Apple officially launched the Apple Upgrade leasing program in the US on August 4, 2026, allowing users to lease iPhones, iPads, Macs, and Apple Watches with monthly payments instead of buying outright or financing [1, 2, 3]. The program replaces the previous iPhone Upgrade Program and is open only for new enrollments, while existing members of the iPhone Upgrade Program can continue payments until their terms end but cannot join Apple Upgrade [4, 1, 5, 3].
Leases on iPhones and Apple Watches run for 24 months, while leases for Macs and iPads last 36 months [1, 2, 3]. Monthly prices start around $17.99 for the iPhone 17e, $11.99 for Apple Watch Series 11 and iPad Air, and $24.99 for the MacBook Air [1, 6, 2, 3]. At lease end, customers have the option to upgrade to the latest model, pay a one-time fee to keep the device, or return it and exit the program [1, 7, 6, 2, 3].
Apple made Apple Upgrade available in partnership with Klarna, which handles financing decisions including a soft credit check. Klarna will terminate leases if customers miss three consecutive payments, requiring full outstanding balances to be paid, according to spokesperson Clare Nordstrom [1, 7, 5, 6, 2, 3].
Unlike some prior Apple leasing or upgrade options, AppleCare warranty or insurance is not included in the leases by default and must be purchased separately for an extra fee [1, 5, 2, 3, 8]. Leasing customers do not own their devices and must return them in good condition or face wear-and-tear charges; early upgrades or lease terminations may involve substantial fees [7, 5, 8].
Apple introduced the program amid recent hikes to device prices triggered by ongoing global shortages in memory and storage components. CEO Tim Cook called that situation "unsustainable" while confirming these supply challenges as a driver behind the new leasing program launch [1].
Some Apple models, including the iPhone 16 series, Apple Watch SE, and Mac mini, are not yet eligible for Apple Upgrade leasing [3]. Before the launch, reports of the program leaked weeks earlier, while the price increases for many Macs and iPads were rolled out around July 2026 [1, 5, 2, 3].
Apple Upgrade aims to provide customers flexibility to access Apple hardware with lower upfront costs through monthly payments and device upgrades over time. The program marks Apple's latest effort to address supply-driven cost pressures and changing consumer financing preferences.
Existing iPhone Upgrade Program users can continue with their current arrangements, but new sign-ups must go through the Apple Upgrade leasing platform, effective from August 4, 2026 [4, 1, 3].
