Apple is reportedly introducing a new way to pay for iPhones, iPads, and Macs that will resemble leasing a car, according to anonymous sources who spoke with Bloomberg. The 'Apple Upgrade' system is set to launch in the US on July 28, backed by Klarna Group Plc as the creditor partner alongside Apple.
How Apple Upgrade works
Apple Upgrade will allow shoppers to pay a monthly fee to loan the device. At the end of the term, they can either pay off the remaining balance and keep it, or hand it back to Apple without owning it. Users can also upgrade early during the lease term, such as trading up to the iPhone 18 later this year. A soft credit check will be required for eligibility. It is unclear whether Apple will launch this in the UK after the US debut. Apple currently offers 0% finance schemes through Barclays, but this leasing model is new for the company.
The news comes amid major price hikes on Apple products. The MacBook Neo rose from £599 to £699, while some MacBook Pro models increased by as much as £1,300. The scheme is seen as a way for customers to spread costs, especially as iPhone prices are expected to rise with the upcoming iPhone 18.
What this means for gaming
While Apple is not a major gaming player, its move could signal what Sony and Microsoft may adopt. Engineers at Valve have indicated that consumer tech will keep getting more expensive due to component shortages from AI and datacentre demands. The Steam Machine launched at a high price, and PC component costs continue climbing. With no release date for the PlayStation 6 or Xbox's Project Helix, there is concern that these consoles could exceed £1,000.
Given that current consoles launched around £400, leasing may become a viable option. The PS5 can currently be leased in the UK through PlayStation's official finance partner Raylo, with monthly fees between £12.79 and £18.95 on 36-month contracts, with an option to purchase at the end at an unspecified price. Microsoft's Xbox All Access program, which spread console costs over months, appears to have been discontinued. The popularity of these services is unclear, but as gaming becomes more expensive and Apple normalises tech leasing, more gamers may adopt such plans when the PS6 and Project Helix arrive.
