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 up to. 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 pay $14.54 a month.
The new program joins Apple's basic trade-in program and iPhone Upgrade Program. The basic trade-in program pays users up to $350 for an older or damaged iPhone. The iPhone Upgrade program lets you get the latest iPhone with AppleCare+ by paying in 24 monthly installments. When a new iPhone comes out you can simply take yours to the Apple Store and trade it in for the new model and restart your monthly payments.
The Trade Up With Installments plan doesn't include AppleCare+ and doesn't let you trade-in for a new phone each year.