A phone upgrade is often not financially wise for studentsBy Jackson Bryant | 02/26/2017 8:08pm
Every year, multitudes of tech aficionados and basic users alike eagerly await the unveiling of the newest lineup of Apple products. Perhaps the most coveted and prominent device produced by the Cupertino company is the infamous iPhone, which is approaching its tenth year on the market. For its birthday celebration, rumored features of this year’s iPhone have been circulating rapidly for several months. However, many consumers are grieving that the iPhone has not boasted adequate improvements and progressions in recent releases, especially in comparison to its Android competitors, such as the Samsung Galaxy. This time around, the stakes are especially high for the tech giant, as the expectations surrounding an anniversary release in the world of technology are often quite lofty.
According to the website MacRumors, the iPhone 8 is said to ship with improved water resistance, a glass body, and a flexible plastic OLED display that boasts an increased contrast ratio for more vivid color schemes along with a standard processor upgrade. The phone is also expected to feature several innovative concepts such as wireless charging capabilities as well as 3-D sensing capabilities designed for iris and facial recognition.
On a more negative note, the iPhone’s newest features and improvements are expected to come at a hefty price. Some sources are stating that an iPhone 8 containing OLED display technology will cost consumers over $1,000, placing Apple’s mobile device at nearly the same price as their lower-end laptop computers, or MacBooks. Phones that use the same LCD technology as previous models are expected to cost less, but there are many indicators pointing to the theory that the iPhone 8 will be the most expensive model to date.
Rumors surrounding new tech products often change rapidly and are often based on supposed leaks or customer-generated ideas. However, at the current point in time, I cannot justify saving and spending up to $1,000 simply to replace a phone that has been on the market for less than a year. While I am certainly a huge advocate for innovations in the computer and technology industry, I believe consumers must analyze the opportunity cost from a financial perspective and realize that spending a large sum of money for a new phone every year is often not the wisest decision. I understand that the release of the iPhone 8 is yet a few months in the future and that rumors are often proven wrong, but I urge readers not to set aside $1,000 for a device that will become outdated over the course of a few short years. College students are infinitely better of leaving that money in a savings or index fund, or better yet, having adequate cash for those late-night Insomnia runs.