{"id":45124,"date":"2020-10-20T14:55:42","date_gmt":"2020-10-20T06:55:42","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=45124"},"modified":"2024-01-31T15:37:04","modified_gmt":"2024-01-31T07:37:04","slug":"cheaper-buy-phone-contract","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/cheaper-buy-phone-contract","title":{"rendered":"Is It Cheaper To Buy A Phone On A Contract?"},"content":{"rendered":"<p>Your phone no longer supports the latest apps. Waiting for your browser to load takes you back to the good old days of dial-up. Your phone\u2019s been bruised, dented, scuffed and accidentally dropped against all manner of surfaces, including your forehead. Yes, it\u2019s time to give in to the inevitable \u2013 you need a new phone.<\/p>\n<p>Unless you rely on the goodwill of generous friends and family, or methods that could put you on the wrong side of the law, there are generally two ways to get a new phone: buy it outright, or buy it on a contract.<\/p>\n<p>Buying on a contract can seem like a good deal. Telcos offer generous discounts when you buy a phone that\u2019s bundled with a plan. But is it really cheaper compared to buying a phone outright? Here\u2019s what you need to know.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How-does-buying-on-a-contract-work\"><\/span>How does buying on a contract work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Telcos generally offer two types of contracts:<\/p>\n<ul>\n<li><strong>Standard<\/strong>: You pay upfront for the device at a reduced price \u2013 or for free, if you\u2019re getting a budget device \u2013 then pay the plan\u2019s monthly fees until the contract ends.<\/li>\n<li><strong>Instalment<\/strong>. You pay zero or little fees upfront. The cost of the device is spread throughout your contract duration, in addition to your plan\u2019s monthly cost.<\/li>\n<\/ul>\n<p>When you buy a phone on a contract, you get locked in for 24 months. You <em>can<\/em> terminate your contract, but you\u2019ll have to pay a penalty.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Pros-and-cons-of-buying-on-a-contract\"><\/span>Pros and cons of buying on a contract<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Is buying on a contract worth it? Let\u2019s look at the pros and cons.<\/p>\n\n<table id=\"tablepress-1490\" class=\"tablepress tablepress-id-1490\">\n<thead>\n<tr class=\"row-1 odd\">\n\t<th class=\"column-1\"><\/th><th class=\"column-2\">Buying outright<\/th><th class=\"column-3\">Buying on a contract<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n\t<td class=\"column-1\"><strong>Pros<\/td><td class=\"column-2\"><ul> \t<li>Freedom to choose whatever plan you want<\/li> \t<li>Not tied in for 24 months<\/li> \t<li>Lower monthly commitment<\/li><br \/>\n<\/ul><\/td><td class=\"column-3\"><ul><li>Lower upfront cost<\/li> \t<li>May be cheaper if you are a heavy user<\/li><\/ul><br \/>\n<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n\t<td class=\"column-1\"><strong>Cons<\/td><td class=\"column-2\"><center>You pay more upfront<\/td><td class=\"column-3\"><ul><li>Locked into a 24-month contract; need to pay penalty if you want to terminate<\/li> \t<li>Higher monthly commitment<\/li> \t<li>May be more expensive if you are a light user<\/li><\/ul><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-1490 from cache -->\n<p>The main benefit of buying on a contract is that you pay reduced \u2013 or zero \u2013 fees on your new phone purchase. And when we\u2019re talking about purchases that can cost up to RM5,000, this is nothing to scoff at. The downside is that depending on your mobile usage, it can end up being more expensive over the long term.<\/p>\n<p>You\u2019ll also be tied into a 24-month contract. This means that you can\u2019t switch to a cheaper plan or one that provides better value \u2013 unless you pay a penalty for terminating your contract early. Each telco may have a different method for calculating the penalty. For example, Maxis\u2019 early termination fee for 24-month contracts is based on this formula:<\/p>\n<div class=\"block\"><div>[(Recommended Retail Price (RRP) \u2013 Upfront Cost) x (Remaining month(s) \u00f7 24 months)] + RM100 administration fee. <\/div><\/div>\n<p>Let\u2019s say you\u2019ve bought an iPhone 11 Pro (retail price RM4,899) and paid RM3,749 for the device upfront. If you terminate the contract halfway, you may incur a RM675 penalty. Terminating early can be cheaper than continuing your contract if you are switching to a much cheaper plan to reduce costs, but this depends on how much your penalty is, and how much you can save on a cheaper plan. On the other hand, if you are switching to a similar-priced plan, you won\u2019t save anything \u2013 and you\u2019ll have to fork out for the penalty.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Costs-of-buying-outright-vs-buying-on-a-contract\"><\/span>Costs of buying outright vs buying on a contract<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Which option is more cost-effective? We looked at the costs of buying flagship, mid-range and budget models through contracts.<\/p>\n<p style=\"text-align: center;\"><strong>Flagship model: iPhone 11 Pro; retail price RM4,899<\/strong><\/p>\n<div id=\"attachment_45147\" style=\"width: 2059px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/09\/28152301\/iphone-comparison.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-45147\" class=\"wp-image-45147 size-full\" src=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/09\/28152301\/iphone-comparison.jpg\" alt=\"Cost of buying an iPhone 11 Pro on a plan\" width=\"2049\" height=\"349\" srcset=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/09\/28152301\/iphone-comparison.jpg 2049w, https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/09\/28152301\/iphone-comparison-300x51.jpg 300w, https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/09\/28152301\/iphone-comparison-768x131.jpg 768w, https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/09\/28152301\/iphone-comparison-800x136.jpg 800w\" sizes=\"(max-width: 2049px) 100vw, 2049px\" \/><\/a><p id=\"caption-attachment-45147\" class=\"wp-caption-text\">Click to enlarge<\/p><\/div>\n<p style=\"text-align: center;\"><strong>Mid-range model: Huawei Nova 7 SE; retail price RM1,499<\/strong><\/p>\n<div id=\"attachment_45150\" style=\"width: 1414px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/09\/28152525\/huawei-nova-comparison.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-45150\" class=\"wp-image-45150 size-full\" src=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/09\/28152525\/huawei-nova-comparison.jpg\" alt=\"Cost of buying a Huawei Nova 7 SE on a plan\" width=\"1404\" height=\"349\" srcset=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/09\/28152525\/huawei-nova-comparison.jpg 1404w, https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/09\/28152525\/huawei-nova-comparison-300x75.jpg 300w, https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/09\/28152525\/huawei-nova-comparison-768x191.jpg 768w, https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/09\/28152525\/huawei-nova-comparison-800x199.jpg 800w\" sizes=\"(max-width: 1404px) 100vw, 1404px\" \/><\/a><p id=\"caption-attachment-45150\" class=\"wp-caption-text\">Click to enlarge<\/p><\/div>\n<p style=\"text-align: center;\"><strong>Budget models<\/strong><\/p>\n<div id=\"attachment_45149\" style=\"width: 984px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/09\/28152512\/budget-models.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-45149\" class=\"wp-image-45149 size-full\" src=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/09\/28152512\/budget-models.jpg\" alt=\"\" width=\"974\" height=\"407\" srcset=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/09\/28152512\/budget-models.jpg 974w, https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/09\/28152512\/budget-models-300x125.jpg 300w, https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/09\/28152512\/budget-models-768x321.jpg 768w, https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/09\/28152512\/budget-models-800x334.jpg 800w\" sizes=\"(max-width: 974px) 100vw, 974px\" \/><\/a><p id=\"caption-attachment-45149\" class=\"wp-caption-text\">Click to enlarge<\/p><\/div>\n<p>Based on these prices, it does seem like buying on a contract can be cheaper, as you enjoy a reduced (or zero) purchase price for a new phone. But you can only choose from a limited number of plans that come bundled with the device, which can cost at least RM60 a month. If you don\u2019t need a plan that costs that much \u2013 say, you\u2019re subscribed to an <a href=\"https:\/\/www.imoney.my\/articles\/best-mobile-prepaid-plan\" target=\"_blank\" rel=\"dofollow noopener noreferrer\">affordable prepaid plan<\/a> that only costs RM35 a month \u2013 then you\u2019d be spending more money on a plan you don\u2019t need.<\/p>\n<p>Here\u2019s an example of the cost difference of buying an iPhone 11 Pro on a contract, compared to buying it outright:<\/p>\n\n<table id=\"tablepress-1491\" class=\"tablepress tablepress-id-1491\">\n<thead>\n<tr class=\"row-1 odd\">\n\t<th class=\"column-1\"><\/th><th class=\"column-2\">Maxis<br \/>\n(normal contract)<\/th><th class=\"column-3\">Buying outright<br \/>\n(light user)<\/th><th class=\"column-4\">Buying outright<br \/>\n(heavy user)<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n\t<td class=\"column-1\"><strong>Device price<\/td><td class=\"column-2\">RM3,749<\/td><td class=\"column-3\">RM4,899<\/td><td class=\"column-4\">RM4,899<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n\t<td class=\"column-1\"><strong>Plan price<\/td><td class=\"column-2\">RM96<\/td><td class=\"column-3\">RM35<\/td><td class=\"column-4\">RM96<\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n\t<td class=\"column-1\"><strong>Total price over 24 months<\/td><td class=\"column-2\">RM6,053<\/td><td class=\"column-3\">RM5,739<\/td><td class=\"column-4\">RM7,203<\/td>\n<\/tr>\n<tr class=\"row-5 odd\">\n\t<td class=\"column-1\"><strong>Price difference<\/td><td class=\"column-2\"><\/td><td class=\"column-3\"><b><font color=\"green\">-5%<\/td><td class=\"column-4\"><b><font color=\"red\">+19%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-1491 from cache -->\n<p>If you\u2019re a light user on a cheaper plan, it\u2019s generally cheaper for you to buy the phone outright. If you\u2019re a heavy user on a more expensive plan, buying on a contract could save you money. This applies whether you buy a flagship, mid-range or budget model.<\/p>\n<p>But before you sign up for any contract, you\u2019ll want to do some quick calculations on your own to see how the total price fares against buying outright, as each contract has a different pricing structure.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"When-does-it-make-sense-to-buy-on-a-contract\"><\/span>When does it make sense to buy on a contract?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In short, buying on a contract can be more cost-effective if:<\/p>\n<ul>\n<li>You were going to sign up for a similar plan that is bundled in your contract anyway<\/li>\n<li>You are sure you won\u2019t need to change plans during the duration of your contract (or if you do, you\u2019ll switch to a much cheaper plan that can make up for the costs of the penalty)<\/li>\n<\/ul>\n<p>Otherwise, signing up for a contract just to avoid paying full price for a device outright can be tempting, but it could cost you more over the long run.<\/p>\n<p>If you need to spread out the cost of your new phone, you could use your credit card\u2019s instalment plan to convert your purchase into monthly repayments at a 0% interest rate. <a href=\"https:\/\/www.imoney.my\/credit-card\/maybank\" target=\"_blank\" rel=\"dofollow noopener noreferrer\">Maybank<\/a> cards, <a href=\"https:\/\/www.imoney.my\/credit-card\/hsbc\" target=\"_blank\" rel=\"dofollow noopener noreferrer\">HSBC<\/a> cards, <a href=\"https:\/\/www.imoney.my\/credit-card\/cimb\" target=\"_blank\" rel=\"dofollow noopener noreferrer\">CIMB<\/a> cards, <a href=\"https:\/\/www.imoney.my\/credit-card\/citibank\" target=\"_blank\" rel=\"dofollow noopener noreferrer\">Citi<\/a> cards and the OCBC Cashflo Mastercard offer this feature \u2013 but check with your issuer if you are eligible. However, you should not use your credit card\u2019s instalment plan if you cannot afford the monthly repayments.<\/p>\n<p>If you\u2019re having trouble paying for the exact phone you want, go for a cheaper model or find a second-hand device. It\u2019s not worth spending money you don\u2019t have on something that could become obsolete in a few years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It can be more expensive than buying a phone outright over the long term, but it depends on your mobile usage.<\/p>\n","protected":false},"author":43,"featured_media":45129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[256,246],"tags":[573],"class_list":["post-45124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","category-mobile-plan","tag-udeservebetter"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cost Of Buying A Phone Outright Vs Buying On A Contract<\/title>\n<meta name=\"description\" content=\"Telcos offer generous discounts when you buy a phone on a contract. 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