Apple Upgrade vs. Verizon iPhone deals: Which saves you more?

Apple Upgrade, operated through a partnership with Klarna, lets customers lease Apple products for 12 to 36 months, with iPhone leases ranging from 12 to 24 months. For a 256GB iPhone 17 Pro, a 24-month lease comes to $32 per month, or $768 in total. At the end of the lease, the customer can return the phone, upgrade, or pay the remaining balance to own it outright. For that Pro model, the buyout is $331, bringing the total ownership cost to $1,099, which matches the device's full retail price.

Unlike Apple's previous iPhone Upgrade program, Apple Upgrade is a true lease rather than a pay-to-own plan, and it does not include AppleCare. Customers can add AppleCare separately if they want. The program requires activation through AT&T, T-Mobile, or Verizon, meaning bargain MVNO plans like Visible are not permitted. However, a Verizon Simplicity plan, offered at $30 per month for new customers, can be paired with the Apple Upgrade lease. Over two years, that adds $720, making the grand total to own the iPhone 17 Pro $1,819.

Verizon's advertised "free" phones come with significant strings attached. The iPhone 17 and 17e are billed as free, but customers must sign up for an Unlimited plan for three years. The specific plan required varies by model, with prices ranging from $65 to $95 per month for a single line after automatic payment discounts. Over 36 months, that means paying between $2,340 and $3,420 for service alone, before any device charges. For phones that are not free, like the 1TB iPhone 17 Pro, customers pay a monthly device fee, and higher-cost models often require the top-tier Unlimited Ultimate plan unless a trade-in is provided.

Verizon's credits are tied to the phone line, so canceling or transferring the line forfeits the remaining credits. Customers must also start a new phone line to qualify, which may mean getting a new phone number if they switch. When comparing the 256GB iPhone 17 Pro with no trade-in, a Verizon customer on Unlimited Ultimate would pay $2.77 per month for the phone itself over 36 months, about $100 total, plus $3,420 for the plan, for a combined $3,520.

For someone who already subscribes to a costly Verizon Unlimited plan, the carrier's device discounts may be convenient, but the mandatory three-year term and plan requirements can cancel out the supposed savings. Apple Upgrade, by contrast, offers a two-year lease and the option to own, but it still requires a postpaid carrier plan that typically costs more than budget alternatives. Verizon also offers a Flex Upgrade option, but using it means forgoing the monthly promotional credits.