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If you are sure you want a new iPhone every year, Apple’s 12-month Apple Upgrade lease most closely matches that schedule: make lease payments, then return the phone and move to a new lease if approved. You do not build ownership by returning it. Buying is a better fit if you may keep the phone longer, want to own it, or are willing to sell or trade it yourself. There is no universal cost winner; the result depends on taxes, lease-return condition, financing terms, and what you can actually get for your old phone.
What Apple’s current U.S. iPhone lease offers
Apple Upgrade is a U.S. lease provided by Klarna. Apple announced it on July 28, 2026, alongside the end of new U.S. iPhone Upgrade Program and iPhone Payments offerings. The new lease should not be confused with the former iPhone Upgrade Program’s 24-month loan. Existing members can continue their active loans; after 24 payments, the loan closes and the iPhone is theirs to keep. See Apple’s Apple Upgrade terms and FAQ, July 28, 2026 launch announcement, and iPhone Upgrade Program transition FAQ.
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Apple offers 12- and 24-month iPhone lease terms. At the end, you can upgrade, buy the device, or return it to exit. A new lease or upgrade is subject to eligibility and approval. Apple says the leased iPhone is unlocked, but the lease requires choosing an eligible carrier—AT&T, T-Mobile, or Verizon. Prepaid carrier plans are not eligible, and carrier terms still apply.
How leasing compares with buying
| Decision | Apple Upgrade lease | Buy outright or finance |
|---|---|---|
| Ownership | Returning the phone ends the lease but does not leave you with an owned device. You can keep it by paying Apple’s stated purchase option. | You own the phone after completing the purchase payments. |
| Annual replacement | A 12-month term fits a yearly replacement routine. Upgrading remains subject to approval and return requirements. | You decide when to replace it and arrange a sale or trade-in yourself. Any resale proceeds are uncertain. |
| Payments | Scheduled lease payments are predictable for the term, but tax, optional protection, and possible condition charges can affect the amount you spend. | You pay the purchase price upfront or use financing. A later sale or trade-in may offset some of the cost. |
| Flexibility | Ending early requires paying all remaining lease payments plus applicable taxes. Returning the device in good working condition matters. | You can keep, sell, or trade an owned device, subject to any financing balance and the offer’s terms. |
| Carrier and offers | An eligible carrier selection is required; prepaid plans are excluded. | Apple lists outright purchase, Apple financing, and carrier financing as purchase routes. Check each offer’s conditions. |
What Apple’s published payment examples do—and do not—show
In its July 28, 2026 launch announcement, Apple gave an iPhone 17 Pro 256GB example with a $1,099 purchase price, excluding taxes and trade-in credit. Apple listed typical lease payments of $31.99 per month for 24 months or $45.99 per month for 12 months. At those stated rates, scheduled payments total $767.76 over 24 months or $551.88 over 12 months.
#1 Best Overall
- This phone is unlocked and compatible with any carrier of choice on GSM and CDMA networks (e.g. AT&T, T-Mobile, Sprint, Verizon, US Cellular, Cricket, Metro, Tracfone, Mint Mobile, etc.).
- Please check with your carrier to verify compatibility.
- The device does not come with headphones or a SIM card. It does include a generic (Mfi certified) charging cable.
- Tested for battery health and guaranteed to have a minimum battery capacity of 80%.
Those totals are payments for a lease term and return option, not the cost of owning the phone, so they are not directly comparable with the $1,099 purchase price. The example excludes applicable tax, trade-in credits, separately purchased protection, possible damage fees, resale proceeds, and carrier-plan costs. Apple’s September 2026 announcement identifies iPhone 18 Pro as a current model and says 24-month iPhone leases start at $34.99 per month; that is an advertised starting figure, not a complete cost comparison or a guarantee of an individual approved payment. See Apple’s September 2026 iPhone 18 Pro announcement.
How to compare the real cost for your situation
Apple’s pages do not establish a universal break-even point. Compare the costs at the same planned replacement date, rather than comparing monthly payments with a phone’s full purchase price.
Rank #2
- 6.9" LTPO Super Retina XDR OLED, 120Hz, HDR10, Dolby Vision, 1320x2868px at 460ppi, 1000 nits (typ), 2000 nits (HBM), 4685mAh Battery
- 1TB, 8GB RAM, Apple A18 Pro (3nm), Hexa-core (2x4.05 GHz + 4x2.42 GHz), Apple GPU 6-core, iOS 18, upgradable to iOS 18.3
- Rear camera: 48MP, f/1.8 (wide) + 12MP, f/2.8 (periscope telephoto) 5x optical zoom + 48MP, f/2.2 (ultrawide), TOF 3D LiDAR scanner (depth), Front Camera: 12MP, f/1.9 (wide)
- 2G: 850/900/1800/1900, 3G: HSDPA 850/900/1700(AWS)/1900/2100, 4G LTE: 1/2/3/4/5/7/8/12/13/14/17/18/19/20/25/26/28/29/30/32/34/38/39/40/41/42/48/53/66/71, 1/2/3/5/7/8/12/14/20/25/26/28/29/30/38/40/41/48/53/66/70/71/75/76/77/78/79/258/260/261 SA/NSA/Sub6/mmWave - Dual eSIM
- Unlocked for freedom to choose your carrier. Compatible with both GSM & CDMA networks. The phone is unlocked to work with all GSM Carriers & CDMA Carriers Including AT&T, T-Mobile, Verizon, Sprint., Etc.
- For leasing: add the payments for your chosen lease term, applicable tax, any optional protection you choose, and any return-condition charge you reasonably expect.
- For buying: start with the purchase price and financing charges, if any, then subtract the actual trade-in or resale amount you expect to receive at the same replacement date.
- Account for carrier terms separately: include carrier-plan costs or bill credits only if you qualify and can meet the associated requirements. A headline carrier credit is not automatically equivalent to cash; check the required plan, line, trade-in, and bill-credit conditions.
Apple says an owned device can be traded in through Apple Trade In. A trade-in may reduce initial lease payments, but Apple’s FAQ says that credit applies to the initial lease term and cannot be applied again when upgrading. Check the current Apple Upgrade FAQ and terms and Apple Trade In for the offer that applies to you.
Lease return, protection, and early exit
Returning the phone
Apple says a phone returned at the end of the lease must be in good working condition to avoid damage fees. AppleCare is not included in Apple Upgrade; if selected, it is billed separately. Apple notes that protection may help avoid damage fees when returning a device, but its current Apple Upgrade page does not say AppleCare is mandatory.
Rank #3
- 6.1inch Super Retina XDR display. Aluminum with color-infused glass back. Ring/Silent switch
- Dynamic Island. A magical way to interact with iPhone. A16 Bionic chip with 5-core GPU
- Advanced dual-camera system. 48MP Main | Ultra Wide. Super-high-resolution photos (24MP and 48MP). Next-generation portraits with Focus and Depth Control. 4X optical zoom range
- Emergency SOS via satellite. Crash Detection. Roadside Assistance via satellite
- Up to 26 hours video playback. USB C, Supports USB 2. Face ID
Ending early or buying the device
Apple says early upgrade or early lease termination requires payment of all remaining lease payments plus applicable taxes. If you choose to buy the phone at lease end, Apple describes the purchase price as the list price at lease signing minus lease payments already made and any remaining trade-in credits, plus applicable taxes. Check the terms in effect when you sign, since payment and lease details can change.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Which option should you choose?
Choose a 12-month lease if
- You expect to replace your iPhone every year and value a scheduled path to a newer model.
- You are comfortable returning the phone instead of owning it at the end of the term.
- You meet the lease’s eligibility and carrier requirements and can manage the return-condition rules.
Buy if
- You may keep the phone beyond a year, want an asset you can keep, or prefer control over when and how to replace it.
- You are willing to arrange a sale or trade-in and accept that future proceeds are not guaranteed.
- You prefer to compare outright purchase, Apple financing, and carrier financing on their full terms rather than commit to a lease cycle.
For a reader committed to annual upgrades, the 12-month lease is the closer match operationally—not proof that it is cheaper. Buying can make more sense if ownership, longer use, or potential resale matters more than a ready-made yearly replacement path.
Quick Recap
Best Value
- 6.7inch Super Retina XDR display. ProMotion technology. Always-On display. Titanium with textured matte glass back. Action button
- Dynamic Island. A magical way to interact with iPhone. A17 Pro chip with 6-core GPU
- Pro camera system. 48MP Main | Ultra Wide| Telephoto. Super-high-resolution photos (24MP and 48MP). Next-generation portraits with Focus and Depth Control. Up to 10x optical zoom range
- Emergency SOS via satellite. Crash Detection. Roadside Assistance via satellite
- Up to 29 hours video playback. USB-C, Supports USB 3 for up to 20x faster transfers. Face ID
Rank #4
- This pre-owned product is not Apple certified, but has been professionally inspected, tested and cleaned by Amazon-qualified suppliers.
- There will be no visible cosmetic imperfections when held at an arm’s length.
- This product is eligible for a replacement or refund within 90 days of receipt if you are not satisfied.
- Product may come in generic Box.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
