The following is an excerpt from Beth Braverman | September 22, 2015 | Thefiscaltimes.com |
Whether you plan to wait in line for days or order a new iPhone 6s online, Apple’s latest device isn’t going to be cheap. But there are ways to save some money on the latest iteration of Apple’s wildly popular popular phone.
Personal finance site Wallethub used its cell phone savings calculator to crunch the numbers and found that the cheapest way to get a new iPhone, assuming you’re not under contract with a particular provider, is to lease it from Sprint.
Factoring in total upfront costs and monthly payments to find the net present value of the purchase, WalletHub found that leasing the phone from Sprint would cost $1,870 for an individual and $3,345 for a family of four. (The family plan option assumes the acquisition of one new phone and four lines for three other existing phones for four family members.)
The most expensive method of buying the phone for individuals is using Apple’s installment plan and an AT&T contract, which would amount to $2,349 over two years. Buying the phone from AT&T with a two-year contract is the most expensive option for families, costing more than $4,500.
The best way to keep costs down for a cell phone is to keep a single device for more than two years. Paying only for service can reduce the cost of the phone by up to 30 percent in the third year, according to WalletHub.
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