Apple today announced a “Trade Up With Installments” program that will see people get a brand new iPhone for as little as $15 per month in some instances (via CNET). The program, was designed for people who have older-generation iPhones and lets these customers hand over their old iPhone, Android or Microsoft Windows phone device in exchange for credit toward a new iPhone purchase. It’s currently available in the United States through Apple’s official retail stores.
According to Apple, Trade Up With Installments is “really geared toward people who have older generation iPhones.” As with most trade-in programs, the older model of the phone that is traded in, the lesser its value. With Apple’s new initiative, a new factor is thrown in depending on the model of iPhone that users are looking to pay off on the 24-month installment plan. So, for example, if someone were to trade in an iPhone 4 for a 16GB iPhone 5s and receive maximum trade in value, the monthly payment would be on the lower end, equating to $14.58/month.
Using the same iPhone 4 to trade in for a 128GB iPhone 6s Plus would net a $35.37 monthly payment on the new program. AppleCare+ isn’t included in these new plans, so users will have to pay extra if they seek the Apple iPhone insurance. Specifics weren’t given regarding Android and Windows Phone value, but Apple ballparked their trade-in value to somewhere between $100 and $300, lining up with the monthly values of the iPhone 4, 4s, 5, 5c, 5s, and 6.
If you’re trading in an iPhone in good working condition, the payments range from about $15 to $35 a month, depending on how many models you jump. If you’re switching from the iPhone 4 to the 128GB iPhone 6S Plus, for instance, you’ll pay $35.37 a month. But if you’re moving from an iPhone 5 to an iPhone 6, you’ll only pay $14.54 a month.
The maximum trade-in values are the same as for Apple’s regular trade-in program, regardless of how much storage your device has, provided the screen isn’t cracked or damaged:
- $100 for the iPhone 4 and iPhone 4s
- $200 for the iPhone 5, iPhone 5C and iPhone 5s
- $300 for the iPhone 6
- $350 for the iPhone 6 Plus
If you’re trading in an Android or Windows phone, you’ll likely get about $100 to $300 for your trade-in value, Apple said.
The Trade Up With Installments program doesn’t include AppleCare+ or wireless service, you cannot trade-in your device every year for the latest model until you fully pay off your remaining installments, though you will get your iPhone unlocked.
For a full breakdown on the trade-in values of old devices and the cost of new installment plans, check out CNET‘s comparison chart.
Apple Announces ‘Trade Up With Installments’ Program