Buying a new iPhone may cost you a whopping $1000, while renting one for $50 per month is a more economical choice. Apple has also been working on subscription services with iPhone so that users can lease a device for some time and change as it upgrades with each generation. Renting also allows you to get your hands on the latest models and access the best applications. So, if you too want to rent an iphone to enjoy the benefits of using a premium model without burning a hole in your pocket, here are some facts you should know.
What is the process of iPhone renting?
The concept of renting an iPhone is similar to renting an apartment or a car. When you go to any iPhone rental, you need to sign a lease to have the right to use the device. Usually, you need to make initial payment upfront, followed by monthly or weekly payments.
The rent term may vary from one provider to another. You can return the phone and rent another model when the lease term ends. You may also renew the lease term and continue using the same device or purchase it as the rent term ends.
When renting the subscription model for iPhones, the monthly subscription fee would depend on the specs and devices chosen. Also, you won’t split the cost of devices like a contract, making renting a lot cheaper. However, in these models, you won’t be able to own it after the end of the renting term, but that should not be a problem as you can hop onto your next iPhone.
What will be the expenses?
If you want to rent an iphone to save costs, you actually would be doing yourself a huge favour. Any typical iPhone model may cost about $1000 or more. When renting one, you just need to make an initial payment of up to $100 and monthly payments later on. The weekly rents may start from $17.75 and go up to $32.85 for most iPhone models. Usually, the renting period spans at least one year until you can trade for a new one. So, you have a clear idea about charges and are required to make payments till the course of your contract.
What if the phone gets damaged?
You may damage the phone in some way or the other during the renting period. But you should know that the company rarely covers the costs of damage. The rental service that you choose may cover the repair and services. Hence, you must read the rental terms thoroughly to understand contingency plans and prevent any hassle regarding repairing minor damages.
What is a buyout fee?
In specific iPhone models, you may get the option to purchase the device at the end of the lease term, and in such cases, you need to pay a buyout fee. It is the amount you pay for owning the model. The amount you must pay for your rented phone may vary from one rental to another, so it is best to read the fine print early on. It will help to assess the most feasible option for you.
If you like to have the best iPhone models right at your disposal without paying an exorbitant amount of money at once, you could always avail the renting option. And, if you are opting for that, be sure of all terms and conditions.