Apple iPhone Upgrade Program Now Covers Online Purchases Too

Apple iPhone Upgrade Program Now Covers Online Purchases Too
JESHOOTS / Pixabay

Apple’s iPhone 6s and 6s Plus are available online on its website, and people looking to buy them online can now take advantage of the company’s iPhone Upgrade Program. It’s an interest-free, two-year payment plan allowing buyers to trade in their old iPhone for the latest model.

Only on iPhone 6s and 6s Plus

Apple debuted the annual retail price plan alongside the iPhone 6s about seven months ago, and now it has made this change in availability. The plan was introduced for the purpose of softening the iPhone’s comparatively high device cost.

The plan allows buyers to pay a monthly installment of $32.41 in return for a brand new, unlocked iPhone 6s with AppleCare+ warranty coverage. On completion of the 12 monthly installments, customers can trade in their handset for a next-generation model without paying an additional fee.

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Apple has restricted the iPhone Upgrade Program to its flagship iPhones, the iPhone 6s and 6s Plus currently. The price is based on the model and storage capacity.

Useful for Apple and buyers

During the busy holiday quarter, the upgrade initiative helped spur some 250,000 iPhone unit sales, as suggested by preliminary data in January. After some number crunching, Apple Insider found that the iPhone Upgrade Program is an exceedingly good deal for customers who use AppleCare+ to protect their device and want the latest and greatest smartphone.

Apple’s program is backed by Citizen’s Financial Group. In December, Apple’s loan partner made an announcement that it financed $220 million in iPhone purchases, and according to Piper Jaffray’s estimates, that amounts to a quarter of a million handsets. Previously, analyst Gene Muster noted that the figure accounted for between 3% to 5% of all the iPhone 6s units purchased through Apple Stores.

A Buy ahead of earnings

Apple is scheduled to release its quarterly earnings report on Tuesday. The iPhone maker has already issued a warning for investors that there will be bad news about iPhone sales. In January, the company forecasted that it would see a drop in its revenue for the first time in more than a decade, owing to the slow iPhone sales.

However, Abhey Lamba, an analyst for Mizuho Securities based in San Francisco, recommends buying Apple shares.

“From the stock point of view, it is already built into people’s expectations. If iPhone sales end up in line to slightly better than expectations then it’ll be taken positively,” the analyst said.

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