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Apple Leases New Devices: Pay Less Monthly?
28 Jul
Summary
- New Apple Upgrade program offers 12-36 month leasing terms for devices.
- Klarna handles credit checks, with soft checks not impacting scores.
- Leasing aims to make premium devices more attainable and offers trade-ins.
Apple has introduced the Apple Upgrade program, a new leasing service powered by Klarna, for its popular devices including iPhones, Apple Watches, Macs, and iPads. This initiative provides customers with fixed leasing terms ranging from 12 to 36 months, depending on the specific product. The program is positioned as a more flexible payment method compared to traditional outright purchases or carrier-tied contracts.
Industry analysts note that the leasing model could be a strategic move to manage rising hardware costs. By emphasizing lower monthly payments, Apple aims to make its premium devices appear more accessible to a wider consumer base. This approach may also encourage more frequent upgrades and secure a consistent supply of pre-owned devices for Apple to resell, potentially expanding its customer reach.
Apple Upgrade offers 12- or 24-month terms for iPhones and Apple Watches, and 24- or 36-month terms for Macs and iPads. Monthly costs start as low as $11.99 for an Apple Watch or iPad, $17.99 for an iPhone, and $24.99 for a Mac, excluding taxes and fees. A soft credit check is required through Klarna upon signup, which does not affect credit scores. At the lease's end, users can upgrade, return, or purchase the device outright. Notably, the new program does not include AppleCare, unlike its predecessor, the iPhone Upgrade Program, requiring a separate subscription.
