1 of 2
Marcio Jose Sanchez, AP
FILE - In this Sept. 7, 2016, file photo, Phil Schiller, Apple's senior vice president of worldwide marketing, talks about the pricing on the new iPhone 7 during an event to announce new products, in San Francisco. The new iPhones are better, even when considering that the most dramatic change is what got taken away: the traditional headphone jack. (AP Photo/Marcio Jose Sanchez, File)

The iPhone 7 goes on sale Friday and preorders have been open since last week.

And with a price ranging from $649 for the 32 GB model, according to TechRadar, to $849 for the 256 GB model, the latest toy from Apple may not be within every consumer's budget.

But a historically proven bonus appears when the latest iPhone becomes available: The market rate for used iPhones drops 10 percent within the two weeks after the launch, and prices continue to decline thereafter.

Venturebeat.com noted that price fall has already begun with the iPhone 6s and the iPhone 6s Plus now starting at $99 and $199 on contract, with base storage doubled to 32 GB. The iPhone 6, iPhone 6 plus and iPhone 5s have all been discontinued.

If you’re living on a budget, it’s probably best to look at the older models, Macworld recommended. And if you’re “really strapped for cash,” than you might want to consider getting a secondhand model from someone who’s looking to upgrade to the newest iPhone.

For those wanting to upgrade, the easiest option is to trade in your phone at your wireless provider, time.com recommended. And Apple’s “Trade Up” program offers a $225 Apple gift card for an iPhone 6, with 16 GB and in good working condition.

Independent third parties, such as Amazon, Best Buy and Gazelle, are another trade-in option, with likely better payout than wireless providers, Time.com noted.

Or you can sell your phone yourself through an online listing on KSL.com, Craigslist, eBay or LetGo, or through a social media posting to your friends.

If the iPhone 7 is for you, this latest model is the first to have a waterproof and dustproof design able to handle 1 meter of water for up to 30 minutes, pcadvisor.co.uk noted. Another first is stereo speakers at the phone’s top and bottom.

The new camera, pcadvisor.co.uk said, is 60 percent faster and 30 percent more energy-efficient.

The battery life is two hours longer than the iPhone 6s, pocket-lint.com reported.

One of the more controversial changes has been the elimination of the headphone jack, meaning iPhone 7 users will have to use wireless headphones or lightning cords, a product that has already received several complaints on its workmanship, Quartz reported.

Contact the reporter at smanderson@deseretnews.com; Or follow her on Twitter at @Sarahsonofander.