The interest-free program with installments is similar to what major carriers now offer instead of two-year contracts and subsidized phones. The monthly tab for a phone depends on how old of a device you’re trading in, but it could be as low as $14.54 if you were to trade in, say, 2014’s iPhone 6 for the current iPhone 6S.
The phone that you “trade up” on can be an Android or Apple smartphone, which can even have some damage, since the demand for refurbished smartphones is apparently so great.
Plans include the AppleCare+ extended warranty and damage repair program, but do not include insurance for the loss or theft of your phone. The program, called Trade Up With Installments, and it builds on Apple’s existing iPhone upgrade programs. starts today, only available in-person in Apple retail stores.
Apple offers new iPhone trade-in plan [USA Today]