Apple revealed its new iPhone on Monday, Sept. 9, fit with artificial intelligence and cameras that just keep getting better. The iPhone 16 even has a camera control button on the edge. Sales start this month, but how many Americans will be racing to get the latest gadget?

Sixty-three percent of Americans said they would not be buying a new phone this year because of inflation, according to a WalletHub survey released Tuesday.

Inflation is coming down. This summer, annual inflation fell below 3% for the first time since early 2021, but prices are up more than 20% over the past four years. 

The WalletHub survey reveals what people really think about spending money on an iPhone. Nine in 10 Americans say iPhones are overpriced. 

Apple’s latest iteration starts at $799 for the basic version, $899 for Plus, $999 for Pro and $1,199 for Pro Max.

Even if they think it is overpriced, more than 2 in 5 Americans said an iPhone is worth going into credit card debt to get. Around the same amount of people think having the latest phone is important for their self-image.

Thirty percent of Americans said the person who always has the latest iPhone is rich, while 27% said that person is wasteful.