With the New Year comes new releases of highly-anticipated gadgets and devices. Specifically, there is a list of new phones expected to hit the market this year, which include the Samsung Galaxy S21 Ultra, LG Velvet 2, and Huawei P50 Pro.

But just because a new phone becomes available does not mean that it should be wiped from the shelves immediately. This is because many of these devices come at a high cost. 

So when’s the best time to buy a new phone while saving money? 

Buy an Older Model Before a New Release 

One of the best times to purchase a new phone is a month or two before the release of a newer generation. 

In preparation for a new phone, retailers focus on making space for new inventory by clearing out old inventory. 

For buyers, this just means that there is a better chance of saving hundreds just because a phone is one model too old.

Purchase During the Preorder Period 

If you are looking to get your hands on a new phone, sometimes the best time to make a big purchase is before the phone even becomes available to the general public. 

People typically preorder to guarantee that they receive a device, to avoid long lines and large crowds, and to cash in on a deal. 

Many times, phones sell out within hours from the time it was made available to preorder. If you are swift enough to enter your information on your computer, you won’t have to stress about not receiving a phone.

As for cost, phones typically remain the same price whether they are being preordered or bought in store. But sometimes you can save a little money through promotions. 

For instance, during the preorder period of the iPhone 8 and 8 Plus, AT&T had a buy-one-get-one deal, Sprint had a buy-one-get-one with lease deal, and T-Mobile had a buy-one-get-one with a trade-in deal. 

Any time of the Year, if Done Right

You can save a significant amount of money by buying second-hand and refurbished phones. 

Just make sure you look around for reliable and trustworthy companies. 

Some repair companies have mastered their skills and have a reputation for making once damaged phones work just like new. These phones are then sold for affordable prices. 

Many times, these same companies will also allow you to trade in the phone you have now. This way, you get rid of a device you no longer want and you get money deducted from an already affordable and pristine-conditioned phone. 

If you are looking to trade-in a device to your phone carrier, but it has a few flaws such as a broken screen, you should turn to a repair company to get it fixed for a reasonable price.

To save money, you should also consider buying an unlocked phone. This way you can shop around and look for the best deals provided by different carriers. Some carriers offer deals that you will see immediately, others have deals that are seen after a certain amount of time of their service. 

After all of this is said and done, timing is key when it comes to purchasing a new phone. You should be mindful of the deals offered during and after the preorder season, consider buying an older model phone, and keep in mind that second-hand phones work just as well as brand new phones.