Not only is the smartphone sector a growth market, but it’s also one that is constantly evolving in line with consumer behaviour. Just as 2016 was the year of the feature phone, for example, last year saw premium handsets increase their market share as demand continued to saw.
The financial side of the market is also changeable, particularly in terms of cost and the value propositions offered by handsets.
In this post, we’ll look at how you can save money on your new smartphone in the current marketplace, both in the short and the longer-term.
Buy Online and Trade in your Handset When you can
When looking to save money on your smartphone purchases, one of your best bets is to buy online.
After all, the majority of manufacturers tend to offer their best deals online, in a bid to capitalise in the rise of ecommerce. Similarly, distributors such as the fonehouse have developed deals that offer a diverse array of financial incentives, including the elimination of up-front costs and an amount of cashback that relates to the value of the handset in question.
There are other benefits of buying online too, including real-time price comparison tools and web browser extensions that help you to identify live promotions. Similarly, a growing number of companies allow you to cash-in your existing handset when buying a new phone, helping you to save money across the duration of your contract.
Choose your Tariff Carefully
While these incentives are compelling, it’s ultimately your choice of tariff that will have the biggest bearing on your long-term savings.
If you look to make initial savings by choosing a handset with a low storage size (32GB) and a restricted usage plan, for example, you’ll most likely to incur additional monthly costs that are disproportionate to the value of the phone and your contract.
With this in mind, you’ll need to choose a tariff and a storage capacity that relates directly to your behaviour and usage. We’d also recommend that you air on the side of caution when choosing your contract, as tariffs with unlimited text, minutes and data usage will help you to minimise unforeseen costs over time.
Understand When to Get the Best Deals
The smartphone market has a cyclical quality, as the major players tend to release brand new handsets at regular intervals. Every autumn sees the release of the latest iPhone, for example, while Samsung regularly launch a new, flagship handset in the spring (the upcoming Galaxy S9 is scheduled to hit the consumer market in March).
Attempting to secure new handsets during this time is challenging, however, as this exposes you to 24-month contracts and premium price points.
Simply by choosing to wait for between three to six months, however, you can make significant savings and benefit from shorter, less costly contracts. Whenever you choose to buy, it’s also wise to compare the market in real-time and see which platforms and manufacturers are offering the best deals.