Dropped your phone by accident in this economy? The AI boom raising memory prices across consumer tech can make you consider some worrying financial decisions. Many flagship devices have long crossed the $1,000 threshold, and repairs can range from under $100 to a few hundred dollars, depending on your phone and the severity of the damage.

While the math may incentivize repairs, the temptation to tap into the latest technology can be hard to ignore. It might be the perfect time to switch to a phone that takes clearer photos, lasts longer and brings new features to the table. The Pixel 11’s custom Camera Looks presets and the iPhone 17 lineup’s Dual Capture video recording are exclusive to brand-new gear. Read on to figure out if a phone unboxing is in the cards or if you’re better off repairing your existing device.

A cracked screen or weak battery is worth repairing if the cost is under 30 percent of a device’s current market value and you plan to keep the device for a year. 

Repairs that cost more don’t make much financial sense, especially if you own an inexpensive device that is costly to repair. For examples, minor issues like a broken charging port or camera lens might be worth a repair; water damage might not. Assessing the cost at an electronics store is a good place to start.

Phones come with several years of software updates, meaning they can keep going after being repaired. While not every feature will show up on older hardware, most of Apple’s iPhones have enjoyed 5-7 years of software updates. Since Samsung’s S24 lineup launch, the company has promised 7 years of the latest updates for its S and Z-series flagships, with cheaper A-series phones only getting 3 years of updates.

Phones are best replaced when they become noticeably sluggish in performance and are out of warranty. In this scenario, a cracked screen or water damage isn’t worth fixing, as it won’t restore a smooth experience.

Multiple points of failure like a broken motherboard and bent frame are costlier to repair unless you opt for device protection services like AppleCare+ and Samsung Care+. Companies like Apple also offer trade-in programs for smartphones outside its lineup, albeit at a lower amount for damaged devices. Some stores offer boosted trade-in values during major events like Thanksgiving and Black Friday.

Replacing your phone can also be a good idea if you’re considering switching hardware ecosystems. Moving to an iPhone from an Android device or vice versa has never been simpler, with both platforms offering migration tools that seamlessly transfer your photos, contacts and information. If you’ve committed to a side with peripherals and gadgets, purchasing from a familiar lineup is always an option.