Is the iPhone 15 Worth Going into Debt For?
Apple needs the iPhone. It accounts for half the sales for the company, so it’s the product line that keeps everything else going. Now, a new survey by WalletHub indicates Apple could be in trouble if the iPhone 15 doesn't get fans excited enough.
In a survey of 240 people conducted for 7 days in September, right before the announcement of the iPhone 15 lineup for 2023, the personal finance site asked people about their iPhone 15 purchase plans. The result is the infographic below.
The numbers show an Apple-centric approach to the data, but the full details listed in WalletHub's full report tell a more nuanced story.
As noted, while 21% think it's worth going into credit card debt for a new iPhone, 79% don't. More on the nose is that 63% say they don't plan to buy the new iPhone this year, and 74% think the new iPhone is overrated (and that was before the official announcement).
Follow-up questions on the complex feelings we all have toward our handsets reveal that 39% of people feel their phone is their most important belonging. But when it comes to other people and their phones, only 16% would say that not having the latest/greatest iPhone is a sign of a financial struggle—the other 84% probably also have other bills to pay. In fact, many people see someone who always has the latest iPhone as wasteful (33%), rich (21%), flashy (19%), or insecure (12%)—the other 15% see the iPhone always-early-adopters as "savvy," the only nice adjective in the bunch.
One smart thing: 62% of respondents say it's better to buy a smartphone by paying entirely upfront. Only 38% go for installments. That generally will cost a little more, but it hasn't stopped "buy now, pay later" from becoming the new normal in online shopping. As noted by
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