Correct, makes zilch sense to buy the 12 for only $120 less.
I still got the 12 for one of the lines in our plan. AT&T offered $800 trade-in credit if we get the 12 versus just $700 on other models.
Without the trade-in deal, that line would still be on the XR. The XR still performed perfectly well including battery life. But hey, almost free upgrade so why not? Just needed to pay tax and upgrade fee.
My personal phone is the SE2 (I don't like bigger phones). Was planning on getting the 12 mini so I can test drive if its OLED gives me migraines but that hasn't really been a priority. The release of the Air 4 with TouchID power button has given me hope for a notchless iPhone (probably cheaper to boot).
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