Another Verizon Edge question. (Did the math, comes out cheaper? Am I doing it wrong?

Discussion in 'iPhone' started by troy14, Sep 10, 2014.

  1. troy14 macrumors 6502a

    Joined:
    Mar 25, 2008
    Location:
    Las Vegas (Summerlin), NV
    #1
    Hi guys, what am I missing here? I did the math (which I am assuming is correct....??) on my verizon Edge stuff and it seems like Edge is actually somewhat cheaper, which has me concerned because what am I missing...nothing is ever cheaper!

    My plan is 10gb share (we have about 6 lines on it) so i'm going to break it down and see if someone can confirm or tell me i'm missing something.

    The phone is broken down into 20 monthly payments, and you're paying the tax of the full amount as well (my state is 6%). If I wanted the 64gb iPhone 6, it is $749 + tax which equals $793.94. That divided by 20 is $39.70 a month for 20 months.

    Now, the usual access is $40 a month but with a $25 dollar discount it would be $15 a month (I am negating the 10gb line fee since that is going to be the same no matter what) that equals $300 for 20 months or $360 for 24 months. Total would be $1,153.94 assuming they keep my $15 fee for the remainder of the 4 months, if not (going back up to the $40) it would be a total of $1,193.94. Now, I understand that trading it in at 60% paid off or whatever to get the new upgrade wouldn't be the most wise in most cases, I am not going to do the math because I am not going to be upgrading that way or if I do, I will be purchasing the phone at 100% price to either give to someone else on my line.

    Now, comparing that to buying the phone on a 2yr contract with the same pricing. $299 + 6% (in MI we only pay tax on the actual sale price) is $316.94. $40 for 24 months is $960. The total in that equation is $1,276.94, more than the $1,193.94.

    It seems like if you are going to be stuck in a contract for 20 months or 2 years, the logical and cheaper choice would be to do the Edge. All everyone talks about is how bad the edge deal is (is this only for 1 year upgrades etc?). Sure my monthly bill will be $14.70 higher but in the long run it would save me money (I could use the $300 I was planning to originally buy the phone with to offset that cost monthly).


    So sorry for the huge long post with lots and lots of numbers, but really just trying to make sure I am doing the best thing.
     
  2. C DM macrumors Westmere

    Joined:
    Oct 17, 2011
    #2
    Seems right. Edge isn't bad just misunderstood or not understood at all by too many. It might not be the best option on various older plans and even some lower data current plans, but can be the better option with higher data current plans, as in your case for example.
     
  3. NM08SRT8 macrumors 6502a

    NM08SRT8

    Joined:
    Jan 18, 2010
    Location:
    New Mexico
    #3
    I'm in the same position as OP.

    4 line plan, at 8 gigs now. Thinking it will just be cheaper or more manageable to do Edge on the 128gig 6plus vs shelling out $540ish incl tax, plus $30 upgrade fee..
     
  4. C DM macrumors Westmere

    Joined:
    Oct 17, 2011
    #4
    You don't get much of a discount on 8 GB so something to factor in. You might actually do better if you switch to 10 GB.
     
  5. rui no onna macrumors 601

    rui no onna

    Joined:
    Oct 25, 2013
    #5
    Verizon's More Everything + EDGE is similar to AT&T's Mobile Share Value + NEXT. If you're on the 10GB plan, you save money with NEXT/EDGE/BYOD compared to signing a 2-year contract.
     
  6. NM08SRT8 macrumors 6502a

    NM08SRT8

    Joined:
    Jan 18, 2010
    Location:
    New Mexico
    #6


    I forgot to mention that was also in my plan. Sorry.
     
  7. aajeevlin macrumors 6502a

    Joined:
    Mar 25, 2010
    #7
    Thanks for doing this math, now that you put it this way the EDGE might not be all that bad. I mean, most people do stick with their phone for 24 months (those with contract). You don't have to pay the stupid activation fee, and after 20 months the phone is yours to keep. Also after you pay off 60% you can go to a new one and basically continuing to make the same monthly payment. Plus it looks like if you are still under the iPhone 5 contract, you can still join EDGE. That might be a faster way to get the iPhone 6 then waiting for the contract to run out.
     

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