Best time to buy iPhone 7 is six weeks after launch
Some people will be getting their hands on the new iPhone 7 for the first time, but new analysis from MoneySuperMarket reveals the best time to buy the much talked about new handset is actually on 14th October – six weeks after the official launch date (9th September).
The price comparison site analysed average monthly pricing data for the four most recent iPhone models to hit the market – starting with the 5s in September 2013, and then the 6, 6s and SE – and indicative pricing trends show that contract phones drop in total price on average by 14% six weeks after the official launch, and SIM free phones (handset only) by 5%. Applying these trends to the iPhone 7 which is available now at £599 for a 32gb handset, contract customers could save over £130 by waiting an additional six weeks, while those taking just the handset could get it for £569, a £30 saving.
The trends also show that both SIM free handsets and contract phones are generally at their highest lifetime price in the launch month, with both dropping in the following six weeks. However, while SIM free peaks again in the first December after launch, to generate maximum income in the run-up to Christmas, conversely contract phones, which are not commonly given as gifts, drop their prices in the last month of the year, in line with the post launch price decline.
For those people not sold on the iPhone 7, now is a great time to shop around for a deal on the iPhone 6s. MoneySuperMarket data shows that when the iPhone 6 was released, there was a 9% drop on contract prices for its predecessor model (iPhone 5s) during the launch month and a 12% drop in price for a SIM free handset. Based on these figures, anyone taking out the iPhone 6 could save around £62 on a 16gb 24 month contract, or for those buying the phone outright, £64 off the SIM free handset price.
For those that want to hold out even longer, the trends highlight the changes in handsets prices over time. The iPhone 5s, which launched three years ago, is now available at £259, 53% cheaper than when it initially launched in September 2013 at £549. The iPhone 6, launched in September 2014, has dropped by 23% and the iPhone 6s, which hit the market this time last year, is just 3% cheaper now than when it launched. The iPhone SE, which launched in March this year, is still currently selling at its launch price – having started at a lower retail price of £359, it isn’t expected to depreciate as quickly as the more expensive models.
Kate Devine, Home Services Expert at MoneySuperMarket, said: “We expect pricing on the iPhone 7 to be fairly standard across all networks for the next few weeks, as networks and resellers maintain higher prices while demand is high and the initial stock delivery is limited. However, after that, our data tells us that we will start to see competition in pricing and drops in the new model prices. So, for those willing to hang on for a few more weeks, there are good deals to be had.”
To celebrate the launch of the iPhone 7, MoneySuperMarket has developed The Evolution of the iPhone, taking an in-depth look back at the most significant iPhones, starting with the original model that changed everything back in 2007.