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Buying an older smart phone.

I have used PAYG phones for a considerable time and generally they have proved adequate.
I am now considering purchasing an Apple 4s as there are one or two reasonable offers about.
As this is an older model, which retailers obviously want to 'shift', am I likely to encounter any problems with updates etc?
It appears to operate on iOS7 which I suspect is no longer supported.
If anyone can advise on the pitfalls, if any, on buying an older phone I'd pleased to hear from you.

Many thanks,

Fortescue.
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