After recent price hikes, all the latest Macs, iPads, and other Apple devices like HomePods cost way more money than they did just a few months ago. The iPhone is likely next to see price hikes. In an age when gadget prices are out of control, Apple is giving you the option to effectively rent your next iPhone or MacBook, rather than ever owning it outright.
We finally have the full details for the Apple Upgrade program, and it’s exactly what leaks promised it would be. Would-be Apple buyers will have the option to lease iPhones or Apple Watches on one or two-year terms. There are also multiple options for the latest Macs or iPads for two- or three-year stints. The price you pay for these lease terms will be much less than if you just bought each product at MSRP. Of course, any car owner will tell you to read the fine print before you go ahead and agree to any multi-year lease.
Apple’s using the Klarna payments app for all its renting options. Lease terms will depend on the regular retail price of that shiny new device you crave. For iPhones, you have either a 12- or 24-month lease period. Pricing starts at $17.99 per month for the iPhone 17e; the iPhone 17 starts at $22.99 per month; the iPhone Air at $28.99 per month; and the iPhone 17 Pro starts at $31.99 per month. You can see a breakdown for starting prices below, which come with the base storage available for each iPhone model:
iPhone 17e
- $24.99/month x 12 months = $299.88
- $17.99/month x 24 months = $431.76
iPhone 17
- $32.99/month x 12 months = $395.88
- $22.99/month x 24 months = $551.76
iPhone Air
- $41.99/month x 12 months = $503.88
- $28.99/month x 24 months = $695.76
iPhone 17 Pro
- $45.99/month x 12 months = $551.88
- $31.99/month x 24 months = $767.76
Just remember this is for the base model, without any additonal memory upgrades. In addition, Apple makes it clear that you have to select an eligible carrier when purchasing their iPhone. You cannot use a prepaid carrier plan. You cannot lease a less-expensive, refurbished iPhone, either. Still, those costs don’t seem obscene considering the current price of a $1,100 iPhone 17 Pro. Consumers have the option to upgrade after a lease term ends, though you’ll have to pay a “purchase option fee” through Klarna.
Lease terms for Macs are more expensive with predetermined 24- or 36-month lease timetables. If you want an M5 Max MacBook Pro without any extras, you’ll need to spend at least $86 per month on the 14-inch model. You can end up spending well over $150 if you opt for a better GPU on a 16-inch model.
13-inch MacBook Air
- $34.99/month x 24 months = $839.76
- $24.99/month x 36 months = $899.64
14-inch M5 MacBook Pro
- $53.99/month x 24 months = $1,295.76
- $38.99/month x 36 months = $1,403.64
16-inch M5 Pro MacBook Pro
- $80.99/month x 24 months = $1,943.76
- $57.99/month x 36 months = $2,087.64
M4 iMac
- $40.99/month x 24 months = $983.76
- $28.99/month x 36 months = $1043.64
M4 Max Mac Studio
- $67.99/month x 24 months = $1,631.76
- $48.99/month x 36 months = $1,763.64
Apple Watches available for lease include the $400 Apple Watch Series 11 and $800 Apple Watch Ultra 3, though not the $250 Apple Watch SE 3. The prices for a leased barebones watch without 5G connectivity will indeed cost less than buying one of these trackers outright.
Apple Watch Series 11
- $21.99/month x 12 months = $263.88
- $11.99/month x 24 months = $287.76
Apple Watch Ultra 3
- $44.99/month x 12 months = $539.88
- $24.99/month x 24 months = $599.76
Apple Watch Hermès Series 11
- $76.04/month x 12 months = $912.48
- $40.78/month x 24 months = $978.72
Apple Watch Hermès Ultra 3
- $95.62/month x 12 months = $1,147.44
- $51.20/month x 24 months = $1,228.80
And finally, for iPads, the leased cost of an $600 7th-gen iPad mini seems like a steal, though Apple reportedly has a new OLED version waiting in the wings that may make you wish you didn’t sign up for a multi-year lease. The $1,200 M5 iPad Pro, on the other hand, seems like a great deal when rented through Apple Upgrade, so long as you don’t also pay for memory upgrades or a Magic Keyboard.
A17 Pro iPad mini
- $15.99/month x 24 months = $383.76
- $11.99/month x 36 months = $431.64
M4 iPad Air
- $19.99/month x 24 months = $479.76
- $15.99/month x 36 months = $575.64
M5 iPad Pro
- $31.99/month x 24 months = $767.76
- $24.99/month x 36 months = $899.64
You are allowed to get some money back by trading in an older model Apple device. How much you’ll get off your lease term will depend on the age and state of your current phone. More importantly, however, you need to ensure your device remains in working order. Apple says it will charge consumers a damage fee at the end of their lease term if it finds any problems. Apple Upgrade doesn’t include AppleCare, though each device includes a limited warranty. You’ll have to spend your own money on repairs before you turn in your device at the end of your lease period.
Otherwise, the main issue with a lease is the fact that you won’t actually own the device at any point during your term. We still don’t know exact costs for buying a device or what counts as “damaged” for needing to pay a repair fee. Still, when the rumored foldable iPhone “Ultra” is set to cost well over $2,000 come September, leasing it instead may sound like a much more affordable option.
This post was updated to include a pricing breakdown for leased Apple Watches and iPads models.
