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Sure it's cool, but is that worth a cool grand?
"Consumers are asked to pay $1,000 for the new iPhone X at a time when credit card debt is approaching record highs," said Jill Gonzalez, a senior analyst at WalletHub. "Still, installment plans and other financing arrangements will help the iPhone remain as popular as ever, even if, from an economic point of view, it's not the best time to indulge in such expenses."
Those considering the purchase should still weigh whether it is cheaper to buy or lease and compare installment plans and contracts first, Gonzalez said.
Financing options can cushion the blow. Those who finance the phone through Apple's upgrade program will only end up paying about $50 a month, not including a wireless plan.
Patrick Moorhead, an industry analyst at Moor Insights & Strategy, expects virtually everyone interested in the new iPhone X, which rolls out later this year, to use an installment plan.
On the flipside, consumers who proactively froze their credit to ward off identity thieves after the recent Equifax data breach could now face delays and fees if they try to line up financing for a new phone.
Either way, shoppers may be better off waiting — for now.
"The best time to purchase a new iPhone will be over the Black Friday season," according to Michael Bonebright, a consumer analyst at shopping comparison site DealNews.
"Stores like Best Buy will often bundle store gift cards to lower the cost of smartphones, " he said. "Whatever you do, don't purchase Apple products from the Apple store. They haven't offered Black Friday discounts over the past two years and the store never hosts sales."
"On the Money" airs on CNBC Saturdays at 5:30 a.m. ET, or check listings for air times in local markets.