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 the Start Unlimited assumes the activation of paper-free billing and Auto Pay billing process and takes into account the $10 related monthly discount.
- For Sprint, the price for the Unlimited Basic plan assumes the activation of the AutoPay Plan and takes into account the $5 related monthly discount.
- For Cricket Wireless, the price for the Unlimited Cricket Core 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 months Auto Refill billing process and takes into account the $5 related monthly discount.
- 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, Cricket Wireless, Virgin Mobile, Visible and Straight Talk.
2019 iPhone Survey
The release of each new iPhone model is a big-money occasion for Apple, the world's second largest company by market capitalization and fourth most popular hedge fund stock . However, this year may not be as profitable as usual. 28% fewer people plan on buying the new iPhone this year than last year, according to a nationally representative survey conducted by WalletHub.
Buying a new iPhone is a big decision for consumers, who may have to shell out over $1,400 for the new device at a time when credit card debt is on track to have another record high year. But even though fewer people will buy a new iPhone this year than last, millions are still willing to pay out for the upgrade. The key, it seems, is that credit scores are at lofty historical levels, too. In other words, installment plans and other financing arrangements will help the iPhone remain popular into its second decade.
But what are the reasons that people get a new phone, and how much are different demographics willing to pay? Below you can find the answers to those questions, along with additional highlights from WalletHub’s 2019 iPhone Savings Survey.
Key Stats
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Break it before buying it: 144 million Americans only buy a new phone after their current device breaks, as opposed to waiting for a good deal or a new launch.
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iPhone users are big spenders: Nearly 4 in 10 people would pay at least $200 extra to get an iPhone instead of an Android phone.
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Young Americans spend more: Millennials will pay 41% more than baby boomers for a new phone, on average.
David Youland
Molly Hein
Jack McCann
