14 DAY TRIAL // At $999 for the base level, it’s no secret that the iPhone X is one very expensive piece of technology, but this hasn’t stopped thousands of customers from camping in front of Apple Stores to buy the phone on day 1.
Apple CEO Tim Cook seems to be well aware that pricing might be an issue for many potential customers interested in the phone, so he tried to play down the huge price tag during the company’s latest earnings report by explaining that an iPhone X doesn’t cost more than a few coffees per week.
Cook says that a substantial number of iPhone buyers typically purchase the device with an installment plan and monthly payments, estimating that the cost of the iPhone X each month is nearly the same as for a bunch of coffees.
“I think it's important to remember that a large number of people pay for the phone by month. I think you would find you could buy an iPhone X for $33/month. So, if you think about that, that's a few coffees a week - it's less than a coffee a day at one of these nice coffee places,” Tim Cook said.
iPhone X not overpriced
The Apple CEO also emphasized that the iPhone X isn’t overpriced, adding that the company isn’t trying in any way to overcharge customers to increase profit. This is the actual value of the iPhone X, he continued, pointing out that the device hides tons of new technology.
“In terms of the way we price, we price to the value that we're providing. We're not trying to charge the highest price we could get or anything like that. We're just trying to price it for what we're delivering. iPhone X has a lot of great new technologies in there that are leading the industry. It is a fabulous product. We can't wait for people to start getting it in their hands.”
The iPhone X is currently going on sale across the world, and early orders seem to be overwhelming despite the constrained supply. Apple says it’s working at full speed to bring more iPhone X units to the market and reduce the current 6-week waiting time for the device.