The longer the contract, the cheaper the monthly payment though. That would be the reason the contract is spread out for longer, so the user can have more affordable monthly payments. It would be far too long for me personally, but smartphone makers are creating this need by hiking the price of their phones each year. If you had said 5 years ago pricing would look like this:
- iPhone 14 £849-£1179 ($1068-$1483)
- iPhone 14 Max £949-£1279 ($1195-$1609)
- iPhone 14 Pro £1099-£1649 ($1384-$2075)
- iPhone 14 Pro Max £1199-£1749 ($1509-$2202)
We would never have believed it. I have no idea at what point this cycle breaks and consumers stop buying in the quantities Apple are used to, but people right now are looking for ways to finance phones over longer periods. This forum is a bit of a niche, in that plenty here will happily drop over a grand on a new phone each year, but generally, most people don't do that and would think those that do are mad. Apple and other manufacturers seem to be overcoming the drop in demand at the moment by raising prices to keep those 'record' profits making the headlines. I live in hope the bottom falls out of the market and these tech companies are forced to realise this is unsustainable in the long term.