Apple has launched "Apple Upgrade," a new US leasing scheme for the iPhone, Mac, iPad and Apple Watch, letting customers pay a monthly fee and either keep the device at the end of the term, pay it off early, or switch to a newer model. It marks a shift in how Apple sells hardware and comes just weeks after the company raised prices on Macs, iPads and other products because of ongoing memory and storage shortages, with chief executive Tim Cook warning the pricing situation had become "unsustainable."

The scheme is backed financially by Klarna and requires a soft credit check for approval, with iPhone and Apple Watch leases running for 24 months and Mac and iPad leases for 36 months. Monthly prices start from $17.99 for the iPhone 17e, $11.99 for the Apple Watch Series 11, $24.99 for the MacBook Air and $11.99 for the iPad Air. Apple Upgrade replaces the older iPhone Upgrade Program launched in 2015, extends coverage to more device types, but notably does not include AppleCare, and follows reports of code in iOS 27 beta that could lock financed iPhones out of apps if payments fall into arrears.