Apple just announced the iPhone 15 lineup, which is available to preorder on Friday, September 15, and goes on sale September 22.
The default method of buying an iPhone is a long-term lease, typically with the option to upgrade to a new phone after about one year. This means most people are eligible to swap their old iPhone for the latest version every year. The caveats are that your current phone must be in good working order and—with most plans—at least 50 percent paid off.
Apple’s iPhone Upgrade Program makes the most sense for most people who want a new phone every year and also want the protection of Apple’s insurance program AppleCare+, which is included in the monthly cost. But most US carriers have plans that are on a par with Apple’s; we think T-Mobile’s Go5G plans are a little more flexible and AT&T’s Next Up is a little worse.
If you’re happy with your existing handset, you can keep making payments until you own it outright. But if you are ready to upgrade, we wanted to make sure you have all the information you need to do so.
(The details of these leasing programs can change at any time, so we suggest consulting your program’s website prior to acting, just in case. You may also have to pay taxes and other fees; in some states, you must pay the entire sales tax up front, even if you’re spreading payments out over one or two years.)
Apple iPhone Upgrade Program
If you’re already part of Apple’s iPhone Upgrade Program and want to upgrade to a new phone, you must be at least six months into your plan and have made the equivalent of at least 12 payments. This means that if you’re eight months into your payment contract, for example, you must pay four additional months to be eligible for an upgrade.
You can upgrade online, using the Apple Store iOS app, or in person at an Apple Store. If you’re upgrading in a store, come prepared with a valid US credit card, your Social Security number (for a credit check), and a photo ID (Apple’s site says you need two forms of ID, but a credit card with your name on it counts as one, according to an Apple employee we spoke to).
Apple also requires that the phone you turn in is in “good physical and operational condition.” If yours isn’t for any reason, you can take advantage of the AppleCare+ plan that’s included in the Upgrade Program: You simply pay the $30 deductible for screen damage or $100 for any other damage when you turn in the phone.
AT&T
AT&T offers an upgrade program in addition to its installment plan, which doesn’t include upgrade options. If you’re on the basic 36-month installment plan, you can opt to add AT&T Next Up—which, unlike all other carriers’ upgrade plans, costs an extra $5 per month that does not contribute to the carried balance on the phone—allowing you to upgrade after you’ve paid off 50 percent of the phone’s cost. This extra charge effectively places a $75 premium on your ability to upgrade, assuming you take 15 months to pay off 50 percent of the cost of the phone and take the upgrade every time. The phone you turn in must be “fully functional [and in] good physical condition.” You can mail your old phone, or turn it in at an AT&T store.
T-Mobile
T-Mobile’s ever-changing phone upgrade program is now going by Go5G. There are two phone upgrade options, the Go5G Next and the Go5G Plus. The Go5G Next plan allows you to upgrade every year and the Go5G Plus plan allows you to upgrade every two years.
T-Mobile will let you upgrade to a new phone after 6+ months if the device is in good condition and 50% paid off. For example, if you pick up an iPhone 15 Pro, which retails for $1,000 before taxes and fees, on the Go5G Next plan, you would have to pay $500 in monthly installments or additional payments for six months before being eligible to trade it in for next year’s iPhone.
You can either print out a label to mail it in or turn in your phone at your local T-Mobile store.
Verizon
Verizon offers an Early Upgrade Program for iPhone that allows upgrades to eligible phones after trading in a phone the customer has been leasing for at least 30 days and has paid off at least half of the lease agreement. The old phone must be in “good working condition,” and you need to ship it back to Verizon within 14 days of receiving the new device. You will be provided a protective envelope and a shipping label to mail in the old iPhone to Verizon.
iPhone 15 trade-in deals
AT&T will give new and current customers up to $1,000 in credits toward any iPhone 15 model with select unlimited data plans, after a device trade-in. This will be spread out over the course of 36 months and you will need a recent iPhone, like a 256GB 13 Pro Max, to get maximum trade-in value. An iPhone 12 Pro Max will only get you $830 in credits.
With T-Mobile’s Go5G plans, new and current customers can get up to $1,000 off any iPhone 15 model when they trade in a select device. Pro models going back to the iPhone 11 will give you the best trade-in values, while standard models like the iPhone 11 and older will max out at $800 in credits. Unlike other carriers, T-Mobile will credit you for 24 months as opposed to 36 months.
Verizon will give up to $1,000 in credit when new and current customers add a new line or trade in any iPhone toward their Unlimited Ultimate plan. Current customers can get up to $830 off of any iPhone 15 model with select trade-ins on select Unlimited Plus and Unlimited plans. And like AT&T, the credits will be applied over the course of 36 months.
You can also view carrier deals—and take advantage of them—on Apple’s website. After you choose the iPhone you want, select your carrier and the iPhone you plan to trade in to see if the deal you see is comparable to what you get by going directly to your carrier.
This article was edited by Caitlin McGarry.
