Color me old fashioned, I'd rather a well made timepiece that holds its value over adding another device that requires an iPhone and doesn't hold its value. Apple would have been smarter to produce a wearable independent of an iPhone first yet this is about selling more products and less about innovating or waiting for the tech to mature before venturing into a new market.
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I don't think you are old-fashioned as much as you simply value different things compare to other people.
My friend was telling me the other day about how her robotic vacuum cleaner had broken down after 2 years. But considering it had been in use for 2 years, the cost worked out to less than a dollar a day. Well worth it to her in exchange for not having to work so hard to clean the whole house. I think she will eventually get round to having the battery replaced.
You are right in that my Apple watch likely won't hold its value (not that I care, I don't intend to sell it) and I will likely have to replace it every 2-3 years. But I feel there is value in what the Apple watch lets me do over a normal watch which can only tell time.
I just bought a series 2 sports watch 2 days back. During this time, I have:
1) Taken the watch for a run. The screen is bright and easy to read. I will eventually get round to syncing music to it and pairing it with wireless earbuds.
2) Viewed and responded to countless notifications. I have replied to texts, triaged email, even take a call all from my wrist.
3) Used Siri to calculate the prices of items after discount in a shopping centre
4) Paid for purchases using Apple Pay from my watch
5) My watch dock holds apps like 1password, Authy, my banking app, music, overcast, and a local weather app. At a glance, I am able to retrieve account passwords, get my 2FA code, view my account balance, control my music and podcasts, and get local weather readings. All without needing to take out my phone.
6) I intend to use it to track my sleep and water consumption as well.
The downside is that I have to charge it every 1 to 1.5 days, which means I can't wear it out on longer trips.
In this context, I daresay that I will get more utility out of my Apple Watch over 2 years than normal people will get out of a simple wrist watch over its entire lifespan, and I think that is worth something, even if I can't quantify the benefits in dollars-and-cents. Having used a 1st gen pebble watch, I find I am hooked on the ability to view smartphone notifications from my wrist, and I can never go back.