Apple's Newest Plan for Getting You the Latest iPhone
Trade in your old iPhone and lease a newer version for as low as $15/month.
— -- Apple unveiled a new program today making it easier and more affordable for tech-hungry customers to get their hands on the latest and greatest iPhones.
Beginning today in Apple retail stores located in the United States, customers can trade in their older iPhones, Android or Windows Phones for a newer iPhone, with 24-month payment plans starting at $15 per month, the company said.
The new program is a hybrid of two other options Apple offers -- including a new iPhone leasing plan that allows customers to upgrade every year, assuming there is a new iPhone. The other program offers a trade-in credit that can be applied to the purchase of a new iPhone.
In the company's last earnings call, Apple CEO Tim Cook said 60 percent of iPhone users are still using a device that predates the iPhone 6 and iPhone 6s. The new program is designed to make it easier for these people to jump to a newer device.
For instance, a customer trading in an iPhone 4 with no damage in exchange for the newest iPhone 6S would pay $22.87/month. A customer with an iPhone 5c who wants an iPhone 6 would pay an estimated $14.54/month for a new unlocked device.
The payment plans are calculated from the new phone's cost minus a customer's trade-in credit and then divided by 24, spreading the cost out over two years. Apple doesn't make interest on the plan.
Customers with the dreaded cracked screen are also eligible to take advantage of the program but will receive a reduced amount for their trade-in. Apple estimates the typical trade-in value for an iPhone 4 or 4s in good condition is $100; iPhone 5, 5c and 5s $200; iPhone 6 $300; iPhone 6 Plus $350.
Android and Windows Phone trade-ins depend on the model and the phone's condition but typically run between $100 and $300 for customers looking to make the jump to an iPhone.