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A new survey gives insight into the comparison between Android and iPhone buyers who use installment payments. The survey points out that the amount of installments purchased on the Apple side surpasses its Android counterparts. So why are Apple fans more interested in purchasing their device via installment plans and not a one-time payment?
From the survey’s statistics, 55% of iPhone buyers make use of installment plans. Still, on the Apple side of the field, 38% of users here purchase their new devices using on-time payment. Lastly, 7% of Apple users purchase their new iPhones using other means, according to the research.
On the Android side, 44% use installment plans, 49% use one-time payment, and 7% use other payment means. The disparity on both sides is clear, and iPhone buyers are more likely to use installment plans to purchase a new device. But why is this, and why are the Android users less likely to purchase a new device using installment plans?
Reasons why iPhone buyers are more likely to purchase a device using installment payments
The Android and Apple worlds are two different places, and comparing them is sometimes confusing. Unlike Apple, Android has a ton of manufacturers under it making devices for different price points. Buyers of Android devices have a ton of choices to make, from the brand to the price of the device and even its specifications.
Purchasing a new Android device is way more flexible than purchasing an iPhone. For iPhones, the choices are limited to four new devices every year, with the lowest price on any being above $700. Most buyers of Apple smartphones don’t may not want to spend much for a one-time payment on a device, hence they go for an installment plan.
With installment plans, things are not as much of a financial burden as they are with one-time payments. Android users can pick from the more budget-friendly $200 smartphones (which more buyers will go for) to the more luxurious $1,000 devices. The majority of the Android users that go for installment plans are within the $1,000 range.
Also, various retailers have impressive installment plans that users can benefit from. With some of these plans, users don’t need to pay interest to the retailer. So for many iPhone buyers, installments are the way to go, since it’s more affordable and now getting more buyer-friendly.
The price flexibility of Android devices explains their 10% lower instalment payments when purchasing a new device. This survey gives insight into the preferable method of purchasing new devices among Android and iPhone buyers.