Have You Taken The iPhone 18 Affordability Test? Check EMI Costs And Value For Money

Like every other year, Apple stores saw long queues with people turning up as early as 5 am to buy iPhone 18 Pro and iPhone 18 Pro Max. But something is different this year; many buyers are finding the new variants unaffordable. Soaring memory chip costs ‌and price increases seem to have dampened consumer demand, reported Nikkei Asia, and Apple has also told some suppliers to cut production of the components of the new models.

iPhone 18 Pro and iPhone 18 Pro Max prices start at Rs 1,64,900 and Rs 1,79,900, respectively. Add the financing cost, including interest rates, processing fee and goods and services tax (GST), and the total amount will exceed the listed price, depending on the tenure, the scheme or offer chosen. An AppleCare protection plan or accessories will take up the cost further.

You may think financing is an option. According to Counterpoint Research’s Monthly Smartphone Financing Tracker for May 2026, financing options, including those by non-banking financial companies (NBFCs) and credit and debit card equated monthly instalments (EMIs), are expected to account for 42 per cent of smartphone sales in India in 2026, up from 35 per cent in 2025.

But before you think of financing, you need to take the affordability and value tests we have created for you.

The Affordability Test

Lenders usually use the 40 per cent EMI-to-income benchmark to assess a borrower’s debt capacity. Experts whittle it down to around 30 per cent.

Abhishek Kumar, a Securities and Exchange Board of India-registered investment advisor (Sebi RIA) and founder of SahajMoney, cautions that 40 per cent should be treated as the upper ceiling of the total debt you have rather than a spending target. So, 40 per cent should include loans for home and car. “A financially prudent approach is to keep the total debt servicing for lifestyle or consumer electronics below 30 per cent,” he says.

Another rule is the 50/30/20 ratio. Says Madhupam Krishna, Sebi RIA and chief planner at WealthWisher Financial Planner and Advisors: “This rule divides the after-tax income into three buckets in the 50:30:20 ratio for needs, wants and savings, respectively.” Check if the iPhone EMIs fits the 30 per cent bucket.

Syeda Tinnat Aman, 26, a junior resident dentist based in Assam, passes both the affordability tests comfortably. She bought an iPhone 17 Pro with 256GB storage for Rs 92,000 in September after availing of an exchange offer of Rs 30,000 for her older phone and a store discount of Rs 10,000. Her EMI over 12 months is around Rs 7,667, which is about 16 per cent of her salary of Rs 48,000. Having no other loans, she could have easily afforded some variants of the iPhone 18 series.

The Value Test

Beyond affordability, buyers need to consider whether a premium smartphone offers practical value to justify its price. Kumar advises buyers to distinguish between professional utility and status-driven consumption.

“The device should directly enhance your productivity or income generation capability,” says Kumar.

It’s also important to assess if the chosen model fulfils an individual’s needs. For instance, buyers should assess their storage requirements before paying more for higher-storage variants, says Krishna. Kumar adds that spending on a depreciating asset such as a smartphone should not come at the cost of emergency savings, or investments for other financial goals.

Buyers who find the iPhone 18 series unaffordable can settle for the older generation iPhones, lower-storage variants, certified refurbished models or even switch to Android phones.

manas.malhotra@outlookindia.com