Chad Murray
Sorry Chad, a car is not a bike.
Since there are no results on Google for this term, let me be the one to coin it.
The iPhone Subprime Crisis is what will happen as a result of Apple lowering the point-of-entry price of a new iPhone while increasing the overall cost of ownership over the two year term of the contract (up to $2700!).
People who thought they couldn’t afford an iPhone when they cost $400 now (falsely) feel like they can afford one when it’s $200. After a few months of heavy bills, as the “cell contract foreclosures” begin, look out for a lot of used 3G’s coming to eBay.
