Apple is rolling out a new way to get its gadgets that looks a lot more like renting than owning. The company on Tuesday unveiled "Upgrade," a leasing program that lets US customers pay monthly for iPhones and other devices through buy-now-pay-later firm Klarna, with iPhone leases starting at $17.99 a month for up to two years, CNBC reports. Similar options will cover Apple Watch, while Macs and iPads can be leased for two or three years. After a soft credit check, customers can walk away at term's end, pay extra to keep the device, or move to a newer model.
The timing follows recent steep price hikes on iPads and Macs and expectations that iPhone prices will climb as component costs rise. Analysts say the leasing push could nudge customers to upgrade more frequently and make higher-end models feel more affordable by shifting attention from the full sticker price to a monthly number. An unlocked iPhone 17 Pro, for instance, will run $31.99 a month over two years; some lower-end devices won't qualify. 9to5Mac has more details on pricing and lease terms here.
The plan replaces Apple's previous iPhone Upgrade Program in the US and puts the company in more direct competition with wireless carriers' financing offers as CEO Tim Cook heads into his final earnings call in the top job this week. Engadget calls the new program a "good deal on paper" but warns that customers should check the fine print, including a requirement to "return your device in good working condition at the end of your lease term." Customers can pay for AppleCare protection, but it's not bundled with the program, as it was in the previous version. Apple reportedly has a plan to remotely block almost all apps if users fall behind on payments.
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