The use of smartphones simplifies many aspects of daily life. You may use your smartphone for everything from checking the weather to accessing your online bank account while on the go. However, the price of such ease of use is sometimes low. As of 2020, the average price of a high-end smartphone like the iPhone may exceed $1,000. If you want the newest model without the hefty price tag, getting a smartphone, like an iphone for rent is a better alternative than purchasing one outright.
Leasing A Smartphone—What Exactly Does It Entail?
A smartphone lease works the same way as a vehicle or an apartment lease. You may get a smartphone by signing a lease with a firm that rents out mobile devices. For this privilege, you pay a lease each month. Leasing is not the same as purchasing a phone on an instalment plan, which many mobile networks offer to help make smartphones more accessible. For instance, a phone purchased via instalments may be paid for over 24 monthly payments before being owned entirely. Payments for a leased item are often due weekly, bimonthly, or months after an initial, upfront payment. Lease durations vary widely depending on the service provider chosen.
The Availability Of Updates Regularly
The smartphone industry is rapidly developing and refining new models every few months. Leasing a smartphone makes it convenient to update whenever a new model is out, which is great if you’re a tech nerd. Depending on the duration of your lease, you may obtain a brand new phone every year and always be up-to-date with the newest features.
It Might Be More Cost-Effective Than Purchasing
In 2021, the average smartphone selling price worldwide will be just $363, even though high-end models might cost $1,000 or more. If you decide to lease one, you may need to make a one-time payment of $50 to $100, followed by affordable monthly instalments. For instance, you can lease a Samsung Galaxy A11 from T-Mobile for $8.25 per month over 18 months with no initial payment required. For $148.50, you get the phone 32.50 per cent off its regular price of $180.
The Apple iPhone 12 64GB, which has a retail price of $699, is T-most Mobile’s costly leaseable phone. A $150 security deposit and $26.12 per month are required to secure an 18-month lease. The significant amount is $620.16, representing a discount of $78.84.
You will continue to save money if you trade in your phone after 18 months and get a new one with a lease payment that is less than the phone’s retail price. It’s still the case that you won’t own the phone, but you’ll have spent close to the total retail price.
An Absence Of Credit Could Not Be A Problem
Many cellular service providers routinely check an applicant’s credit upon applying for a contract phone. A higher payment may be required to get a phone plan if your credit could be better, but being turned down for service is only sometimes the case. You can buy a smartphone if you have a spotty credit history or none.
If you’d prefer to avoid being stuck with one specific smartphone model for an extended period, you may get an iPhone for rent. If you’ve compared the costs of purchasing a phone versus leasing and found that the latter is more affordable, you may also be a suitable candidate for phone leasing. Before agreeing to a lease for a smartphone, it’s essential to know what your monthly payments will be and what you’ll have to choose from at the end of the lease.