If you’re an Apple fan, you probably can’t wait to get your hands on the iPhone 14. If you’re an Apple fan, you probably won’t mind spending up to Rs 1.5 lakh on the top-tier model of the iPhone 14 Pro Max.
In case you’re still on the fence about dropping that kind of cash on a smartphone, though, here are a few pragmatic arguments to think about. Do you think it’s worth it to purchase? In the case of expensive items like iPhones, consumers may not give adequate consideration to whether or not making the purchase is economically prudent.
But consider this alternative viewpoint. Consider yourself lucky enough to have an iPhone 13 from last year’s model. Is it time to spring for a better model? No, not at all. Expert and associate editor of TechPP weblog Nimish Dubey says. He thinks it’s remarkable that Apple has managed to keep the price of the iPhone 14 unchanged from the iPhone 13 given the rising costs of components.
It’s disappointing that the processor isn’t the same as the 14 Pro series but it’s better than the one in the iPhone 13. As a bonus, you also get upgraded cameras and a longer-lasting battery. It doesn’t introduce any groundbreaking new features but it vastly improves upon existing ones, making it a worthy upgrade. However,” Dubey continues, “much will depend on how well those updates work.
What about if you’ve had an iPhone XR for three years and are in the market for a new phone?
In this example, we’ll assume you spend Rs 1 lakh (about $1,500) on a smartphone and use it for three years. That comes out to about Rs 2,700 (about $40) every month. Consider whether or not your salary is sufficient. The numbers will be different if you are someone who prefers to upgrade their phone every two years.
It is reasonable to purchase if doing so will fulfill a practical requirement for instance if you are a creator and you need a new phone for your job. The founder of a financial advisory firm, Anant Ladha, explains “Buying it makes sense if it costs less than 25 percent of your monthly salary, even if it is just for personal satisfaction, as it will not impact you financially.”
To see it from a different perspective is easy. An individual who sticks to a monthly budget and invests consistently can afford to buy a high-priced smartphone. Would it be wise to pay for the item in installments? When presented with ‘easy’ financing options, a large initial investment can seem more manageable.
In Ladha’s opinion, getting a loan to buy an iPhone would be a bad idea because the “iPhone is a consumption item.” It’s possible to incur processing fees with any financing option, even if interest is waived. Let’s say you’re planning on buying a phone that costs Rs 1.44 lakh and you’ll have to pay Rs 12,000 in EMIs over 12 months.
This may not seem like a lot at first but if you’re planning on putting the EMI on a credit card, you’ll have to make a minimum payment of Rs 12,000 each month in addition to your other bills. If your credit card bill suddenly balloons, you may have to choose between making the minimum payment or going into default.
Then you’re stuck paying a high-interest rate on the balance owed and may find yourself in a difficult financial situation.
Do you love Apple products, If so then you must have to check our post in which top 2 Apple News we have covered:
If you want to make the most of the savings offered by cash-back credit card rewards programs, you should put the money you receive in an investment account as soon as you receive the cash-back payment. According to Ladha, the human mind treats cashback as free money and often wastes it on frivolous purchases.
The iPhone 14 series would indeed have more recent upgrades but the iPhone 13s are currently on sale at a discount. An iPhone 13 is a good choice if you want to upgrade from an older model but don’t need all the new bells and whistles. This “Apple” er, the phone shouldn’t be the “forbidden fruit” if you prepare for it properly.
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I’m Rose Will, and I’m excited to share my journey as a content writer and graphic designer at Nog Magazine. It’s a unique role that allows me to blend my love for words and visuals seamlessly.
At Nog, I wear two creative hats – one as a content writer and the other as a graphic designer. This dual role provides me with a dynamic and enriching work experience that keeps me engaged and inspired.