Apple Working On iPhone Hardware Subscription That Would Keep You On The Latest Model - Report

gamespot.com:

Apple may be planning to add another subscription service to its portfolio, with this new option centering around iPhones and other Apple hardware. This would allow you to consistently upgrade to the latest model of iPhone without having to pay a large, upfront cost.

Bloomberg News reports that the company is working on a new hardware subscription service, a move which would allow consumers to pay for their devices via a monthly fee similar to regular in-app purchases or other services. Bloomberg also reports that this new service could be tied to Apple's existing AppleCare and Apple One initiatives.

Subscriptions have become a major focus for Apple as of late, with programs like Apple Arcade, Apple TV+, and Apple Fitness+ among the company's current offerings. The aforementioned Apple One is a bundle of subscriptions, bundling multiple separate services into a single monthly fee.

Apple has made no formal announcement about a new hardware subscription plan or changes to the existing one as of this writing.

A similar service already exists for Apple Card users, who can finance iPhones and other Apple hardware using the card. Apple Card users also have access to the iPhone Upgrade Program, which allows them to switch to a newer iPhone model every 12 months.

This new rumored initiative would run separately from cell phone carriers' cellular plans, which converts the lump sum cost of the device into monthly installments paid via the standard bill.