Apple is giving customers a new way to access its devices without purchasing them outright. The company has announced Apple Upgrade, a leasing program that allows customers to make monthly payments on products including iPhones, Apple Watches, iPads and Macs.
Under the program, customers can choose 12- or 24-month plans for iPhones and Apple Watches, while iPad and Mac agreements will run for two or three years. Once the lease ends, customers can return the device, upgrade to a newer model or make a one-time payment to purchase it.
Starting monthly costs are listed at $17.99 for an iPhone, $11.99 for an Apple Watch, $11.99 for an iPad and $24.99 for a Mac, although pricing will vary depending on the device and lease terms. Klarna will provide the leasing service, and customers will undergo a soft credit inquiry when enrolling.
The new option arrives as rising memory and technology costs put pressure on electronics prices. While leasing could lower the upfront and monthly cost of getting an Apple device, customers should keep in mind that they may not own the product at the end of the agreement unless they choose to purchase it.
Apple Upgrade is also set to replace Apple’s existing iPhone Upgrade Program and iPhone Payments program in the United States. Current participants will have the opportunity to move to the leasing option after their existing agreement ends.
(Photo by Michael M. Santiago/Getty Images)
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