First, we will look at the plans themselves in simple terms using the aforementioned hardware as our basis for comparison.
HOW DO JUMP!, VERIZON EDGE
AND AT&T NEXT ADD UP?
- AT&T Next divides the retail price of the equipment into 20-monthly installments, upgrade requires 12 payments, there is no six-month upgrade provision.
- For JUMP!, the payment is $10 per month which provides total equipment coverage against damage, and theft. For Verizon Next, 50% of the retail price of the device must be paid in order to upgrade.
- Assumes upgrading to same device or device with same price point.
As you can see, each carrier takes their piece of the pie in significantly different ways. AT&T Next takes more money out of your pocket before you can upgrade since it breaks down the equipment cost into 20 equal payments versus 24 like Verizon and T-Mobile. Verizon’s plan allows for an upgrade at six months, but you have to pay down what is owed on the device is 50% or less than the initial retail value, despite that, Verizon Edge is very competitive with JUMP! With Verizon Edge, if you choose to upgrade annually, this is achieved automatically no matter which device you pick by simply making your payments. JUMP! from T-Mobile fits very well in the mix in terms of equipment financing plans, but as you will see from looking at the out of pocket expenses, it is not the least expensive option if you upgrade your equipment twice a year.