If you bought the iPhone 8 recently, you should return it immediately if you still can and buy the new iPhone SE

• If you've recently bought an iPhone 8, you need to return it as soon as possible so you can get the iPhone SE instead.
• That's because the iPhone 8 runs on two-year-old specs, and costs about the same as the 2020 iPhone SE, which runs on the iPhone 11's fast and powerful mobile processor.
• The iPhone 8 Plus is a little trickier, as it comes with a larger screen and a dual-lens camera that the iPhone SE doesn't have. For those who recently got the iPhone 8 Plus, I would still suggest returning it and getting the iPhone XR for just $50 more.
• The iPhone XR runs on newer specs (from 2018), but just keep in mind it has a single-lens camera. If you really want the iPhone 8 Plus' secondary zoomed lens, then keeping your iPhone 8 Plus is your best bet.

For years, the best way to get an inexpensive iPhone was to look at older models and, to get any kind of "budget-friendly" price tag, you'd need to look back at least a couple generations.

For example, up until recently, the two-year-old $450 iPhone 8 series from 2017 was the "budget" option among the shiny and fancy iPhone 11 series, which start at a minimum of $700.

Looking a couple generations back to score an iPhone for less isn't the worse deal in the world. You're still getting the excellent iOS operating system, and the Apple ecosystem is very much available to you.

But, it does mean running on two-year old specs. In turn, that means budget iPhone owners got a lesser and slower experience running the iOS operating system and their apps than those with the latest models. For some, it also means buying older, inexpensive iPhones more often, because they start to show their age a lot faster than the newer models — which doesn't save you much money in the long run.

After making iPhones since 2007, Apple has finally chosen the year 2020 to change all that, and it introduced the iPhone SE — here be a $400 iPhone with the same mobile chip as the latest flagship iPhones that cost hundreds more.

In a nutshell, it means that anyone who spends $400 on the iPhone SE will have the same experience running the iOS operating system and apps as someone who spent $700 on the iPhone 11. It's a huge move that makes the latest core iPhone experience significantly more affordable.

For this reason, if you recently bought the iPhone 8 from Apple or anywhere else, you seriously should consider returning it immediately within the return window and get the iPhone SE.

What if you just bought the iPhone 8 Plus?

As for those who recently ordered the larger iPhone 8 Plus with the dual-lens camera, it's a little trickier. On one hand, you're getting a larger screen and a dual-lens camera — two things that the iPhone SE doesn't have. But, on the other hand, your iPhone is still running on two-year-old specs.

The better option for those who recently ordered the iPhone 8 Plus would be the iPhone XR, because the XR has a large, 6.1-inch screen, and it runs on more recent specs from 2018. But, the iPhone XR has a single-lens camera that doesn't include the iPhone 8 Plus' zoomed lens — if you're keen on getting that zoomed lens, then the iPhone 8 Plus is still your best budget option for now.

Otherwise, if you don't care about the zoomed lens, you should return the iPhone 8 Plus as soon as possible and get the iPhone XR for just $50 more.

What if you're past the return window for your iPhone 8?

Unless you can sell it on for the same price you bought it, it may not be worth selling your iPhone 8 or iPhone 8 Plus just so you can buy the iPhone SE. The whole attraction surrounding the iPhone SE is what you get for its $400 starting price tag. If you pay more, you'd be defeating the point.

Don't fret if you're beyond the return window for your iPhone 8. You still have a fantastic smartphone. Next time you're in the market for a smartphone, make sure to check the rumors online before pulling the trigger. While the rumors might not always be accurate, you'll at least get some indication as to when you can expect a new model. If it's just a few weeks away, waiting could pay off. At the very least, you can typically expect a new flagship Apple iPhone every September.