Tim Cook (iPhone 6 launch, Palo Alto Apple Store)

CNET is reporting that Apple is launched a new iPhone payment plan, the Trade Up With Installments program, that gives users the option of unloading their old phone to get a brand new iPhone for an outlay of less than about $35 a month.

The program, CNET explains, was designed for people who have older-generation iPhones and lets these customers hand over their old iPhone, Android or Microsoft Windows phone device in exchange for credit toward a new iPhone purchase. It’s currently available in the United States through Apple’s official retail stores.

So, how does this new program work?

Here’s an explanation from CNET:

If you’re trading in an iPhone in good working condition, the payments range from about $15 to $35 a month, depending on how many models you jump. If you’re switching from the iPhone 4 to the 128GB iPhone 6S Plus, for instance, you’ll pay $35.37 a month. But if you’re moving from an iPhone 5 to an iPhone 6, you’ll only pay $14.54 a month.

The maximum trade-in values are the same as for Apple’s regular trade-in program, regardless of how much storage your device has, provided┬áthe screen isn’t cracked or damaged:

  • $100 for the iPhone 4 and iPhone 4s
  • $200 for the iPhone 5, iPhone 5C and iPhone 5s
  • $300 for the iPhone 6
  • $350 for the iPhone 6 Plus

If you’re trading in an Android or Windows phone, you’ll likely get about $100 to $300 for your trade-in value, Apple said.

The Trade Up With Installments program doesn’t include AppleCare+ or wireless service, you cannot trade-in your device every year for the latest model until you fully pay off your remaining installments, though you will get your iPhone unlocked.

The new program is in addition to Apple’s two existing initiatives: its long-running trade-in program (get up to $350 for your old iPhone) and the iPhone Upgrade Program, introduced in September 2015 (get the latest iPhone covered by AppleCare+ and pay for it in 24 installments, ranging from $32.41 per month to $44.91 per month).

Source: CNET