Apple is preparing to launch a device leasing program called Apple Upgrade, aiming to stimulate sales amid rising prices and market saturation. The service, set to debut on July 28, 2026, will cover most iPhone, Mac, iPad and Apple Watch models, initially in the United States.
The new subscription-like offering will allow customers to lease devices instead of buying them outright. Apple is partnering with fintech company Klarna Group Plc, which will serve as the financial sponsor of the program. Klarna’s shares surged as much as 11 percent to $20.78 on the news, while Apple’s stock remained nearly flat.
According to Bloomberg, which first reported the plan, users will be able to pay off their device early, upgrade to a newer model before the lease ends, or keep the device after the contract expires. Some transactions may incur additional fees. Similar to car leasing, customers can also return the device at the end of the term.
Lease terms and credit check
Leases for iPhones and Apple Watches will last 24 months, while Macs and iPads will have 36-month plans. Applicants will need to undergo a soft credit check to qualify for the program. The service will be available both in Apple’s physical retail stores and online.
– This model gives customers more flexibility and lowers the upfront cost barrier – said an Apple spokesperson. – We believe it will make our products accessible to a wider audience, especially in times of economic uncertainty – they added.
Pricing pressure and market context
The program comes just weeks after Apple raised prices by hundreds of dollars on Macs, iPads and other devices, citing an industry-wide memory shortage. Analysts widely expect another price hike for iPhones when new models are unveiled in September.
– The leasing program is a smart move to maintain momentum in a market where consumers are increasingly price-sensitive – commented a retail analyst from a leading investment bank. – By partnering with Klarna, Apple avoids taking on direct credit risk while still offering a seamless financial product – they noted.
Broader implications for the tech industry
Apple’s shift toward subscription-based hardware access mirrors broader trends in the tech sector, where companies are moving from one-off sales to recurring revenue models. The program could also help Apple lock in users within its ecosystem, encouraging loyalty and reducing churn.
While the initial rollout is limited to the U.S., industry watchers expect Apple to expand the program to other markets if it proves successful. The company has not yet commented on international plans.
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