Apple Upgrade with Klarna: Lease iPhones, Macs, Watches for 12–36 months

Apple has officially replaced its iPhone Upgrade Program with a new leasing model called Apple Upgrade, powered by buy-now, pay-later provider Klarna. The program covers iPhones, Apple Watches, iPads, and Macs, with lease periods of 12, 24, or 36 months. Unlike the old financing plan, Apple Upgrade does not bundle AppleCare+ into the monthly payment, and eligibility is determined via a soft credit check (no hard pull on your credit score). Leased devices come unlocked, so you can switch carriers during the term, but you must maintain an active carrier plan for iPhones.

ZDNET crunched the numbers using Apple's examples. Leasing a $1,099 iPhone 17 Pro with 256GB costs $45.99/month for 12 months, totaling $551.88 (50% of retail). At the end of 12 months, you must upgrade to a new device and start a new lease – you don't own the phone. A 24-month plan on the same phone is $31.99/month ($767.76, 70% of retail). For a $2,000 14-inch M5 MacBook Pro, a 24-month lease costs $53.99/month ($1,295.76, 65% of retail). Apple Watch Series 11 (42mm, GPS + cellular) at $499 retail leases for $27.56/month over 12 months ($330.72, 66% of retail). Damage or loss fees apply, and Apple recommends purchasing AppleCare+ separately since it's not included.