Apple is reportedly preparing to launch Apple Upgrade, a new device leasing program, as per a new report. With this, instead of paying the full price upfront, Apple may soon let buyers lease their next iPhone, iPad or Mac.
The information comes from Bloomberg's Mark Gurman, who reveals that Apple Upgrade could function like a subscription model. It is said to cover most Apple iPhones, iPads, Macs and Apple Watches.
However, do note that Apple Upgrade may not include AppleCare. Moreover, devices like the iPhone 16, Apple Watch SE, entry-level iPad and MacBook Neo are reportedly ineligible for leasing through the program. In addition, business and education purchases are also said to be excluded from Apple Upgrade.
How Will Apple Upgrade Work
The report also gives us an idea of how the Upgrade program will work. For starters, users can reportedly pay off a leased device early, upgrade ahead of schedule or keep the device at the end of the term. However, some of these options could potentially carry an extra fee.
Further, the report states that, much like a car lease, the leased Apple devices can also be returned once the term ends.
The lease lengths are said to vary by product, with 24 months for iPhones and Apple Watches and 36 months for iPads and Macs. Additionally, the report notes that approval for an Apple Upgrade lease could require a soft credit history check, similar to how credit cards and loans function.
However, the Cupertino giant is not doing it all itself and has reportedly partnered with Klarna Group Plc to back Apple Upgrade. Apple had apparently explored a similar in-house leasing plan before scrapping it back in 2024.
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Apple Upgrade Launch Date Revealed
The latest report suggests that Apple Upgrade could launch as early as July 28, 2026, in the US, both online and in Apple's retail stores. The timing follows Apple's recent price hikes on Macs and iPads due to the ongoing RAM crisis.
To make room for Apple Upgrade, Apple is reportedly planning on ending new sign-ups for its current iPhone Upgrade Program and standard financing plans.
At the time of writing, neither Apple nor Klarna have confirmed these details. So, we wouldn't recommend taking these details at face value for now.
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