Overview
- Apple launched the Apple Upgrade on Tuesday, July 28, making iPhones, iPads, Apple Watches and Macs available to U.S. customers through fixed-term leasing rather than outright purchase.
- The program lists contract lengths of 12 or 24 months for iPhone and Apple Watch and 24 or 36 months for iPad and Mac, with example monthly prices starting as low as $11.99 and device-specific offers such as an iPhone 17 Pro from $31.99 per month on a 24-month plan.
- Apple partnered with fintech Klarna to run credit checks and collect payments so Apple does not hold the financing risk for the leases.
- At the end of a contract customers can trade up to a newer model, return the device, or buy it by paying a final residual amount, and Apple Trade In credit can be applied to lower monthly payments; enrollments must be made through Apple’s U.S. site with a U.S. carrier plan.
- The program expands on Apple’s 2015 iPhone Upgrade idea by covering multiple device types and could change how consumers access devices while increasing direct competition with carriers, banks and retail financiers.