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Apple just made upgrading your iPhone more affordable than ever

Apple just made upgrading your iPhone more affordable than ever
PHOTO COURTESY OF SHUTTERSTOCK

If you've been waiting for the chance to upgrade your iPhone, now may be the best time. Apple just announced a new trade-in plan that will help anyone with an older phone upgrade to the newest model.

The new program is called Trade Up With Installments, and even though it's modeled after some of the existing upgrade programs, there are some key differences. The main one being that some customers will be able to upgrade their phones for just $15 per month.

Trade Up works by allowing customers to trade in their old phone model, and then make small monthly payments to pay off the remaining difference over a period of 24 months. Here's an example: Say you own an iPhone 5 that's still in good working condition. With Trade Up, you could receive around $200 for your trade, which would then be applied to the cost of your new iPhone 6s (or iPhone 7, when it becomes available). Then, the remaining balance for your new iPhone would be paid off over the next 24 months.

Depending on which model of phone you currently own, and which model you're upgrading to, the monthly payments will fall somewhere between $15-$35 per month. For example, upgrading from an iPhone 4 to the 128GB iPhone 6S Plus, will cost $35.37 a month. But upgrading from an iPhone 5 to an iPhone 6, will only cost $14.54 a month. To see exactly how your unique trade-in scenario would play out, take a look at the full comparison chart (next page).

When it comes to the value of your trade-in itself, Apple is willing to pay up to $350. And, your trade-in doesn't have to be perfect. Although you may not receive as much money for them, Apple does accept old phones that are damaged. Plus, Apple has announced that it will accept Android and Windows devices as trade-ins as well.

It's important to note that this deal doesn't factor in to your monthly cellular service plan. The monthly installments you pay for your new iPhone would be separate from your monthly cellphone bill.

If you'd like to trade in your old phone, but the idea of monthly payments doesn't sound that appealing, you can opt for Apple Store credit instead. This credit can then be applied to other Apple products you'd like to purchase down the line.

OK, the details may sound a little bit complicated. But the bottom line is that Trade Up offers a way for consumers to upgrade to the newest iPhone model without having to fork over a bunch of cash up front. Is it the best option for everyone? Not necessarily. But, if you're one of those people who has to have newest iPhone, Trade Up can take the sting out of the up-front costs to purchase it.

To see exactly how your unique trade-in scenario would play out, take a look at the full comparison chart. You can also check out all of the latest news about the upcoming iPhone 7.

Next page: iPhone trade-in comparison chart
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