Verizon now only offers 3-year installment plans

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TL;DR

• Verizon has changed the available plans on its website.
• Now you can only register with a 3-year plan.
• Existing users will not be affected unless they purchase a new device.

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Also read: We compared the iPhone 13 to the Samsung Galaxy S22

Verizon is admittedly one of the best choices for data plans. Even though they are a bit on the expensive side in comparison to the offers by AT&T and T-Mobile, Verizon plans, offer arguably the most inclusive packages on the market to date. Their Unlimited packages include things like Disney+ and Apple Music subscriptions.

Now the telecom giant has decided to increase your commitment. Customers who want to buy a new device will have to lock themselves with Verizon for 36 months.

Thankfully for current customers, nothing will change, so you should not notice any difference in your bill if you bought your device before Feb 3rd, 2022. But if you are willing to buy a new device through their installment plans, you have no other option available.

One significant advantage to this move is that now you can break the device you want over more zero interest installments, bringing the total cost paid per month lower. This may help some consumers, especially considering how expensive a plan may be for a single user. Currently, the medium range of Unlimited Plans from Verizon will cost a single user around $90 per month without a device for a single line.

Add the $20-$30 monthly cost of the device, local taxes, and other optional digital insurance plans, and the bill quickly climbs over the $100 mark. 

Let us see that in a quick example. The new Samsung Galaxy S22 appeared in the Verizon store, and it is only available through a 36-month plan with zero installments. In the table below, you can see the monthly and total cost for the device with the old 24-month contract and the new 36-month contract. Additionally, you can compare the total price you will have to pay over the two time periods.

Verizon Unlimited Plan + Samsung Galaxy S22

Plan	Price calculation [Plan monthly price + Device monthly price] (Taxes and fees not included) (Auto Pay and paperless billing discount calculated)	Total paid when the contract ends (without taxes and other fees)
5G Start	$70 + $22.22 = $92.22 for 36 months $70 + $33.30 = $103.30 for 24 months	$3,319 $2,486
5G Play More	$80 + $22.22 = $102.22 for 36 months $80 + $33.30 = $113.30 for 24 months	$3,679 $2,719

This table also demonstrates why it makes sense for Verizon to make this move. First of all, it prevents people from leaving to other carriers for longer. Secondly, the monthly price of the average device with a contract falls by $10, making the deal a bit more attractive to consumers. The total, though, is expectedly higher. From $2,486 you would have to pay before, now you will have to part with $3,319 for the extra year of service.

So in the end, this may be a seemingly good move that benefits both the company and the consumers, provided that they get a device with a nice deal on it. So that you pay as little as possible on top of the monthly packages and that you do not regret your decision when you see a device discounted like crazy on another provider.

Are you a Verizon subscriber? Would you buy a device with 36-month installment plans? Let me know in the comments! 

Via: TomsGuide Source: Droid life