I’m in the market for a M4 Mini but have been agonising over the spec for months.
Having a limited budget and wanting the best value I have naturally wanted to buy the base model but I am not at all keen on the very restrictive storage of it.
Without taking into account any sales, a look at Apple's website just now:
1.) M4 10 core CPU/10 core GPU, 16 gig RAM, 256 gig SSD: $600 (I'm rounding up a penny on prices).
2.) M4 10 core CPU/10 core GPU, 16 gig RAM, 512 gig SSD: $800.
3.) M4 10 core CPU/10 core GPU, 24 gig RAM, 512 gig SSD: $1,000.
4.) M4Pro 12 core CPU, 16 core GPU, 24 gig RAM, 512 gig SSD: $1,400.
Here's my thinking (disclaimer: no guru and going off impressions of reviewers and posts; mine is an M4Pro and I don't do demanding work).
Judging from reviews, unless you often do computationally highly demanding work, you likely don't need the M4Pro. Be aware you sacrifice TB5 and just get TB4, and I assume you'll mainly use an external SSD, but from discussions elsewhere I suspect an external Thunderbolt 3 SSD's speeds will do you fine. If you ever buy one of those now expensive TB5 docks, yes, the added total bandwidth of TB5 would be nice, but not essential.
16 Gig RAM...seems okay for now, but more RAM means less swap file use of the SSD, plus I don't trust Apple's minimums of much of anything. The multi-year 8 gig RAM debacle comes to mind. 16 Would probably be okay, but if money's not too tight 24 gig would be nice.
256 Gig SSD is, in my opinion, a joke unless you intend to run off an external SSD, and even then, in other threads I've gotten the impression some software prefers to install some content on the internal SSD and it can get crowded on there. I assume you intend to keep this Mini for several years. I recommend aiming for at least 512 gig SSD.
So, I think M4 processor with 512 gig SSD, $800, is the recommended minimum. But now try to get better spec.s for near the same money on the Apple refurb. store or a sale.
If money is tight, it gets down to that vs. the $1,000 version with 24 gig RAM. When a computer is several years old, limited RAM can slow you down. The Mac should still work, but your ability to have multiple app.s running at once, multiple browser tabs open and not have the system get sluggish till you close some things may be impacted. I've got an old 2017 12" Intel MacBook with 8-gig RAM (and even it's got 512-gig SSD!), and that's my experience with it.
A problem with Macs is that as you spec. up, it gets complicated because then just a little higher spec. would be even better. Chasing perceived value.
Note: Apple's education discount, refurb store and 3rd party vendor sales should not be ignored. I'm seeing some nice stuff of the refurb. store right now.
Note #2: If you get a 512-gig SSD and don't require a lot of storage, you may be able to hold off and save your money before buying an external SSD. If you get a 256-gig SSD, you may need that external faster.
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Peripheral matter to consider - if and when you go to an external SSD for cheaper storage, do you plan to make it your Startup Disc (largely ignoring internal storage), your 'home folder' (I don't recall the specifics; never did that) or just use it for big libraries (e.g.: Photos) and to install some app.s?