Smart ways to save money to buy a phone
Smartphones have broken all barriers of pricing, surging to as much as Rs. 1 lakh now! And with a new flagship device launching almost every week, it becomes even more difficult to resist the urge to look past their shiny covers and fancy cameras. However, when it comes to your dream phone, no amount of reasoning can keep you away from it. So, why not save up money and get it home?
Here are some smart tips on how you can save up money to buy your favourite phone.
Buy the previous generation model
One of the best ways to buy a new phone is when new models are announced, which mostly happens around September and October, especially with brands like Apple and Google. When a new smartphone is launched in the market, older models are typically discounted. For instance, after iPhone XS, XS Max and iPhone XR announcement in September 2018, Apple dropped the price of the previous generation iPhone 8 by almost Rs 7,000! Since the market gets an influx of old phones after a new launch, prices tend to go down as well, making it much easier to buy a phone without burning all your money.
Sell your old phone
We all know someone who has at least five phones stored away for a supposed emergency situation, which never arises. In this day and age, hoarding old phones is not practical, considering the rate at which new phones keep coming in. Before you know it, the phone that you bought three years ago will have zero value. So, when you buy a new phone, simply sell the old one. That way you’ll be able to save a bit on the new purchase. Moreover, most brands these days offer lucrative exchange prices when you buy new smartphones.
Wait for deals and discounts
Who doesn’t like a good deal! And when it comes to smartphones, they can be pretty helpful in bringing down costs. Scour all possible e-commerce websites for deals. Many of these sites have special ‘Festive sales’ where gadgets are usually offered at a heavy discount. Check beforehand if your debit or credit card can get you additional discounts; many of them offer cashbacks these days. Also, going the traditional route, i.e. offline stores might also be a good bet as some of them reserve special deals for customers.
Compare different phones
If you’re not too picky about the brand, a good way to save money on a new phone is to compare the features of two phones across different price segments. A lot of budget phones these days offer almost the same specs as premium flagship devices. Why not choose those, instead of the expensive ones, save money, and still get a great camera or whatever other feature that you are looking for.
Switch your mobile carrier
In recent times, mobile carriers have started to team up with smartphone manufacturers in order to drive more revenue and get customers under their hood. Jio, for instance, had offered a 70% buyback on buying the iPhone 8, coupled with their network. This is very common in Western countries already and is slowly gaining traction in India, too. So, keep an eye out for such offers and grab them as soon as they are launched to get the best value for your money.
Mr. Subhash Nagpal is the founder and CEO of Compare Policy. With a professional experience spanning close to three decades, Mr Nagpal founded Compare Policy with an objective to cater fastest growing insurance industry more particularly in online space.