The New iPhone 15 Is Almost Here, but Is the Cost Worth the Upgrade?

Every fall, Apple brings out a new iPhone. And every year, people say it's the best iPhone ever. Which makes sense because it's an upgrade on the one before. Apple would be doing something seriously wrong if its new phone wasn't better than last year's model.

As a consumer, the question isn't whether the phone is great. It will be. The real question is whether the upgrades are great enough to justify buying it. A lot of that comes down to what you look for in a phone, how old your existing phone is, and whether you'll use the new features.

What do you get with the new iPhone 15?

The new titanium-cased iPhone 15 boasts an upgraded 48-megapixel camera that will take fantastic pictures. The look and feel of the phone is a clear level up from older models. Plus, when you look under the hood, the A16 bionic chip promises high performance and low battery consumption.

The Dynamic Island feature that previously only came with the pro version is now standard on all models. Dynamic Island may sound like a new luxury holiday resort, but it's a nifty widget that sits at the top of your screen and features information about other apps you have open -- such as the sports scores.

Another big change is the charging. It's goodbye lightning port, hello USB-C cable. This change was forced by European Union regulations, but Apple opted to make a virtue out of necessity with the slogan, "Charging as easy as USB-C."

You can pre-order the new models starting Sept. 15 and they'll be available on Sept. 22. The costs are as follows:

• iPhone 15: $799
• iPhone 15 Plus: $899
• iPhone 15 Pro: $999
• iPhone 15 Pro Max: $1,199

How to get the best deal

Apple doesn't very often have sales or offer discounts, though you can sometimes get gift cards on Black Friday or Cyber Monday. If you're not in a rush, it might be worth waiting a few months to see if you can get a gift card with your purchase.

That said, there are other ways you can lower the cost of your new phone. For example, look to see if your phone carrier will give you a discounted (or free) iPhone 15. If you're buying direct, you might:

1. Trade in your old model

Apple Trade In offers between $40 and $650 toward your next iPhone. You'll need to answer some questions to find out what your current phone is worth. The credit can be applied to any payment options. Apple will then mail you a trade-in kit and if the phone is in good condition, you'll be good to go.

According to Statista, there were more than 120 million U.S iPhone users in 2022, which is almost half the smartphone users in the country. That means there's plenty of demand for used phones.

2. Make the most of credit card rewards

If you have one or more rewards credit cards, make sure you use the one that will give you the most points/rewards on your purchase. Or if you're trying to qualify for a card's sign-up bonus, a big item like a new phone can boost your progress. If you have an Apple Card, so much the better as you can get 3% back on all Apple products. That's almost $24 back on the basic phone, more if you go for more bells and whistles.

3. Buy an older model

If you won't use all the features on the new iPhone, now may be a great time to buy an older model. The prices of all the older models usually shift downwards once a new one is released. Think about what you need the phone to do, what features you're willing to spend money on, and don't rule out the refurbished options.

Some experts say a phone's performance will start to deteriorate after a few years. But if you don't play a lot of games or want to run hundreds of different apps on your phone, you may not need the latest upgrade. I have an iPhone 6s which is nearing the end of its usefulness in terms of battery, memory, and functionality. Once the iPhone 15 has fully launched, I will buy a refurbished iPhone 12. It does everything I need and will cost significantly less than getting the new model. Not only will I save money, it's better for the environment.

What about Apple's financing option?

Apple is offering eligible customers the opportunity to buy now, pay later with what seems like a pretty sweet deal. Its Apple Card Monthly Installments plan lets you spread the cost of your new iPhone over two years, at 0% interest. If you qualify, the $799 on the basic iPhone 15 would work out to $33.29 a month.

That said, there are downsides to any form of monthly plan, even one that's interest free. For starters, you're taking on a fixed payment which will eat into your available budget. Secondly, that debt reduces the amount of credit you have available. This could increase your credit utilization ratio and lower your credit score. If you miss payments, Apple won't charge a late fee, but it will impact your credit score and you'll have to pay interest on your balance.

Is the new iPhone 15 worth it?

Everybody has their passions, and one of the tricks to managing your money is to spend it on the things that matter to you. If you're passionate about technology or photography, and you love owning the latest gadgets, the iPhone 15 may well make sense for you.

Similarly, if it is time for a new phone, you may opt for the latest model with a plan to keep it for several years. But be aware the release of a new iPhone also means you can score lower prices on older models -- and for some people, that may be a better deal.