Tech
Can Apple (and Android) users afford the new iPhone?
With even the "affordable" iPhone looking set to cost over $700, who can afford the new iPhone?
New iPhones are not cheap, with the "affordable" model expected to start at $749 and the price going up to an eye-watering $1,299. But research suggests that Apple owners are in a better position than Android users to stomach such prices.
Must read: Apple has let down every iPhone user
The research, carried out by Personal Capital based on 2 million registered users who have linked more than $760B in asset to the platform, uncovered the following:
- Apple users have a lot more cash than Android users: Apple users average $56K in bank accounts (21 percent more than Android users) and $540K in the investment accounts (41 percent more than Android users).
- Apple users carry a lot more debt: An average of 19 percent more than Android users.
- Apple users spend more time planning their future: But, interestingly, Android users check their finances more often.
- Apple users' home value is about 20 percent greater than Android users: Based on Zillow data.
The willingness of Apple owners to take on debt is interesting and perhaps explains why Apple has extensive financing options and a credit card.