When you're about to pay $699 or more for a new iPhone, it's important to know how much repairs are going to cost over its lifetime, and Apple just revealed its repair pricing for the iPhone 12 and 12 Pro.
Last year, repairing damage to an iPhone 11 screen out of warranty cost $199, but that was an LCD panel. The iPhone 12 uses an OLED panel, which means screen damage repairs now cost $279. iPhone 12 Pro screen damage repairs cost the same, and while pricing for iPhone 12 Pro Max repairs isn't available yet, I suspect it will match the iPhone 11 Pro Max pricing of $329 for a new screen.
If you need a new battery in your iPhone 12 out of warranty, it's $69 for both models, and probably for the Max, too, although that's unconfirmed. Then we're on to "other damage" repairs, which is when you end up asking the question of whether it's worth paying for the repair or opting to buy a brand new handset instead. For the iPhone 12, out of warranty other damage repairs cost $449. For the iPhone 12 Pro the price increases to $549. If the Pro Max follows the iPhone 11 Pro Max pricing, it will be $599 for such repairs.
You can, of course, minimize or remove these repair costs by opting to sign up for an AppleCare+ plan. Screen repairs then cost $29, and battery replacements are free. The biggest saving is if your iPhone gets "other damage" though, as Apple charges just $99 to fix it, which is much easier to swallow than the $449+ you'd otherwise pay.
Last year, Apple turned AppleCare+ into a monthly subscription. You can still pay upfront for two years, but the subscription option spreads out the cost and is ongoing as long as you keep paying the monthly charge. Earlier this year, Apple also quietly improved AppleCare+ by increasing the number of accidental incidents covered to four every 24 months (it was two previously), and the theft or loss deductible was capped at $149.