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Best Buy and Apple Expand Upgrade+ Program to Include iMac and Mac Studio

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Best Buy today announced it has expanded its Upgrade+ program to include select 24-inch iMac and Mac Studio models. Launched in October in partnership with Apple, the program provides interest-free monthly financing via Citizens Bank for select Macs purchased from Best Buy in the United States, similar to Apple's own iPhone Upgrade Program.

iMac-24-Apple-Newsroom.jpg

For example, an approved customer can finance an iMac starting at $28.17 per month for 36 months. After 36 months, customers who purchase an eligible Mac will then have the options of making a final, higher payment to keep the Mac, returning the Mac, or returning the Mac and upgrading to a newer model through the program.
For example, Upgrade+ allows customers to finance:
- An iMac from $28.17/month for 36 months and the $286 final payment is due in month 37. Based on an original price of $1,299.99.
- A Mac laptop from $19.99/month for 36 months and the $280.35 final payment is due in month 37. Based on an original price of $999.99.
Click to expand...
Upgrade+ also offers customers the option to finance the purchase of an AppleCare+ plan for their Mac and select Apple accessories. Best Buy Totaltech members who purchase an eligible Mac through the program will receive AppleCare+ at no additional charge for up to 24 months while their membership is active.

Other models available through the Upgrade+ program include the MacBook Air with the M1 chip or M2 chip, 13-inch MacBook Pro with the M2 chip, and 14-inch and 16-inch MacBook Pro with the M1 Pro and M1 Max chips.

More details about the program are available on Best Buy's website.

Article Link: Best Buy and Apple Expand Upgrade+ Program to Include iMac and Mac Studio
 
Article Link
https://www.macrumors.com/2022/12/13/best-buy-upgrade-program-imac-mac-studio/
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MacRumors said:
For example, an approved customer can finance an iMac starting at $28.17 per month for 36 months. After 36 months, customers who purchase an eligible Mac will then have the options of making a final 37th payment to keep the Mac, returning the Mac, or returning the Mac and upgrading to a newer model through the program.
Click to expand...
"Hey honey, I feel like being a dumbass and paying for 36 months but refusing to pay a 37th time."
 
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robbietop said:
"Hey honey, I feel like being a dumbass and paying for 36 months but refusing to pay a 37th time."
Click to expand...
Thank you, this is my big takeaway from this article. Is that really an option anyone would consider? hahaha

Also, it sounds like the financing is loan-based, like the iPhone Upgrade Program. Doesn’t that mean the customer has taken out a loan and has to repay the loan, as opposed to deciding not to make the last payment and returning the device? Or maybe it’s closer to the regular iPhone Monthly Payments option, where you just pay off the loan and own the device at the end. I don’t believe turning in the device at the end of the term is an option there.

Edit: the article has been updated to clarify that the final payment is substantially higher than the normal monthly payments. Thanks for updating the article, that makes a lot more sense.
 
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robbietop said:
"Hey honey, I feel like being a dumbass and paying for 36 months but refusing to pay a 37th time."
Click to expand...

aParkerMusic said:
Thank you, this is my big takeaway from this article. Is that really an option anyone would consider? hahaha
Click to expand...

The 37th payment is higher. I updated the article to reflect that. For example:
  • An iMac from $28.17/month1 for 36 months and the $286 final payment is due in month 37. Based on an original price of $1,299.99.
Click to expand...
 
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aParkerMusic said:
Thank you, this is my big takeaway from this article. Is that really an option anyone would consider? hahaha
Click to expand...
The final payment is larger than the regular monthly payment.
Example from Bestbuy website, a $1999 Mac studio, have monthly payment of $43 per month, but the final 37th payment is $440. So when month 37 comes, either you pay $440 and you keep the mac, or you return it and upgrade.

Update: looks like the article is now updated
 
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ian87w said:
The final payment is larger than the regular monthly payment.
Example from Bestbuy website, a $1999 Mac studio, have monthly payment of $43 per month, but the final 37th payment is $440. So when month 37 comes, either you pay $440 and you keep the mac, or you return it and upgrade.

Update: looks like the article is now updated
Click to expand...
Appreciate that the article was updated and you offering more detail.

I can imagine someone choosing to turn down the option to pay the remainder to own…but I still think it an odd choice, outside of simply not having the funds. At the very least, I would think you could pay the device off and sell it to make some money in most cases. I guess it depends on how big that final payment is, and whether something else has come out since. It’s also good people have options, in the end.
 
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robbietop said:
Sorry, Siri was stupid and heard $20.17 instead of $28.17. Either way, that's a lot of money to waste just to turn around and say "Hey, honey, we've put over a grand into this thing, but $286 is really stopping me here.
Click to expand...
I agree with you there.
 
robbietop said:
"Hey honey, we've paid $28.17 36 times, which is $726.12, so I guess we aren't gonna spend $286 to finish it off.
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Depends on how you look at it. For higher spec machines like the mac studio or Macbook Pro, not many people can afford $2000+ right off the bat. And you do have the option to pay the 37th final payment and own the device.

It lowers the barrier of entry for those expensive macs. And we know Apple's pricing is only reaching the stratosphere. Maybe a prep for a $5000 starting Mac Pro.
 
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For example, an approved customer can finance an iMac starting at $28.17 per month for 36 months. After 36 months, customers who purchase an eligible Mac will then have the options of making a final, higher 37th payment to keep the Mac, returning the Mac, or returning the Mac and upgrading to a newer model through the program.
Click to expand...

This is basically like leasing a car.

Calling it something else (Upgrade+) doesn't change what it is.
 
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aParkerMusic said:
Appreciate that the article was updated and you offering more detail.

I can imagine someone choosing to turn down the option to pay the remainder to own…but I still think it an odd choice, outside of simply not having the funds. At the very least, I would think you could pay the device off and sell it to make some money in most cases. I guess it depends on how big that final payment is, and whether something else has come out since. It’s also good people have options, in the end.
Click to expand...
Yes, for individuals, it makes more sense to complete the payment and either own the device or sell it privately. I mean going back to the mac studio example, it's basically Bestbuy buying back your $1999 mac studio for just $440... 😅

But in certain cases, eg small/individual businesses, it might make more sense to do this and basically "rent" these macs (and have access to an upgraded model on the 37th month), especially is they don't have enough capital yet.
 
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