Flagship phones now regularly run well over a thousand dollars, though budget and mid-range models can be a few hundred. Since it's a one-time purchase either way, your estimate weighs the price against roughly three months of your budget rather than a monthly bill.
These key factors affect phone affordability
Income and expenses
A phone's sticker price matters less than what's actually left in your budget after rent, debt payments, and everything else you're already committed to each month.
Carrier financing versus paying upfront
Carriers typically spread the cost over 24 to 36 monthly bill credits, which lowers what's due today but usually locks you into that carrier for the length of the term. Leave early or switch plans and the remaining device balance can come due immediately, which can end up costing more in total than paying upfront would have if you had the cash for it.
Trade-in value
Trading in your current phone can meaningfully offset the price of a new one. It's worth getting an actual trade-in quote, since values vary a fair amount between carriers and third-party buyback sites, before assuming the full sticker price is what you'll really pay.
How to use your results
- Enter the price after any trade-in credit, for a more accurate number.
- Compare the full price against a carrier's financed monthly cost, since the total can differ.
Ways to make a new phone more affordable
- Trade in your current phone rather than letting it sit in a drawer.
- Consider last year's model, which often drops significantly in price once a new one launches.
- Compare carrier financing against paying upfront, since one can cost more than the other over time.
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Sources
Bureau of Labor Statistics (median income by age, shown in the sidebar), Experian (credit score by age, shown in the sidebar) - starting points to compare against, not real-time quotes.
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