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How to save money when buying a new iPhone



Apple iPhone XS and iPhone XS Max

Andrew Evers | CNBC

To quote Kenny Rogers, "You have to know when to hold 'em."

While the prices of high-end iPhones have risen above $ 1,000, there are many good options that cost less if you are willing to hang onto your current device a little longer.

Looking for sales, buying refurbished phones or just showing some patience is what it takes to save money. Apple is good at providing software and hardware support for phones that are several years old, and most do not need all the new features.

Wait

Buyers queue outside Apple's store in Regent Street, London, for the new iPhone models.

Arjun Kharpal | CNBC

The best thing to do right now is to wait to buy a new iPhone. Apple is expected to introduce new models in September, which means it will lower the price of older phones. If you don't need the latest and greatest, you can save money by buying this year's model at a discount.

Apple, for example, still sells iPhone 7 and iPhone 8. It can phase out the iPhone 7 and release the iPhone 8 at the lowest price yet. If it still sells this year's iPhone XS, iPhone XR and iPhone XS Max, they will also come down in price. The only reason not to wait is if you buy one. But more on that later.

Buy refurbished

Portrait mode on the iPhone 8 Plus camera is fun! Here's my dog.

Nina Raja | CNBC

Consider purchasing a refurbished iPhone. This is often a phone that is turned on for repairs and fixed, but is not brand new. Apple has a lot of its site dedicated to refurbished products, and they still come with a one-year warranty. You won't find the latest iPhone XS or iPhone XS models, but that's OK, since Apple keeps its older phones up to date on the latest software.

A refurbished iPhone X with 256 GB of storage costs $ 899, a big discount from the $ 1,149 it cost at launch. Or there's the iPhone 8, which you can get refurbished for $ 729- $ 120 cheaper than buying the new one.

Wait for sale

A man holds the Apple iPhone XS and XS Max during a product demonstration following the Apple launch event at the Steve Jobs Theater in Cupertino, California, September 12, 2018.

Stephen Lam | Reuters

Apple does not offer sales on iPhones, but other stores do. Best Buy often discounts iPhones throughout the year for various sales, including Black Friday. Right now, it offers $ 100 off iPhone XS Max if you activate your new phone on Sprint, AT&T or Verizon. The reseller has sales on other Apple products that appear on a regular basis. Earlier this month, it had an anniversary sale, and you can probably expect something similar around Labor Day.

Trade with your old phone

BGR.com says the device on the left is an iPhone 8 mockup. It is on top of an iPhone 7 Plus on the right.

Source: Zach Epstein, BGR

If you own the phone directly – that is, you owe nothing in a payment plan – you can shop on the iPhone at the cost of a new one. Amazon, Best Buy and other online stores will tell you how much they are willing to pay you for your old device. Apple also accepts exchanges. For example, if you buy an iPhone 6s, you can get an iPhone XS for $ 849, a $ 150 discount. Apple increased the value of its trade-ins in November last year, when an iPhone 6s was only worth $ 75 against a new phone.

Sell Your Old Phone

If you think you can get more for your old phone than Apple, Best Buy or Amazon will offer, try selling it. I've been lucky enough to use Swappa, where you can set a price and see if people are willing to pay what you think is worth it. The site also tells you the selling price of similar models, so you know about the speed.

It depends on the model. The iPhone 6s are selling for about $ 110 to $ 150 right now, so if you have an iPhone 6s, it's better to just trade it to Apple and add the money to a new phone. This is a time you will not wait since Apple can reduce what it is willing to pay for an old phone when the newer models are out.

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