Apple Upgrade: New leasing program for iPhones, Macs launching tomorrow
What's the story
Apple is all set to launch its new "Apple Upgrade" program in the US on Tuesday, July 28. The tech giant will stop accepting sign-ups for its existing iPhone Upgrade Program on the same day. However, current members can continue with their subscriptions for now. The new initiative is a partnership with buy-now, pay-later company Klarna.
Program specifics
Leasing terms and options
The "Apple Upgrade" program will let customers lease most models of iPhones, iPads, Macs, and Apple Watches.
The leasing term is 24 months for iPhones and Apple Watches, while it is 36 months for iPads and Macs.
Customers can choose to return their device after the term ends, upgrade to a newer model, or pay a fee to keep their current device.
Exclusions
Excluded devices and other details
Not all devices will be part of the "Apple Upgrade" program.
Lower-priced models such as Apple Watch SE, entry-level iPad, iPhone 16, and MacBook Neo have been excluded from this new leasing initiative.
Unlike the previous iPhone Upgrade Program, these new plans will apparently not include AppleCare+ coverage in the monthly price either.
Strategic shift
A new way to pay for devices
The "Apple Upgrade" program is a major departure from traditional financing methods.
Apple intends to market this new initiative as a way to bring down monthly payments compared to existing financing programs.
The company hopes that this leasing model will appeal more to customers looking for flexible payment options and device upgrades.