Leasing vs. buying a new iPhone: Which is better if you upgrade every year?

Engadget staff@engadget.com (Will Shanklin)

28 Sept 2026 23:15 AEST 1 min read Rewritten in plain language

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Overview

The lower monthly payments of leasing your iPhone can be tempting, but it's not always the cheapest option.
With the iPhone 18 Pro starting at $1,199 and the exciting iPhone Duo at $1,999, paying full price for a phone you'll only keep for a year can feel excessive.
A factor to consider is that Apple Upgrade needs connecting your iPhone to AT&T, T-Mobile or Verizon at enrollment.
Apple is now offering $785 when you trade in an iPhone 17 Pro in good condition, so let's assume everything will be equal next year.
The company will give $585 for the iPhone Air, $785 for the iPhone 17 Pro and $885 for the iPhone 17 Pro Max, meaning trade-in is a better deal for the premium phones.

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The lower monthly payments of leasing your iPhone can be tempting, but it's not always the cheapest option.

If you're someone who always buys the latest iPhone, there are lots of payment and upgrade options to navigate. Apple's new program, called Apple Upgrade, lets you lease an iPhone for 12 or 24 months.

With the iPhone 18 Pro starting at $1,199 and the exciting iPhone Duo at $1,999, paying full price for a phone you'll only keep for a year can feel excessive. Apple Upgrade's lower monthly payments might seem like the solution to that, but leasing isn't necessarily the most cost-effective option.

*If you buy an iPhone 17 outright and choose to activate later with another carrier, the price is $929.

A factor to consider is that Apple Upgrade needs connecting your iPhone to AT&T, T-Mobile or Verizon at enrollment.

Say you buy the iPhone 18 Pro for $1,199 today. Apple is now offering $785 when you trade in an iPhone 17 Pro in good condition, so let's assume everything will be equal next year. Trading in your 18 Pro for the theoretical 19 Pro next fall would result in an effective cost of $414.

For context, Apple now offers up to $270 for the iPhone 16e and $430 for the iPhone 16, making leasing the better option for those. The company will give $585 for the iPhone Air, $785 for the iPhone 17 Pro and $885 for the iPhone 17 Pro Max, meaning trade-in is a better deal for the premium phones.

Shortened to 1 minute of reading, this version reads 15.7 on the Niral Score.

You are reading our version, not theirs. This is Engadget's report shortened to its most important sentences, in plainer words, with verdicts and loaded words taken out. Plain description stays, and so do adjectives that carry a fact, such as "former" or "federal". The reporting, the facts and the quotations are theirs — quotations are never edited — and the indicators beside it measure this version. Hover or tap Adjectives to see every one left in the text.

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Niral Score 17was 18.4 mundaneloaded

Highlighted in the text. Words that carry a fact and quoted words are not counted.

iphone27upgrade16phone14leasing13buying12cost10trade-in10lease8monthly8end7option7price7lower6cheaper5financing5get5months5payments5returning5trade5another4buy4costs4less4next4return4term4want4you'd4you'll4better3big3buyout3carrier3choose3condition3consider3every3example3factor3full3looks3mobile3offer3payment3program3trading3value3always2available2company2compare2comparing2connect2cost-effective2course2credit2current2currently2decision2and 25 more

Sentiment +0.1 hostilefavourable Mood 50.5 sorrowjoyful

6 read zero: political diction, generational, gender, jingoistic, religious, sourcing

Political diction 0 left-codedright-coded Generational 0 harder on the oldharder on the young Gender 0 no gendered framingframing throughout Jingoistic 0 reports to a readerwrites from a camp Religious 0 not invokedovert Sourcing 0 unattributednamed sources

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Outlet	Niral Score	Adjectives	Sentiment	Happiness
Engadgetas they published this story	18.4	26	0.1	50.5
Mundane Readneutralized from Engadget	17	23	0.1	50.5

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