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Buying Phone Vs Contract

Some smartphones, especially cheap phones, may not be available on a phone plan from a telco, so you may have no choice but to buy outright. Likewise if the phone you want is no longer available from your telco of choice, or they no longer have stocks of your preferred storage size or colour.

buying phone vs contract

That means if you want to cancel your plan, you can technically pay off your phone contract early, whether its with Vodafone, Telstra, etc. However, you should always talk to your telco if you do want to cancel to make sure there are no additional cancellation fees apart from paying off your device.

Brands like OPPO, Realme, Nokia, Motorola, Alcatel, Google and even Samsung (the Samsung Galaxy A series) have lower to mid-range budget phones that cost under $1,000. The biggest difference between premium phones and the budget models is often in the cameras, and other details such as processors and materials used.

Fido has introduced financing plans. They join Rogers, Bell and Telus in allowing you to easily pay off the full cost of a phone over two years. How does financing work and is it cheaper than tabs? By leasing, you can save money upfront but it can cost you later. We explain all your options when buying any new phone for as little as $0 down.

There are few things more exciting than getting a new gadget. Low-end smartphones are powerful enough to manage most tasks and have affordable prices. However, if you want a best-of-the-best flagship phone like the iPhone 11 Pro you will have to be prepared to shell out over $1,000.

Most carriers let you reduce the upfront cost of a new phone by spreading out smaller payments over two years. They may require a two year contract while others let you pay off your phone and leave at any time. You can even pay less upfront by signing a contract to return the phone after two years just like you might lease a car.

Financing for 100% of the price of a new phone is currently available at Telus, Rogers and Bell Mobility. Fido and Virgin Mobile offer financing up to $800 of the price with the balance paid upfront. The process for financing is the same whether you buy an iPhone, Samsung Galaxy S20 or any other smartphone.

When you sign up to any postpaid mobile plan with a carrier in Canada then you are on a month-to-month contract. That means you can move to another plan (or even another company) at any time. When you also buy a phone at less than the full retail value, then you must sign a two-year contract and make payments on the balance. Knowing how much you will pay on each bill with financing is as simple as taking the balance of the phone and dividing by 24 months.

While smartphone financing is supposed to make buying a new device easier, it adds yet another way to buy your phone in an already diverse market. Some companies ask you to subscribe to a subsidized pricing plan system, others use tabs, and some will require financing. Leasing works separately to help reduce the initial cost and is found in combination with the other options.

Very simply, the cost of the phone is divided over 24 equal payments with 0% interest. You pay it off over two years of monthly bills. The simplest example would be a $1,200 smartphone. Split over 24 months, you would have $50 added to each monthly bill to pay off the financing.

This was once the most common way to offset the price of a new phone in Canada, but in 2020 only a few carriers still sell phones on subsidized plans. Smartphone plans with fixed talk time and data are offered, but how much your plan costs will depend on how much you save on the upfront cost of a new phone.

For example, if you bring your own phone you might get unlimited talk and text plus 10GB of data for $75/month. If you get a cheap smartphone for $0 down then that same plan costs $85/month. A premium phone like the iPhone 11 might cost $0 upfront but that same 10GB plan is now $115/month. At the moment, Videotron (exclusively in Quebec) is the only major carrier to sell new devices on subsidized plans.

Tabs sit between Financing and Subsidized plans. Devices are often discounted like subsidized plans, but your plan and phone payments are separate. Buying an iPhone upfront might cost $1,200, but a tab plan might give it to you for 24 monthly payments of $40 ($960 total). You're still locked in for two years.

Leaving early means that you must pay off the remainder of the full retail price on the phone, and the discounted price you were sold at the beginning is no longer valid. So, if you change plans after only one year then you have to pay off half of the full $1,200 retail price of that iPhone plus any cancellation fees.

Bell, Rogers and Telus offer a form of leasing to help reduce the upfront and monthly cost of premium smartphones. Sign a two-year contract and the carrier will reduce the cost of your phone, sometimes by several hundred dollars. At the end of your contract, you either hand back the phone or pay the balance and keep it.

Leasing is only available with financing plans. For example, a new iPhone may cost $1,200 to buy outright. With leasing you save $300 upfront and only pay $37.50/month. After two years you can pay $300 and keep the device or hand it back and buy a new phone.

We usually recommend Bring Your Own Phone (BYOP) plans because they are often cheaper than plans that include a new phone (by at least $10/month). Buying a smartphone outright gives you more options. You can buy from the carrier, a manufacturer like Google and Apple, or a third-party storefront online or like those shops you see in the mall. Some stores like Best Buy can't sell the most popular phones outright, but will offer you unique deals when signing a two year contract with supported carriers. If you sell your current phone, you can also put that money towards a new outright purchase. Just make sure you factory reset your device before you sell.

Premium smartphone retail prices have risen to well over a thousand dollars. That is out of reach for many Canadians. Frequent promotions by carriers may discount your favourite phone by hundreds of dollars if you sign a contract. They may even include a cool bonus like free wireless earbuds.

Not all brands are available at your local carrier store and buying a new phone outright opens many more options. Alternative brands like OnePlus and HTC sell directly from their website or through small independent shops. Niche smartphones aimed at Gamers including the Razer Phone 2 and Asus ROG Phone II can only be bought by paying the full price upfront in Canada.

You can unlock your current smartphone and keep your existing phone number when changing carriers. Most cell phone companies may also offer a bundling discount or data-sharing plan when you partner a smartphone with a data stick, hub or LTE-enabled tablet. Check out data-only plans to see what smart-devices you might be able to use with your plan.

If your needs are fairly simple and you only need to use your phone for daily calls to your family and loved ones and nothing more, a prepaid phone, which by their nature tend to be cheaper, might be the way to go.

On the other hand, if you run a side hustle from your phone doing something like becoming an Uber partner or delivering packages via Amazon Flex, you might very well need a robust cell phone plan. In this case a contract cell phone plan which comes with unlimited data, talk and text might be your solution.

If you are not a social media enthusiast, hardly play video games on your phone or surf the internet with your phone, staying with a cheap cell phone plan always makes sense (especially if you're trying to achieve F.I.R.E.).

For those old enough to remember, it used to be that cell phone companies to protect their profits would have you sign a 2-year contract to be on their service. Canceling your contract before it was up meant a hefty $150- $200 fine.

So if you absolutely detest contracts and would rather have the flexibility to change phones whenever you want or be able to switch cell phone companies, choosing a prepaid cell phone plan is the better choice.

Taxes and additional fees are usually included in this cost so there are no extra monthly surprises. Also with prepaid networks you can bring your own device or purchase a device outright (although some like MetroPCS do have deep discounts going on all year round for phones).

However this does not include taxes and fees and if you purchase a phone from them you have the opportunity to put zero down and split the payment for the phone into smaller payments over several months.

Verizon has plans starting at $70 per month for unlimited data as well (it drops to $35 per month if you have 4 lines). Taxes and fees are additional plus there is a $20 device payment for smartphones. Also, if you don't enroll in paperless statements, you jump up $10 per month.

In most instances getting on a large family plan will tend to be at par in price with prepaid plans. If you have a large family or a group of friends willing to go in on it with you, then you could negotiate a good deal even on a contract.

How to Activate?\n1. Purchase Device or Sim Kit\n2. Purchase Airtime Plan\n3. Activate online or call. Follow the step-by-step instructions on the red card that comes with your device.\nFor Total Wireless: Activate on or call 1-866-663-3633.\nFor Simple Mobile: Activate on or call 1-877-878-7908.\n\n\t\t\tBenefits of a no-contract phone.\n\t\t\tWith a no-contract phone, you only pay for what you want while still getting quality cell service. You avoid hidden activation costs, 24-month contracts and cancellation or overage fees. You can even use your existing phone and have it ported to the no-contract service of your choice.

How to Activate?1. Purchase Device or Sim Kit2. Purchase Airtime Plan3. Activate online or call. Follow the step-by-step instructions on the red card that comes with your device.For Total Wireless: Activate on or call 1-866-663-3633.For Simple Mobile: Activate on or call 1-877-878-7908.Benefits of a no-contract phone.With a no-contract phone, you only pay for what you want while still getting quality cell service. You avoid hidden activation costs, 24-month contracts and cancellation or overage fees. You can even use your existing phone and have it ported to the no-contract service of your choice. 041b061a72


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