Apple plans to debut 'Apple Upgrade,' a new device leasing program, on July 28, according to reports. The program is designed to provide more flexible payment options for Apple's range of devices, including iPhones, iPads, Macs, and Apple Watches, through a leasing system.
Customers will be able to lease selected Apple devices over 24 months for iPhones and Watches, and 36 months for Macs and iPads. Key models like the Apple Watch SE and iPhone 16 will not be eligible for leasing under this program.
The program utilizes Klarna for financial backing, requiring a soft credit check for enrollment. Unlike previous programs, Apple Upgrade does not include AppleCare coverage.
The introduction of Apple Upgrade will mean discontinuation of the iPhone Upgrade Program as well as standard financing options for new customers. Existing members might face changes as Apple shifts its service strategy.
The older iPhone Upgrade Program allowed customers to purchase devices over 24 months with an option to upgrade after a year, including AppleCare coverage.
This change comes amidst increasing device prices due to component shortages, making alternative payment plans attractive for consumers. Apple aims to extend access to its devices with this leasing program, though by excluding budget models, it may leave cost-sensitive consumers without options.
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