Apple Upgrade vs. Verizon deals: which saves you the most money on an iPhone?

Apple Upgrade lets you lease your iPhone and eventually buy it out, but does this save more than deals from carriers like Verizon?

As iPhone costs continue to rise, many people are seeking alternatives to the big upfront price tags. The newly launched Apple Upgrade program , which lets you lease Apple products for set periods, is designed to lessen the impact on your wallet while also eliminating FOMO surrounding the latest models. But is it really the best deal available?

On the surface, carriers like Verizon seem to tout better bargains to lower the price of your next iPhone; there's even an entire section of Verizon's site proclaimed as "free phones." However, the savings aren't quite as clear-cut as they first seem. For the purpose of this discussion, we presume you're looking to eventually own your phone outright. Otherwise, it's an apples and oranges comparison since Verizon doesn't offer phone leasing akin to Apple Upgrade.

Apple Upgrade is a revamped version of Apple's previous iPhone Upgrade program, with a few changes. Done through a partnership with Klarna, it allows customers to lease Apple products (including Macs, iPads and Apples Watches) for lease terms between 12 and 36 months. For iPhones specifically, the periods range between 12 and 24 months. Pricing is dependent upon the iPhone model you select , with costs beginning at $18/month for the iPhone 17e.

Unlike the previous iPhone Upgrade program, Apple Upgrade functions as a lease, not a pay-to-own plan — though you can still purchase the leased device when the contract runs out. When your lease period ends, you'll have three options: return your current device and upgrade to a new one, leave the program and return your device, or buy the device with a one-time payment for any outstanding balance. Apple Upgrade does not come with AppleCare protection like its predecessor did; you'll need to add that separately if desired.

The fine print of the Verizon deals shows that they all have specific plan requirements for three years. For the phones Verizon bills as "free," which includes the iPhone 17 and 17e but not any Pro models, customers are required to have an Unlimited plan dependent on the model. The Air, for example, is only "free" with Unlimited Ultimate; the 17 requires Ultimate or Plus, while the 17e can utilize any Unlimited plan. For a single line, prices across the three Unlimited tiers range between $65 and $95 a month, assuming you set up the paperless billing and automatic payment discounts. This means that over the course of 36 months, you would spend between $2,340 and $3,420.

For phones not lumped into the "free" category, you'll pay a small amount for the device each month depending on storage ($13.88/month for a 1TB iPhone 17 Pro, for example). Most of the higher-cost models require an Unlimited Ultimate plan if you aren't trading in a device, with trade-ins bringing better discounts.

For both free and discounted phones, these deals also necessitate that you start a new phone line. You can pay for one line total by canceling your previous one, but this means getting a new phone number. Verizon's credits are tied to each line's number, so you lose them if you cancel or transfer.