In a new survey of 1,000 Americas, 66 percent said they purchased their last phone up front. Just 34 percent are making monthly payments on it.
Most Americans now pay for their cellphones all at once instead of paying them off in monthly installments, according to a new survey from LetsTalk.com.
Breaking it down by age group, the company found that 72 percent of people aged 55 and older currently own their cellphones completely. The same is true for 70 percent of 35- to 44-year-olds, 63 percent of 45- to 54-year-olds, 61 percent of 25- to 34-year-olds, and 60 percent of 18- to 24-year-olds.
Owning your phone outright means you can shop around for a super-cheap prepaid plan and switch carriers and sell the device whenever you like, And you won’t have to deal with carrier-installed bloatware.
“The preponderance of outright purchases over financing mirrors an increasing interest in more affordable devices,” the folks at LetsTalk.com wrote in a blog post. “It seems the majority of consumers are interested in buying affordable devices outright, as opposed to expensive ones via 24-month device installment plans.”
The company said around this time last year, most searches on its sister site WhistleOut.com were for expensive flagship devices such as the Apple iPhone XS and XS Max, Samsung Galaxy S9, and Note 9. This year, however, more people are searching for cheaper models such as the iPhone 11 and XR, the Galaxy 10 S10e, and the two-year-old iPhone 8 instead of the latest flagships.
Meanwhile, a separate survey from carrier Ting Mobile recently found that the two-year phone upgrade cycle is mostly a thing of the past. Most people are now holding onto their phones for at least three years.