Apple’s September event this year was packed with lots of announcement ranging from updates on iOS, macOS, Watch, and the most anticipated new iPhone models. Apple announced not one but three brand new iPhone models, the iPhone XS, iPhone XS Max, and the iPhone XR, and as Tim Cook puts it: “It is the most advanced iPhone we’ve ever created.” As with any other iPhone announcement, the new iPhones boasts of exciting new features such as A12 Bionic processor, updated 12 mp cameras, adjustable depth of field in photos, 512 GB storage option, and dual sim to name a few. And as with other iPhone announcements, these new models don’t come cheap either.

The starting price for these new iPhones are :

  • iPhone XS : $999
  • iPhone XS Max : $1099
  • iPhone XR : $749

The XS and XS Max will be released on September 21 while the XR will be made available on October 2018.

Although roughly 28 million Americans say getting one of the new iPhones is worth going into debt, that might not be necessary, according to the personal-finance website WalletHub’s new 2018 iPhone Savings Report, which found that people can save $740 – $1,403 over two years by picking the right plan.

Before you rush into the stores to buy new iPhones you can crunch the numbers first to see which iPhone plan is right for you, using WalletHub’s custom Cell Phone Savings Calculator. WalletHub’s Cell Phone Savings Calculator lets users input their upfront and monthly costs to compare the true cost of two-year contracts, installment plans and no-contract plans from all of the major carriers.

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Some highlights from WalletHub’s report also include the following:

  • A no-contract plan from Walmart Family Mobile is the best way to get one of the new iPhones, beating plans from all four major carriers.
  • For even more savings, keep your old phone. Individuals can save up to $1,552, and families can save up to $2,265.
  • 5X more millennials say the new iPhone is worth going into debt for than baby boomers.
  • 29% of cell phone shoppers don’t know they could be in for a credit check.
  • 44% of millennials believe their cell phone has a bigger impact on their life than their credit score.
  • “Early cell phones were purchased for consumers by their service providers, which hid their cost to some degree,” Lewis S. Davis, an associate professor of economics at Union College, told WalletHub. “Most consumers are not particularly savvy about long-term contracts. In short, we’re really bad at compound interest.”

 

This feature is contributed by Diana Polk. Data & research from WalletHub.

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