iPhone prices vary by model, carrier, and where you buy

A new iPhone costs between roughly $200 and $1,600 depending on which model you choose and how you pay for it. The base model iPhone 16 starts around $800; the iPhone 16 Pro Max, the largest and most feature-rich version, costs around $1,200. If you buy through a carrier like Verizon, AT&T, or T-Mobile instead of Apple directly, the upfront price drops because the carrier subsidizes part of the cost — but you pay the difference back through your monthly bill over 24 or 36 months.

The price you actually pay also depends on storage capacity. Every iPhone model comes in multiple storage sizes — typically 128GB, 256GB, 512GB, and 1TB — and each step up costs $100 to $200 more. A 128GB iPhone 16 costs less than a 512GB iPhone 16, even though they are the same model.

Trade-in value matters too. If you have an older iPhone to trade in, Apple, carriers, and retailers like Best Buy will subtract that value from your purchase price. A working iPhone 14 might be worth $300 to $400 in trade-in credit, which effectively lowers what you pay out of pocket.

Key Takeaways

  • Base iPhone models start around $800 when you buy outright; Pro models cost $200 to $400 more depending on size.
  • Buying through a carrier spreads the cost across monthly payments but adds the full price back into your bill over two to three years.
  • Storage capacity adds $100 to $200 per step, so a 512GB model costs significantly more than the same phone with 128GB.
  • Trading in an older iPhone reduces your out-of-pocket cost, though the trade-in value depends on the phone's age, condition, and current demand.
  • Prices change when new models launch in September, and older models often drop in price once the new generation is available.

Buying directly from Apple versus through a carrier

When you buy from Apple — either online, in an Apple Store, or through apple.com — you pay the full retail price upfront or in monthly installments through Apple's financing program. Apple's monthly payment plan spreads the cost over 12 months with no interest if you have an Apple Card, or over 24 months with interest through other lenders. You own the phone outright once you finish paying.

When you buy through a carrier, the carrier owns the phone until you finish the payment plan, usually 24 or 36 months. Your monthly bill includes both the phone payment and your service charges. The upfront cost is lower — sometimes $0 to $200 — but you are locked into that carrier for the length of the agreement. If you switch carriers before the phone is paid off, you either have to pay the remaining balance or bring the phone with you and continue paying the original carrier.

Retailers like Best Buy, Costco, and Target also sell iPhones, sometimes with their own discounts or bundled deals. Best Buy often matches Apple's prices but may offer gift cards or bundle discounts. Costco sometimes offers lower prices to members, though selection is more limited.

How storage capacity affects the price

Every new iPhone comes in four storage sizes, and the price increases with each tier. The 128GB model is the cheapest; 256GB costs $100 more; 512GB costs another $100; and 1TB is another $100 or $200 on top of that. For the iPhone 16 Pro Max, the difference between 128GB and 1TB is roughly $400.

Storage capacity matters because it determines how many photos, videos, apps, and files your phone can hold before it runs out of space. Most people use between 128GB and 256GB. You need more storage if you shoot a lot of video, keep large games installed, or store movies and music offline. You need less if you stream everything and regularly delete old photos.

One important note: you cannot add storage to an iPhone later. Once you buy a 128GB model, you cannot upgrade it to 256GB. This is different from some Android phones, which have expandable storage. Choose the storage size you think you will need for the phone's entire lifespan — usually three to five years.

Trade-in value and how it reduces your cost

Apple, carriers, and retailers all offer trade-in programs that subtract the value of your old phone from the purchase price of a new one. The trade-in value depends on the phone's model, age, storage capacity, and condition. A working iPhone 14 in good condition might be worth $300 to $400; an iPhone 13 might be worth $200 to $300; an older model might be worth $50 to $150.

The trade-in process is straightforward. You tell the retailer or carrier which phone you are trading in, they assess its condition (usually by asking you questions about cracks, battery health, and functionality), and they subtract that amount from your new phone purchase. You ship the old phone to them or hand it over in store. The trade-in value is applied when ready, so your out-of-pocket cost is lower from day one.

Trade-in values change based on demand and the release of new models. When a new iPhone launches, older models drop in trade-in value because more people are trading them in. If you wait a few months after a new launch, the trade-in value of your current phone may be lower than if you trade it in right away.

Prices drop when new models launch

Apple releases new iPhone models every September. When the new generation launches, the previous generation's price drops by $100 to $200. For example, when the iPhone 16 launched, the iPhone 15 dropped from $800 to $700. The iPhone 14 dropped further, and older models are either discontinued or sold at steep discounts.

If you do not need the latest features, buying the previous generation a few weeks after the new launch is a way to save money. The iPhone 15 and iPhone 16 have very similar capabilities for most people; the differences are usually in camera quality, processing speed, and battery life. For everyday use — texting, email, social media, photos — the older model works just as well.

Carriers sometimes offer additional discounts or trade-in bonuses when new models launch, so it is worth checking their promotions if you are planning to upgrade around that time.

Financing options and monthly payment plans

Most people do not pay for an iPhone all at once. Apple offers 12-month interest-free financing through the Apple Card, or 24-month financing through other lenders (which includes interest). Carriers offer 24-month and 36-month payment plans built into your monthly bill. Best Buy and other retailers offer their own financing through third-party lenders.

The monthly payment depends on the phone's price and the length of the plan. A $1,000 iPhone spread over 24 months costs roughly $42 per month before interest; over 36 months it costs roughly $28 per month. If you choose a financing option that includes interest, the total amount you pay will be higher than the sticker price.

When you finance through a carrier, the phone payment is separate from your service bill, though they appear on the same statement. If you switch carriers before the phone is paid off, you are responsible for the remaining balance — the new carrier will not take over the payments.

Hidden costs beyond the purchase price

The phone's price is not the only cost to consider. AppleCare+ is Apple's extended warranty and protection plan, which costs $99 to $199 depending on the model and covers accidental damage, battery replacement, and hardware repairs. It is optional but useful if you are worried about drops or water damage.

You may also need a charger and cable. Newer iPhones come with a USB-C cable but no power adapter in the box. If you do not already own a USB-C power adapter, you will need to buy one separately, which costs $20 to $35 for Apple's version or less for third-party options.

A phone case and screen protector are not required but are common purchases. Cases range from $15 to $80; screen protectors cost $10 to $30. These are optional and depend on how much protection you want.

Frequently Asked Questions

Is it cheaper to buy an iPhone outright or through a carrier payment plan?

Buying outright costs less overall because you avoid interest charges. A carrier plan spreads the cost over 24 to 36 months, but the total amount you pay is higher due to interest. However, if you cannot afford the upfront cost, a carrier plan makes the phone more accessible even though it costs more in the end.

What is the difference between iPhone 16 and iPhone 16 Pro?

The Pro model has a better camera system, faster processor, and a higher-quality display. For most people — texting, social media, everyday photos — the standard iPhone 16 is sufficient. The Pro is worth the extra cost only if you shoot a lot of photos or video professionally or want the latest processing power.

Can I use an older iPhone instead of buying new?

Yes. An iPhone from two to three years ago works well for most tasks. Used iPhones are significantly cheaper than new ones. Buy used phones from reputable sellers like Apple's refurbished store, Swappa, or Best Buy's used section to reduce the risk of getting a damaged or stolen phone.

Do prices ever go on sale, or is the sticker price the real price?

Apple's prices rarely drop below the sticker price, but carriers and retailers offer trade-in bonuses, gift cards, and bundle deals. Black Friday and holiday sales sometimes include carrier discounts or gift card offers. The best time to buy is usually a few weeks after a new model launches, when older models drop in price and carriers run promotions.

What happens to my old phone if I trade it in?

The retailer or carrier refurbishes it and resells it, or recycles it for parts. You do not get the phone back. Make sure to back up your data and erase the phone before trading it in, though most retailers will do this for you.