Why You Should Never Buy the Latest iPhone

Is this the best move for your wallet?

If you follow tech news, you may know that Apple announced the upcoming iPhone 14. If you're an Apple fan, you may wonder if you should invest in the newest model. While the new iPhone is packed with features -- it's a costly purchase. Before rushing to pre-order the latest model, you want to ensure it's a worthwhile buy that fits your budget.

Mobile phones aren't cheap. As tech brands continue to invest in new technology and add more unique features to their phones, the prices get higher -- which significantly impacts our wallets.

How much will Apple's latest phones cost you? The iPhone 14 starts at $799, while the iPhone 14 Plus starts at $899. The iPhone 14 Pro starts at $999. The priciest model, the iPhone Pro Max, starts at $1099.

No matter which model catches your eye, that's a lot of money to spend on a phone. Are you drawn in by new features such as better battery life, video stabilization mode, crash detection, and emergency SOS satellite capabilities?

While all of these additions are great -- you may not want to rush to buy the latest model just yet. Here are three reasons why you probably shouldn't buy the latest iPhone.

1. Your current phone likely meets your needs

If you have an iPhone (or another phone) that was made within the last few years, it likely already meets your needs and has plenty of excellent features. Consumerism makes us crave the latest products.

But do we need the latest tech products? Probably not. Take a few minutes to consider whether you need a brand-new phone before you rush to spend hundreds of dollars (or more than $1,000!) on a new one.

2. You could score a better price later

While you may be tempted to get the latest model, you'll have to pay full price if you get it when it's brand new. Apple is known for reducing the cost of its previous phone models as soon as a newer model is available to buy.

That means you will likely be able to get the iPhone 14 at a lower price when the next iPhone model comes out. Additionally, there's the option to buy a refurbished phone in the future. Buying refurbished electronics is an excellent way to spend less money.

If you love a good deal, you may want to wait to buy this phone.

3. Not every new phone is a win

While tech companies want you to think that their latest phone is the best, it may not be. It's a good idea to wait to buy the iPhone 14 until more is known. We're just beginning to find out the details now before it's publicly available to purchase.

Once the phone has been out for several weeks or months, you can read user reviews and get a better feel for whether it's the right phone for you. If there are issues with the iPhone 14, Apple may decide to make improvements to this model later.

Apple has produced some previous iPhones that weren't as popular, so it's best to do thorough research before running to your local Apple store with a credit card in hand.

Is the iPhone 14 a good buy for you? It's possible. But it's important to always consider your personal finance situation before making an expensive electronics purchase.

You should evaluate your budget and determine if now is the best buying time. It may make more sense to hold on to your current phone for a while longer. Your phone may no longer be unique or new -- but if it works well and does its job, that's all that matters.