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Longer device payment agreements combined with promotional credits designed to trap customers into a single phone also don’t help when yearly releases come out.

Longer device payment agreements combined with promotional credits designed to trap customers into a single phone also don’t help when yearly releases come out. Many people leaped up to the iPhone 14 and are now about 12-14 months in on a 36 month installment plan. Combined with the deep promotional credits offered that made the phones “nearly free” or “free” for many, we’re now stuck in a rock and a hard place. I plan on buying out my phone after a few more billing cycles since Verizon is crediting close to $22/mo of the phone and I’m only in it for $5.

999900000999 3y ago
I haven't financed a phone for years. I buy my phones cash and pay about 30$ for unlimited data on Mint.
- tazu 3y ago
  I finance pretty much everything because it's easy to make 5%+ on cash and fixed payments gradually "decrease" with high inflation.
  - 999900000999 3y ago
    Verizon is like 100$ a month. After year 1, your doing better buying the phone out of pocket. 1200 a year for Verizon vs 360$ for Mint. 1k for an iPhone, assume the phone is included with the plan. 2400$ for two years on Verizon vs 1k + 720 for two years of Mint.
    - nytesky 3y ago
      We had Google fi for $25/line for 6 lines. But VZW works out to $31/line for 6 lines; and we got 6 “free” iPhone 14. So it definitely seems like the better deal over the 3 year contract period — $1300 extra for 6 new phones. But I air quote becaus there were some extra activation fees, we pay monthly for the phones but then get a credit to zero it out which I worry is tricking me somehow, and I’m pretty sure our monthly service with VZW is NOT fixed under contract, so maybe they can jack up my monthly bill over the 3 years I’m paying off the phones?? I don’t know. So far, 6 months in, it’s been a good deal but I much prefer buying phone outright and opting for cheapest service — but I THINK this promotion will get me out ahead, as long as I switch back to a cheaper provider at the end and don’t get an escalating service fee before phones paid off.
      - 999900000999 3y ago
        That's a good point, I generally only run one or two lines for myself. I'm happy that you got a good deal, but I found phone salesman to be super sketchy when I was younger. I recall trying to buy a phone, and they didn't have it in stock. The clerk was like, it doesn't matter you should get the more expensive one because both are zero down.
    - tazu 3y ago
      I just finance directly with Apple. They offer the iPhone 15 Pro for $1000 or 24 monthly payments of $42. With 7% inflation you'd actually save ~$150 doing the monthly payments.

999900000999 3y ago

I haven't financed a phone for years. I buy my phones cash and pay about 30$ for unlimited data on Mint.

tazu 3y ago
I finance pretty much everything because it's easy to make 5%+ on cash and fixed payments gradually "decrease" with high inflation.
- 999900000999 3y ago
  Verizon is like 100$ a month. After year 1, your doing better buying the phone out of pocket. 1200 a year for Verizon vs 360$ for Mint. 1k for an iPhone, assume the phone is included with the plan. 2400$ for two years on Verizon vs 1k + 720 for two years of Mint.
  - nytesky 3y ago
    We had Google fi for $25/line for 6 lines. But VZW works out to $31/line for 6 lines; and we got 6 “free” iPhone 14. So it definitely seems like the better deal over the 3 year contract period — $1300 extra for 6 new phones. But I air quote becaus there were some extra activation fees, we pay monthly for the phones but then get a credit to zero it out which I worry is tricking me somehow, and I’m pretty sure our monthly service with VZW is NOT fixed under contract, so maybe they can jack up my monthly bill over the 3 years I’m paying off the phones?? I don’t know. So far, 6 months in, it’s been a good deal but I much prefer buying phone outright and opting for cheapest service — but I THINK this promotion will get me out ahead, as long as I switch back to a cheaper provider at the end and don’t get an escalating service fee before phones paid off.
    - 999900000999 3y ago
      That's a good point, I generally only run one or two lines for myself. I'm happy that you got a good deal, but I found phone salesman to be super sketchy when I was younger. I recall trying to buy a phone, and they didn't have it in stock. The clerk was like, it doesn't matter you should get the more expensive one because both are zero down.
  - tazu 3y ago
    I just finance directly with Apple. They offer the iPhone 15 Pro for $1000 or 24 monthly payments of $42. With 7% inflation you'd actually save ~$150 doing the monthly payments.