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Other users feel free to correct me if I'm wrong, but I've found that the most economical choice is actually to buy new iPhones whenever my old contract ends. Simply because I can sell the old one for 500-900$ and use that to pay off most or all of the cost of the new phone (which is usually discounted when you sign a 2 year data contract). I have found that the resale market for 2 year old Android phones is not as active (1 exception being the Galaxy series which are typically more expensive and feature-laden than iPhones)
iPhone resale is great. If you want to buy the asset that depreciates the least rather than the one that costs the least, iPhone will always win.
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But that doesn't matter if the cost of the phone is negligible.
Boost Mobile (formerly Virgin Mobile): 35 $/mo for the plan plus 100 or 150 $ / 4 a for the phone = 37 or 38 $/mo total
Wow I keep forgetting how extortionate US phone plans are. Here in the UK £8/month will get you a perfectly good SIM-only plan with 10+ GB of data, and unlimited data starts at £15/month.
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I kept my 2014 model year until recently, for an amortized cost of <$100/yr. I'm expecting to do the same with my new phone, for a similar cost.
You can get bring-your-own-phone plans that are identical to the normal contracts for ~$30/month less (or at least I can), so by my reading you're paying net $30/mo + ???/2yrs = approx $400 per year for having a phone, in addition to the cost of the connection plan.
I'm seeing more like 10 a month discounted to bring your own device. You presumably still want some sort of new phone every ~6?(4?8?) years, so add the extra cost in divided by that period, and the extra cost to always have the newest phone seems still fairly marginal.
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