Don't buy the iPhone 15 now - be prepared for a price drop when the new iPhone 16 comes out

When CEO Tim Cook takes the stage at Apple's fall event, rumored to take place next month, all eyes will be on the new iPhone 16 models set to be unveiled. But don't take your eyes off the existing iPhones.

The launch of a new iPhone means a shake-up of Apple's phone lineup. Some current models will disappear and the prices of the remaining models will drop. What makes this year's release even more exciting is that only two current models support the Apple Intelligence features introduced this year. And that could impact which models stay in the lineup.

The bottom line is that if you're thinking about buying an iPhone right now, you should probably wait, even if you don't plan on considering one of the new iPhone 16 models. (Well… wait, unless your carrier has an upgrade deal that's too good to pass up.) That's because the iPhone model you might be eyeing right now could be available at a lower price in just a few weeks.

Reports now suggest that September 10 is set as the iPhone 16 release date – which Apple has not yet officially confirmed. Here's what could happen to the existing iPhone lineup, including the new prices Apple could charge for current phones once the iPhone 16 models go on sale.

Apple's likely iPhone 16 series

(Image credit: Apple Hub)

As a refresher, let's take a quick look at the new phones Apple will unveil in September. We're expecting four models – a standard iPhone 16, a large-screen iPhone 16 Plus, and two iPhone 16 Pro models. These phones are expected to ship with larger displays – a 6.3-inch iPhone 16 Pro and a 6.9-inch iPhone 16 Pro Max.

There has been some talk that an iPhone 16 Ultra could join Apple's new lineup, either as a completely standalone phone or as a replacement for the Pro Max. But that talk has died down, and we'd rate the chances of an Ultra model as virtually nonexistent at this point.

The iPhone 16 prices could remain the same as what Apple charged for the comparable iPhone 15 models, with the new phones likely starting at $799. The only exception could be the iPhone 16 Pro, which is rumored to see a $100 price increase to $1,099. I believe this move by Apple would be unwise, as some people are hesitant to pay more than $1,000 for a phone.

What this means for current iPhones

All iPhone 15 models shown together.

(Image credit: Future)

Assuming Apple maintains current pricing for the new '16 iPhone models, we would have a pretty good idea of what would happen to the current iPhones that remain part of Apple's lineup. While Apple likes to keep its product launches mysterious, there is a pretty recognizable pattern to its product launches that gives us a starting point for guessing about price changes on current models.

Any phone that remains part of Apple's lineup after the iPhone 16 debuts will likely see a $100 price cut. The only exception is Apple's cheapest phone, the iPhone SE. Apple puts this mid-range phone in a class of its own, so its $429 price is unlikely to be affected by the iPhone 16's release. Don't expect any price changes for this model until the iPhone SE 4 launches, which many believe will be in 2025.

Instead, the iPhone 15 is the most likely to see a price cut if Apple keeps that phone in the company's mobile lineup. The iPhone 15 is Apple's entry-level flagship and should still be attractive to bargain hunters even after the iPhone 16 comes out. If Apple follows the same pattern as with the iPhone 14 after the iPhone 15's release last year, the iPhone 15's price will drop by $100 to $699.

Speaking of the iPhone 14, it will likely remain in the iPhone lineup, as Apple typically sells its flagships up to two years after their initial release. The price of the iPhone 14 is also expected to drop by $100, making it $599.

The wild card could be the iPhone 15 Plus. Apple is currently selling the iPhone 14 Plus after cutting its price by $100 to $799 last fall. You'll notice that's the same price as the standard iPhone 15. It's possible that Apple will make a similar move with the iPhone 15 Plus, although the company could also decide not to cannibalize iPhone 16 sales by offering a larger-screen device at the same price as its new model.

The iPhone 13 remains in Apple's iPhone lineup for now, priced at $599. With the phone celebrating its second birthday in the fall, it's almost certain that Apple will stop selling it. Two-year-old phones rarely stay in Apple's lineup.

What about the iPhone 15 Pro?

iPhone 15 Pro Max action mode with 5x telephoto lens

(Image credit: Tom's Guide)

We haven't yet mentioned the fate of the iPhone 15 Pro or the iPhone 15 Pro Max. In the past, Apple has only kept its Pro phones in stock for a year and discontinued them as soon as new Pro phones became available. If that pattern continues with the launch of the iPhone 16, you might think that the iPhone 15 Pro and iPhone 15 Pro Max are living on borrowed time.

However, the iPhone 15 Pro models both have an A17 Pro chipset, and so are the only current iPhones to support Apple Intelligence, the AI-powered features that bring writing tools, photo editing capabilities, and a smarter Siri to Apple phones. All four iPhone 16 models will be able to run Apple Intelligence features, but one wonders whether Apple might have an incentive to keep at least one current Pro model in the range if it means more users will get AI features.

Assuming a $100 price cut on the current Pro models, the iPhone 15 Pro would cost $899 and the iPhone 15 Pro Max would cost $1,099. The iPhone 15 Pro's reduced price would theoretically be in line with what Apple is likely to charge for the iPhone 16 Plus, so Apple may drop the current Pro model. However, the iPhone 15 Pro Max could sit right between the iPhone 16 Pro Max and the iPhone 16 Pro, assuming Apple keeps the latter's price at $999. This would give potential upgraders another option that doesn't necessarily hurt iPhone 16 Pro sales.

Outlook on the iPhone product range

Assuming that the rumored date for Apple's September 10 product event is indeed accurate, it won't be long before we know which current iPhones will remain on sale and how the company will adjust prices. In the meantime, try to hold off on buying new iPhones and you could enjoy a new model for much less than you'd currently pay for it.

Don't buy the iPhone 15 now – be prepared for a price drop when the new iPhone 16 comes out

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