Why do people stand on line to buy the new iPhone every year when they know the price will drop significantly for that model in the next year? In fact all techn

Why do people stand on line to buy the new iPhone every year when they know the price will drop significantly for that model in the next year? In fact all technology has steep depreciation (last year's TV model is significantly cheaper than when it first came out, even in absolute terms). But for some reason these are the hottest selling products