Apple has launched a new iPhone “Trade Up With Installments” plan that lets users trade in an old iPhone or other smartphone, apply that value to a new iPhone, and pay off the remaining cost of the new iPhone in installments over 24 months.
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For instance, a customer trading in an iPhone 4 with no damage in exchange for the newest iPhone 6S would pay $22.87/month.
Apple is launching a new strategy to get customers to ditch their old iPhones for a new model by combining aspects of its two upgrade programs to create the “Trade Up With Installments” plan. If you trade in an iPhone 5 for an iPhone 6, your bill will be $14.54. If you want AppleCare+, you are required to pay for it up front.
Just like the Trade In program, the most you’ll save with the new Trade Up Installment program is $350. You pay the tab for a period of 24 months, with the price covering the phone, the Apple Care+ warranty program, plus the option to upgrade every year if you choose.
Also cools is that non-iPhone owners are also eligible for the program, with Apple offering up to $300 for Android devices.
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.
As CNET points out, making the move from a six-year-old iPhone 4 to the 128GB bells-and-whistles iPhone 6s Plus will cost $35.37 per month.
The monthly fee is calculated by subtracting the trade-in credit from the price of the unlocked iPhone, and then dividing that number into 24 payments.
Credit under the various plans is handled by Citizens Bank.
It’s part a new program at Apple Stores called “Trade Up With Installments”, which started on Thursday, according to USA Today. The program is only available through the Apple retail stores.
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Apple’s motivation? There are still lots of people using older iPhones who the company would like to see upgrade.
