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What Does the New iPhone 7 Cost and How Can You Pay Less?

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On September 7, 2016, Apple unveiled the new iPhone 7 and iPhone 7 Plus. Trendsetters will have been eagerly awaiting today, the 16th, when the new iPhones start being shipped; preorders started on the 9th.

There is no doubt that this launch will be successful. Apple occupies 40% of the smartphone market share — the largest majority. This market control coupled with Apple’s customer-brand loyalty makes it easy to expect the iPhone 7 phones to be a big hit.

iPhone 7 Features

Let’s take a look at the key features of the iPhone 7 — some of which are standard among all iPhones and some of which are new and upgraded.

Design:

  • The sleek design is standard among iPhones in general.
  • What’s new is the water and dust resistance. The water resistance, especially, should give you peace of mind when in wet environments such as the rain or bath.
  • Colors include: jet black, matte black, silver, rose gold, gold, and space gray. The jet black and matte black are new.

Headphone Jack:

  • It’s gone! Apple nixed the headphone jack in the iPhone 7 edition
  • Instead, customers will receive “Lightning EarPods” that fit in the same port as the charger. Customers can also opt to purchase wireless Bluetooth headphones. Apple has released its own wireless Bluetooth headphones, called AirPods.

Camera:

  • Apple has overhauled its camera technology for the iPhone 7. The rear camera is 12 megapixels; and the front camera is 7 megapixels.
  • The rear camera is touted to let in 50% more light than the iPhone 6 did. It is also 30% more energy efficient and 60% faster.

Battery:

  • Apple claims that the iPhone 7 will have the longest-lasting battery ever. It will generate two more hours of battery life than the iPhone 6.
  • Apple claims the iPhone 7 can offer 13 hours of wireless audio, which is pretty nice.

Display:

  • The iPhone 7 has the same screen size as the iPhone 6: 4.7 inches.
  • The iPhone 7 has a brighter display than the iPhone 6 with a resolution of 1334×750.

iPhone 7 Price

The retail prices for the iPhone 7 phones are as follows:

iPhone 7 32GB $649
128GB $749
256GB $849
iPhone 7 Plus 32GB $769
128GB $869
256GB $969

 

There are ways to offset these large price tags, however. First, if you have an older model iPhone, you can trade it in for an Apple gift card and then use that gift card towards the purchase of the iPhone 7. Here are the estimated trade-in values (information from Apple’s website):

  • iPhone 4s: $50
  • iPhone 5, 5c: $75
  • iPhone 5s: $125
  • iPhone 6: $225
  • iPhone 6 Plus: $250

Another way to offset the cost of the new iPhone 7 is pay for it in monthly installments through one of the large cell phone service providers. For example, Verizon is offering a monthly installment plan of $27.08 per month for 24 months.

Wrapping Up

Is the new iPhone 7 worth the large price tag? For technology trendsetters, the answer is a surefire “yes”. For most of us, the answer may not be that clear.

The features are definitely attractive. But when you take a closer look at just the new features, you may realize that the iPhone 7 isn’t that much different from the iPhone 6 to justify shelling out another $600 to $900. If you have an older model iPhone, trading it may work out to be a good deal for you.

Ultimately, the decision to purchase the new iPhone 7 will come down to your wants versus your needs. Do you have the room in your budget right now for the phone? Are you willing to sacrifice additional savings to have the newest technology? These are just a couple of questions you’ll want to consider before making the purchase.

Updated November 1, 2016 and originally published September 16, 2016.

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