On September 7th Apple finally unveiled their iPhone 7 and iPhone 7 Plus. With the new release of the iPhone comes the new technology trend. Trendsetters around the world will eagerly be awaiting September 16th as that is the first day the new iPhones go on sale with preorders starting on September 9th. Quite frankly they only want to say one thing, “I own the iPhone 7 the day it was released.”

There is no doubt in my mind that this version will be successful despite the phone lacking innovation thanks to Apple’s strong brand loyalty. Let’s explore some of the features to see what I mean:

iPhone 7 Features & Price

Without getting into tech talk here is what you need to know about the new iPhone. The camera got better, the processor got faster, the graphics are better, the battery life is supposedly two hours longer, there is more storage, and the iPhone got a minor makeover. This is the generic stuff you expect with almost every new version of a phone. Nothing amazing here but an upgrade nonetheless.

The real buzz around the new iPhone 7 is that both models are now water resistant and the headphone jack is gone.

Honestly, I do not know why there is any buzz around the phone being water resistant. Their competitors have had this feature available for years so this is Apple playing catch-up rather than innovating. In place of the headphone jack, Apple attached a second speaker for louder, clearer music. So how do you listen to music now? You have the option of plugging your headphone into the Lightning port that is used for charging via an adapter or using Bluetooth headphones.

I understand that earphone wires can be annoying but I cannot see how this feature alone sets Apple apart from the rest. Any phone with Bluetooth technology can use wireless headphones so this is not revolutionary. Additionally, wireless headphones are relatively new to the market and can be very costly. Apple believes that customers will be willing to purchase their pair of wireless AirPods for $159 to solve this problem.

Last but not least is the price of the iPhone. The iPhone 7 will start with 32GB of storage for $649 and goes up to 256GB for $849. The larger iPhone 7 Plus starts at $769 for the 32GB version and goes up to $969 for the best model.

I must admit, while Apple did not reveal anything spectacular they did something smart: appeal to the needs of the customer.

Do the new features justify the price tag?

Purchasing the new iPhone will ultimately be a ‘keeping up with the Joneses’ move. The moment we see somebody with the new phone we are going to ask them about it, want to touch it, and test out the new features. This will put social pressure on us to either update our phone and “be in style,” or keep our older version (which does the same thing) and be “that person.”

The sole purpose for owning a phone in the 21st century is to call people, text people, and use data to keep up with social media and send business emails. While the new iPhone 7 certainly has improved features they do not improve what a phone is intended for.

If we were to assume the average person bought the new iPhone as well as the wireless AirPods, they will spend $808. This is the minimum to purchase these new products. Obviously if you are comfortable with using the lightning adapter to listen to music you will only pay $649 for the actual phone. It is also important to remember that these prices are before taxes. You should look into your sales tax in your country or state to figure out if any additional taxes will apply.

This is a steep price to pay for a new phone that really has no standout feature to it. Removing the headphone jack may seem like innovation to Apple but it truly adds very little value to consumers as majority of users listen to music with headphones. What this feature does is push users into spending additional money to purchase wireless headphone, which can be bought for cheaper on Amazon, to get with a new trend Apple is trying to set.

If you have the iPhone 6 I strongly urge you to resist joining the new social trend. In two years, possibly three if Apple increases their release cycle, a new iPhone will be released and it will set you back a few hundred dollars…again.

What is the trade-in value of your old iPhone?

Should you believe the new iPhone is worth the price, here is what your iPhone may be worth.

Source: Apple Trade-up Website

There are sites out there with a better trade-in value however you will need to have your phone unlocked so it may be used anywhere in the world. The difference in trade-in value can range from $10-$25 depending on the model.

Final Thoughts

As a young millennial who is fascinated with technology I get the desire to always have the latest products. Believe me, if money was no issue I would be one of the first people to preorder my new iPhone 7.

However, when you step back and really separate your wants from needs you realize that this is just another purchase that you can live without.

What are your thoughts on the new iPhone 7? Will you be purchasing this phone or hanging onto your old phone?