The Interwebs are abuzz with updates from this year's Apple launch event, where the popular tech company is introducing the highly anticipated iPhone 8 and iPhone X while celebrating its 10th year as a smartphone innovator. Love ‘em or hate 'em, Apple knows how to put on a good show and strategically launch coveted technology at the cusp of the holiday season.
While announcements from Samsung, Google and other tech companies aren't nearly as grand, the overall impact to the market is similar. The novelty of the latest-and-greatest comes with a price tag -- the iPhone X 64GB model costs $999 -- and last year's must-haves slowly fade from consumer consciousness and retail shelves. To help early adopters save on the newest technology, check out these five savvy tips.
1. Put your current smartphone on the market.
Offset the price of your new toy by trading in your old gadget, but don’t delay: once the iPhone 8 and X models are available for pre-order on October 27, the value of the iPhone 7 will drop dramatically since the secondary marketplace will be flooded with these previous-generation devices. Same goes with the Google Pixel, with the Google Pixel 2 rumored to release on Oct. 5, and the Samsung Galaxy Note 8 launching on Sept. 15.
2. Solicit bids from multiple resellers.
Compare bids from sites like Gazelle, NextWorth and Glyde to ensure you’re getting the best price for your device. Gazelle and NextWorth provide you with a single offer, while Glyde allows you to set your own price but recommends a “market price” for a quick sell. You can also opt for a trade-in program from Walmart, Amazon and Best Buy, all of which offer gift cards in exchange for devices that you can use to offset the purchase of a new smartphone.
For example, bids for a iPhone 7 32GB in Black (Verizon) in good condition currently look like this:
Even if you don’t have the latest iPhone to sell, you can still get money for your current or previous devices through these channels. In addition to smartphones, you can also sell other gently-used gadgets including tablets, e-readers, video games and gaming consoles for extra cash. If you’re worried about being without your smartphone in the interim of the latest release, Gazelle is allowing users to lock in their offers now but delay sending their devices until Oct. 22.
3. Budget for increased monthly payments.
Gone are the days when you could snag the latest device for $100 or $200. Now, most carriers divide the full cost of the device by 24 months and add it to your monthly mobile plan payment. To ensure you can afford the added expense, do the math ahead of time and make any necessary adjustments in your budget to accommodate the increased expense. It’s also a good idea to review your mobile plan to ensure you’re not overpaying for data and other services. It’s possible you can offset the cost of a new device by reducing your data limit to a level that’s more consistent with your usage.
4. Buy from retailers, not carriers.
Stores including Walmart, Target and Best Buy often have better deals on new devices than the carriers do. Discounts of $20 to up to $100 off new devices are not uncommon (though they may be issued in the form of a store gift card), and markdowns get deeper as the time from release increases and the holiday season approaches.
Early adopters are always eager to get their hands on the latest technology as soon as it's released, but those on a budget should wait. Within a few months, the iPhone 8 and Samsung Galaxy Note may see price drops of up to $100 to reinvigorate sales. What’s more, the holiday season usually sees specials on the latest iPhone and other devices. In 2016, Target, Walmart and Best Buy all offered up to $250 in store gift cards to qualified buyers of iPhone 7, with Target advertising $0 down for the device.