Apple is reportedly preparing to launch a lease-style purchasing scheme called "Apple Upgrade" on 28 July, according to Bloomberg's Mark Gurman, as component and RAM shortages push device prices higher. The programme would work like a car lease, letting customers upgrade early, keep the device, or return it at the end of the term, with the financial technology firm Klarna backing it and a soft credit check required to sign up. It would replace the existing iPhone Upgrade Program and standard financing, marking a significant shift in how Apple sells its most popular products.

Apple Upgrade would offer 24-month leases for iPhones and Apple Watches, and 36-month leases for iPads and Macs, covering most current devices. Budget models such as the base iPad, iPhone 16, Apple Watch SE and MacBook Neo would reportedly be excluded, and unlike the current scheme, it would not include an AppleCare subscription, which is itself becoming more expensive. The move follows a round of price rises across most of Apple's range last month, and comes ahead of the expected iPhone 18 Pro launch later this year, which could push pricing even higher.