this post was submitted on 28 Mar 2024
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I can't believe people still do that. You aren't saving money and you're locked in 2 years. I guess if that's that only kind of financing you can get.
That's exactly what it is. Look up the statistics on how many people can't afford an unexpected $500 bill. Most people simply don't have the money to pay out of pocket for what smartphones actually cost, so they're stuck with exploitation, or nothing.
As somebody who's been purchasing my phones directly from the OEM at full price since 2016, I see this as being crazy. It's made me realize for certain that I don't need the absolute newest thing, and so I always go with mid-range devices. I feel like people who buy their devices outright don't buy mini iPhones LOL. If they do, they hold on to them longer, treat them better, or buy them used. So some other fool takes the hit of depreciation.
Seems odd because you can get fully functioning smartphones for like $200.
How is it not saving money if they give me a phone for free though? I'm not sure what you mean.
If the phone costs $500, they simply increase your monthly bill by $500 / 24 months = $20 a month.
It's a bit more complicated than this, and they'll likely have some interest built in as well, but functionally, it's no different than being given a loan to buy the phone and then paying the loan off over the two years. That's why carriers often require a credit check before doing this.