Most of us love to have the latest shiny new tech gadget. From smart speakers to fitness devices, and AI-powered voice-enabled gadgets like Alexa to VR headsets, these are increasingly common in most homes.
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The problem is that these gadgets don’t just come with the upfront price tag. The tech sector has gotten very smart at making sure we can’t live without these shiny devices, and the majority of them need subscriptions in order to work and keep working.
A smart TV that you buy for $1,000 needs subscription packages so you’ve got things to watch. Because there’s no universal platform for TV shows, movies, podcasts and other types of entertainment, it means getting multiple streaming packages, so that $1,000 TV could cost you a further $500 every year.
Let’s take a closer look at the true cost of five must-have tech gadgets.
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Smart home devices
Smart home devices include things like Smart speakers, cameras and doorbells (like Nest and Ring), and smart thermostats. All of these gadgets make running our homes easier, and in the case of doorbells, help provide a layer of security.
Upfront cost: Typically, these are usually quite affordable to start with, usually in the $50 to $200 range. You can get premium versions of any device, but even so, there is always an upper limit.
However, smart speakers and doorbells, or devices like Alexa, Google Nest, or Apple HomePods, and similar products aren’t stand-alone devices. All of them need subscriptions to work.
What are the hidden costs?
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Smart doorbells have monthly subscriptions.
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So do smart thermostats.
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In the case of devices like Alexa, Google Nest, or Apple HomePods, these all require subscriptions to the relevant platforms, like Amazon Prime, or apps you want to use on them, like Spotify.
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Depending on what you’ve got, hub or bridge devices are sometimes required.
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More complex systems might require professional installation
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There’s also potential accessory costs, like smart plugs or additional sensors (for doorbells, etc.).
For example: A $99 smart cameras like Ring need a $5 for a five month subscription. This will cost $60 per year, and $600 over 10 years (assuming no price increases during that time).
Smartwatches and fitness trackers
Having a smartwatch or fitness tracker has become a must-have for counting steps. Whether you like walking or are a keen runner, step counts and calories burned are an essential part of fitness.
Upfront cost: Prices for these can be anywhere from $150 to $500 or more. Fitbit is the most popular brand, but of course, there are many others, and a smartwatch can be used for fitness as much as texting.
What are the hidden costs?
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Using a device like a Fitbit may mean having a subscription. There’s no getting around that. All of these devices come with subscription plans like Apple Fitness+, Fitbit Premium, and others.
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For LTE-enabled models, you may need a cellular data plan for around $10 per month.
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Because these are used daily, they do have a short lifecycle. New models come out every 1-2 years. So you may only get a couple of years of use out of any particular fitness device.
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Other costs could include band replacements (the standard ones aren’t always comfortable for something you wear 24/7) and screen repairs.
For example: A Fitbit Sense 2 costs $200, and then the monthly Premium cost is $9.99 per month. Making it cost $319.88 in the first year, without accessories. Ongoing costs would be $119.88 or $79.99 per year if you pay in one installment. Over 10 years, the total cost will go well over $1,000.
Virtual Reality (VR) headsets
Upfront cost: VR headsets are popular with gamers and can be fun to have in the house if you’ve got kids or teenagers or want to use one from time to time. Popular brands include Meta (Quest devices), PlayStation, and HTC.
The average upfront costs can be anywhere from $300 (for the cheapest Meta Quest) to $3,500 (for Apple Vision Pro).
What are the hidden costs?
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If you are playing games using it, then game and app purchases are often around $20 to $60 each.
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Plug-in accessories, like controllers, comfort mods, and charging docks.
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For really High-end headsets, you may need a powerful PC to use them (that could cost easily over $2,000).
For example: Meta Quest 3 ($499) + accessories ($100 or more) + games ($200+) = $800 or more realistically, plus any ongoing subscriptions and in-app purchases.
Subscription-based gadgets
Gadgets that need a subscription to function, like the WHOOP (a next-level fitness device), Peloton fitness bike or Oura Ring (also a type of fitness device, but more sophisticated than a Fitbit), are also increasingly popular.
Upfront cost: In most cases, these devices start at $200 and can be up to $2,495 for the Peloton Bike+.
What are the hidden costs?
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Mandatory monthly subscription fees, which are often around $20 to $50 a month.
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With all of these, you only get very limited functionality without a subscription.
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You’ll also likely need to replace any device in a few years.
For example: $2,495 for the Peloton Bike+ and a monthly subscription of All-Access Membership ($44 a month) equals $3,032 in the first year (not counting any accessories). Over five years, the price of the subscription alone will exceed the cost of the bike.
Streaming and Smart TVs
Smart TVs and streaming services are as essential as Wi-Fi these days, and most people factor in those streaming costs into their monthly budgets.
Upfront cost: TVs are typically from $500 to $3,500 or more for really high-end ones.
What are the hidden costs?
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Multiple streaming subscriptions are usually needed, like Netflix, Disney+, Hulu, Amazon Prime, and others.
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Soundbars or surround sound systems for decent audio can be useful too.
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As technology becomes outdated, you’ll probably want to upgrade (e.g., 4K to 8K, HDR, etc.).
For example: A $1000 TV + three streaming services at $14 per month x three = $1,504 in the first year, and it will cost a minimum of $504 every year after that (plus price increases and any in-app purchases), meaning $5040 over 10 years.
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This article originally appeared on GOBankingRates.com: 5 Tech Gadgets That Will Cost You Way More To Own Than You Think
