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Ready to buy a new iPhone 15? Here’s how to find the best contract deal

Doing a little homework before selecting a service provider for your new iPhone 15 can save thousands of dollars according to a new report

SHARE Ready to buy a new iPhone 15? Here’s how to find the best contract deal
The iPhone 15 phones are shown during an announcement of new products in Cupertino, Calif., on Sept. 12, 2023.

The iPhone 15 phones are shown during an announcement of new products on the Apple campus in Cupertino, Calif., Tuesday, Sept. 12, 2023.

Jeff Chiu, Associated Press

The latest iteration of Apple’s ubër popular cellphone, the iPhone 15, is set to go on sale Sept. 22 but choosing the right plan to go with the snazzy new device can save consumers thousands of dollars.

That’s according to a new report from WalletHub, which found that 2 in 5 U.S. mobile phone users plan to purchase the new iPhone 15 and can save up to almost $2,000 over two years by doing a little homework before choosing a provider.

“You can decrease the cost of wireless coverage by doing comparison shopping and holding off on buying a phone until you see a good promotional offer,” WalletHub analyst Jill Gonzalez said in comments released with the report. “Another money-saving tip is to purchase coverage from a ‘budget’ phone provider that uses the same network as one of the larger, name-brand providers.

“Budget providers can be a lot cheaper while having just about the same level of coverage, so it’s no surprise that 60% of Americans are willing to try them.”

Gonzalez also noted that further savings can be had by signing up for a group service plan and/or opting for automatic bill payment.

“You can also get discounts for bundling your phone coverage with family or friends and setting up autopay on your phone bills,” Gonzalez said. “If you are experiencing extreme financial hardship, you might be able to receive temporary relief on your bills from your service provider, though you’ll have to call and ask.”

WalletHub says it has also created an online Cell Phone Savings Calculator that 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. You can check out the calculator at https://wallethub.com/cell-phone-calculator/.

The biggest savings, however, are available to those who are able to resist new phone FOMO and instead look for a model that isn’t among the latest and greatest.

“The best way to save money on a cell phone is to buy a phone that’s at least one generation behind, rather than getting the latest model,” Gonzalez said. “There is relatively little difference in phones from one generation to the next, so waiting at least two years will be more cost effective and bring more dramatic improvements.

“You can cut your phone cost in half by getting a phone that’s a generation behind while still having almost the same user experience. Other good ways to save money include buying used phones in good condition or taking advantage of carrier discounts.”

Other data gathered by WalletHub suggests that even amid the widespread popularity of the iPhone, there’s plenty of Apple animus to be found.

In survey results released last month, WalletHub found that more than 1 in 3 Americans would categorize someone who always has the newest iPhone as wasteful, while 21% think of them as rich.

And nearly 3 in 4 people surveyed said they think the new iPhone is overrated.