SmartPhone Leasing…What’s the deal?

canstockphoto16723097Just when you thought you understood how to get a new smartphone after your contract period is up, the wireless carriers introduce the “early upgrade plan”.  Do you have any idea what that is, or if will it work for you?  I checked out an article that discusses the pros and cons of this new “deal“.  Apparently,  it’s still cheaper to own your smartphone, but it depends on what type of smartphone user you are.  One thing is for sure, if you’re the kind of smartphone user who gets excited about any new feature, then this may be the plan for you.  Below are some of the highlights reviewed in the NYTimes article.  Make sure to check out the link at the end of this post for exact details.

  • The early upgrade plan gives smartphone users the option to buy devices more often than once every 2 years.
  • Smartphone users can lease a phone, and can trade-in that phone one year later by starting a lease for a brand new phone.
  • If you upgrade every year it will cost more over time. It’s best for “techies” who like having newer gadgets.
  • Smartphone users who want the ‘flexibility’ of trade-in options may find this works for them.
  • Apple, AT&T, Verizon Wireless, T-Mobile and Sprint all have early upgrade plans.
  • People who would rather pay out over a time  (one year) can pay as little as $37.50 a month to lease a new phone.
  • These plans are best for smartphone users who want the ‘freedom’ to upgrade before two years without the upgrade fee.
  • Leasing does not force smartphone users to keep leasing new phones every year.
  • Before signing up with a phone carrier – check the coverage maps to see if the network is good.
  • If you are concerned about having accidents with the phone check out Apple’s upgrade with insurance.

Source: Lease a Smartphone or Buy It? The Pros and Cons – The New York Times

I hope this is helpful 🙂

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