Basically the new plan is the following:
$50 for Unlimited Talk, Unlimited Text and 500MB of data that you can share.
If you care about Sharing your data you can add 2GB of data for $10
You can add that up to 6 times for a total of 12GB that you can share.
If you don't care about sharing your data you can get the Truly Unlimited Data Plan for $20
You are still paying for 500MB that you can share with the original plan, so even with Unlimited Data you'll be able to share those 500MB.
If you want to add more lines for a family, you can have up to 5 lines.
The second line would cost you $30 for the same $50 basic plan. A third, fourth and fifth line would each cost you $10.
Data plans are NOT shared, so you do have to add them individually if you wish. So if you want all 5 lines to have Truly Unlimited Data that would be a total of $20 X 5 = $100 for all the data plans.
If you are a single user who just wants a cell phone with about 2Gigs of data, on Verizon this would cost you $40 for a Smartphone service and $60 for 2Gigs of data. It would be a total of $100.
With T-Mobile it would be $50 for a Basic line and another $10 for 2 extra gigs, giving you a total of $60.
That's a Savings of $40 per month.
This is what both of those services would cost if you already had a phone you could use. But what if you don't?
If you need a phone, the Verizon line would not cost you extra. You Pay around $200 for the phone that you want and sign a 2 year contract.
The T-Mobile plan would require you to put around $100 down and then you could sign a 2 year contract where you pay an extra $20 a month for the phone. So instead of $60, it would now be $80. You are still saving $20 a month.
That's $240 a year, or $480 in the 2 year period, that's basically another phone. If you take into consideration that you had to pay about $100 less down, it IS another phone.
At the end of the 2 years T-Mobile stops charging you the extra $20 for the phone. Verizon does not.
So if you are happy with your phone and service and you decide to keep using the same phone for another year, with Verizon you would end up paying $480 more.
Obviously there are more things to take into consideration when looking for a cell phone provider. But when looking at just the numbers of what it would cost to have the phone, T-Mobile looks like a far superior option.
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