iPhone 5: Buy Now or Wait?

Posted on 10/04/2012

In just two days Apple managed to unload five million units of the iPhone 5, beating the opening weekend of the iPhone 4s by a million phones. Wait times for this sought after gadget are currently about a month. With a base price of $199 with a new phone contract, the iPhone 5 may seem like a good deal, but should you buy now or wait?

Consider the Bugs Despite Apple’s reputation for delivering only the best products to the marketplace, the iPhone 5 has some bugs that need to be worked out. For starters, its new map feature has gone under fire for being inaccurate. Other iPhone 5 owners say the camera isn’t up to par because photos are tinged purple when the light is strong. If you wait, you’re more likely to get a fine-tuned product.

Price Drop on Older Models
Every time a new model comes out, the cost of the older model drops. That means you can pick up a brand new iPhone 4 or 4s for much less than they would have cost when they were first released. Sure, you’ll be missing out on some of the bells and whistles, but it may be worth the savings.

The Contract is Key
USA Today reports that the AT&T iPhones sold out first, probably because the carrier was the first to offer the iPhone initially. That means those customers are more likely to be eligible for an upgrade. When you sign a new contract the iPhone 5 starts at $199. Without the contract the price of the phone jumps to $649. So if you’re concerned about money you will definitely want to wait until your cell phone contract is up for renewal.

Uncovering the Real Cost of an iPhone 5
The up-front cost for a 16 GB iPhone 5 with a contract is just $199. But according to Avalaunch, the real cost of owning an iPhone 5 is a minimum of $1,808.76. That includes cell phone bills, accessories and apps. Before you make the plunge, look beyond the price tag of the phone itself to find out if you can really afford this new gadget.

By Alison Storm

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