New findings indicate how the original iPhone and the iPhone 15 match up to everyday expenses in the year that they were launched (and there have been many models released during the intervening years). In 2007, Apple introduced the, then, ground-breaking original iPhone, priced at £269 ($310). Fast forward to 2023, and the latest model, the iPhone 15, starts at £899 ($1,100).
Today, the iPhone 15 costs about three times as much as the 2007 model. To illustrate the real life impact of this price rise, the company Mobile Phone Insurance Direct analysed its price relative to average income, new car prices, weekly shops, and rent payments.
This throws up interesting statistics like, in 2007, it would have taken around 11 weekly shops for one person to get the original iPhone. However, in 2023, it takes approximately 26 weekly shops to purchase an iPhone 15. This represents a big leap in profit maximisation by Apple.
The original iPhone cost approximately 43.70 percent of the average monthly rent in 2007, which was £616 ($700). However, in 2023, the iPhone 15 represents around 70.45 percent of the current average monthly rent of £1,276 ($1,500).
Comparing these prices suggests a significant shift, with the iPhone 15 being roughly three times more expensive than its 2007 predecessor.
What is the basis to these figures? When the original iPhone made its debut at a price of £269 ($300), the average annual salary was approximately £30,015 ($40,000). In 2007, it would have taken approximately 0.9% of the average annual salary to acquire the original iPhone.
In 2023, the average annual salary has seen a modest increase, reaching £33,402 ($41,000). However it now requires approximately 2.69 percent of the average annual salary to buy the base model of the newest iPhone. This suggests, on the basis of a simple extrapolation, the newest iPhone costs approximately 2.99 times more of the average annual salary in 2023 compared to the original iPhone in 2007.
Taking one final comparator: The cost of the original iPhone was about 1.57 percent of the cost of a new car. In 2023, new car prices have changed, with an average price of £26,000 ($32,000). The cost of the iPhone 15 is approximately 3.45 percent of the cost of a new car. This percentage is significantly higher than in 2007, indicating a notable increase in the financial commitment needed to own an iPhone.
The transition between different iPhone models underscores the ever-growing pace of technology. However, over time, the iterations to the iPhone have slowed down with each recent model offering a little less novel innovation compared with the initial launches.
This begs the question, is the increased – proportionately – financial commitment worthwhile to secure the latest in smartphone innovation?
