There is another variant with 8GB RAM and 128GB internal storage but purely from the performance point of view, both phones are similar. The only big advantage that the higher priced variant of the OnePlus 5 gives you is the extra storage. It is not needed for most consumers in the initial months but if you are looking to use the phone for two odd years, 128GB storage means you won’t have to probably worry about deleting the photos of your kids from the phone after a year to free up the storage..
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