Phones have never been more necessary, or more expensive. While the price of what used to be big-ticket electronic items, like televisions, has gone down, the days of signing up for a new carrier plan to get a free phone are far behind us.
And no phone is known more for its price—or, to be fair, its features—than Apple's iPhone. The iPhone 16 lineup debuted at Apple's Glowtime event this week, with pre-orders starting on September 13. But 63% of those surveyed by WalletHub for its 2024 iPhone Survey said inflation will keep them from purchasing one this year.
In the survey of about 200 participants, 90% said Apple's phones are overpriced. Prices for the iPhone lineup remain steady from last year, they’re still steep: The iPhone 16 starts at $799, the iPhone 16 Plus at $899, the iPhone 16 Pro at $999, and the iPhone 16 Pro Max at $1,199.
It's worth noting that comparable phones from other brands are priced similarly, though it's Apple’s reputation that's aligned with that expense. The survey found that 42% of Americans think that having the latest phone is important for their self image, and when they see someone else with the most recent iPhone, 30% of them assume the person is rich, while 27% think of them as wasteful.
Status-conscious Americans are quick to turn to credit cards to sustain an image, so unsurprisingly, two in five think having the latest iPhone is worth going into credit card debt for. (It's not; there are plenty of high-performing, inexpensive phones out there, including Apple's own iPhone SE.)
If you're among those who won't be shelling out for a new iPhone, there's a lot you can do make your current phone work better. The first step is updating to the latest version of iOS, which will be out in a few days. With iOS 18, you'll get much of what iPhone 16 offers, including access to Apple Intelligence, depending on your iPhone model.
With every new iPhone lineup, Apple touts that the latest phones run faster, have better battery life, and have more storage. Sure. But devoting just a few minutes to look how you use your phone and optimizing it to work better for your needs can speed it up considerably. While you're at it, you can make small adjustments to increase battery life on your current iPhone to get your through the day. And finally, you can eradicate those "Storage Almost Full" messages with our primer on how to free up space on your iPhone.
Check out the graphic below for more insights from the WalletHub survey.
(Credit: WalletHub)