Despite Cost, Nearly Half of iPhone Users Will Upgrade

Today, Apple will introduce its newest iPhone lineup. It's likely to include the iPhone Xs, Xs Max or Plus, and Xc. And while there are plenty of rumors, one thing is certain: They'll all be expensive.

The lowest-price iPhone is probably going to start at around $700, and the other models will come close to a $1,000 base price. The steep price of an iPhone makes it cost-prohibitive for many, particularly those outside the United States. A study by Swiss Bank UBS (see the chart above) found that someone making an average salary in New York would have to spend the wages they earned from nearly seven days of work to afford an iPhone X. In countries that have to pay sales and import taxes, workers earning an average salary have to set aside as much as 133 days of wages, as is the case in Lagos.

Despite the cost, over 42 percent of current iPhone owners in the United States are planning to upgrade to whatever Apple announces today. About 17 percent will trade in their current model for last year's iPhone X, and just about 16 percent will opt for the iPhone 8. It's not a bad bet to buy a slightly older-model iPhone, since Apple generally lowers the price of existing models when it rolls out new ones.

Also, Apple tends to support older-model iPhones for a while. The upcoming iOS 12 is expected to extend from the iPhone 5s to the newest models. That means those purchasing last year's phones should still be able to enjoy a few iterations of iOS before they decide to cash in what they're carrying.

You can watch the Apple event live on Safari with an iOS device or a Mac. And you can get in-depth analysis about everything Apple reveals here on PCMag.com.