Yeah, especially considering most people already do this in some fashion but through their carriers (at least in the US) w/ carrier financing + those extra $10/month "upgrade anytime" programs and they end up paying more than what leasing from Apple will work out to.

Especially if you're someone who upgrades every year. 12 month option on a 17PM works out to ~$599 for the year vs. $1199 each year. $599 is roughly what you'd pay for each years new model assuming you trade in your previous gen each time, so at worst it's even with what an annual upgrader was paying already, at best you might make out a little better (assuming you are just doing trade-ins and not private sale).

There's no interest or fees, and you get to buy it out at the end if you want to own it, and the lease price is the same as the retail price, I see no downside.

Historically, owning them meant when one person upgrades, other family members could get their old ones. I use my old iPhone as a dev phone for iOS coding. I can also just enjoy having a working device that I'm not still paying for once it's paid off.

The iUP was better about giving the choice to just buy it out at the end. This one is more rigid:

>Terminating your Apple Upgrade Lease: Closing your lease and returning your device terminates your lease. You may incur substantial fees if you terminate your lease before the end of your initial lease term. You may have the option to upgrade to a new device by entering into a new lease agreement and returning your prior device. If you upgrade, your new monthly payments may be greater than your prior monthly payments. If you do not upgrade, terminate your lease, or purchase your device by the end of the initial lease term, the lease will convert to a month-to-month lease for up to six months. Your monthly payments may increase during the month-to-month periods. If you take no action at the end of your extension period, you will be charged the purchase fee under your lease. You will not own your device at the end of your lease, unless you pay the purchase fee. Insurance is not included in your lease, and you may incur damage fees if the device is lost, stolen, or not returned in the condition required by the lease.

Partnering with Klarna explains it quite a bit. They make money on penalties. This new plan has all sorts of sticks it will beat you with if you stray off the path, so it's perfect for them.