It is always a dilemma among consumers on whether one should buy the latest smart phone now or wait for the upcoming version to be released. For Google Nexus users, the dilemma might be to either purchase the second generation Nexus 7 or wait for the upcoming Nexus 8.

When it comes to these decisions, it all boils down to which phone performs better and at their price.

The second generation Nexus 7 is a more marked up version of the first Nexus 7. Compared to the older Nexus 7, there are noticeable improvements to the new one. Along with the improvements however, comes a higher price.

The 16GB variant of the newer Nexus 7 comes for $230 while the 32GB variant sells for $270. The price range at which the newer Nexus 7 comes puts it in line with the iPad Mini 2.

The question remains; should people be buying the newer Nexus 7 now or would they be better off waiting for the upcoming Nexus 8?

Spec-wise, the new Nexus 7 sports a Qualcomm Snapdragon S4Pro Quad Core 1.5GHz processor with 2GB of RAM. This is an improvement from the previous Nexus 7's 1.2GHz processor. There is also a 5MP rear-facing camera and a 1.2MP front-facing one. A 7-inch screen boasting a 1920 x 1200 resolution can enable users to watch full HD videos.

The Nexus 8 on the other hand is rumored to have gotten an upgrade in terms of screen size with 8-inches. This puts it in direct competition with the iPad Mini 2 in terms of size. In terms of performance, it is still too early to say.

The Nexus 8 is rumored to sport an Intel Moorefield 2.33GHz processor that's paired with a PowerVR G6430 GPU. This puts the performance on the Nexus 8 higher than the new Nexus 7. The Nexus 8 will also be priced at no less than $400.

So would it be wiser to buy the newer Nexus 7 now? If considering a budget, it might seem so since the Nexus 8 will be considerably more expensive. If funds aren't an issue, then it might be wiser to just wait for the Nexus 8 to be released.