Purchasing a new Apple device or upgrading to new iPhones every year means paying a hefty amount upfront or getting yourself into long EMIs. This may change for many customers in the US. The Cupertino-based tech giant is reportedly gearing up to launch a new subscription-style program that would let users pay smaller monthly amounts, upgrade to a newer device before finishing payments, or keep the gadget at the end of the lease period.
Apple Upgrade To Launch On July 28
According to a Bloomberg report, Apple is set to launch a new device leasing service called Apple Upgrade in the US on July 28. This program is expected to cover most iPhone, Mac, iPad and Apple Watch models and could be backed financially by Klarna Group.
Rather than following a conventional financing model, the service is expected to work like a subscription. Customers will reportedly have the flexibility to pay off a device early, switch to a newer model before their agreement ends, or keep the device after completing the lease. The program is expected to be available through both Apple’s retail stores and its online store.
The move comes at a time when Apple has hiked prices for several products, including iPads and MacBooks, as the company faces rising memory and shortage of chip costs linked to growing AI infrastructure demand. Notably, iPhone prices have remained unchanged.
Moreover, the report adds that Apple intends to stop accepting new customers for its current payment options, including the iPhone Upgrade Program and standard financing plans, once the new service is introduced.
Not every Apple product will qualify for the new program. According to Bloomberg, the Apple Watch SE, entry-level iPad, iPhone 16 and the MacBook Neo will not be eligible.
For customers who like upgrading to the latest Apple devices but hesitate because of the rising cost, the reported Apple Upgrade service may offer an option to go with the current trend. Whether it becomes a popular alternative to buying outright will likely depend on pricing, eligibility and how much value users see in the subscription model once Apple officially unveils it.