Apple launches US device leasing program with Klarna

Apple has launched a new device leasing program in the U.S. called Apple Upgrade, in partnership with the buy now, pay later platform Klarna. This program allows customers to lease iPhones, Macs, iPads, and Apple Watches for a monthly fee, which is generally lower than financing the full purchase price. For example, a base iPhone through Apple Upgrade costs $17.99 per month, compared to $24.95 per month to finance ownership. Lease terms vary by device, ranging from one to two years for iPhones and Apple Watches, and two to three years for Macs and iPads. At the conclusion of the lease period, customers have the option to return the device, pay the remaining balance to own it, or upgrade to a new model. Apple will then recycle or resell the returned devices. This initiative comes as tech companies face rising hardware prices and consumers tend to hold onto their devices for longer periods. The new Apple Upgrade program replaces Apple's previous iPhone Upgrade Program in the U.S., which cost $42 per month.