Best Buy and Apple expand ‘Upgrade+’ financing program to include iMac and Mac Studio
Dec 13, 2022
Earlier this fall, Best Buy and Apple teamed up to launch the “Mac Upgrade Program” that many buyers have been waiting on for years. Today, Best Buy has announced an expansion of the new Upgrade+ program, now allowing users to choose iMac and Mac Studio models, building on the MacBook Pro and MacBook Air models that were included at the initial launch of the program.
As we explained in our initial coverage of Best Buy’s new Upgrade+ program, the offering works similarly to Apple’s iPhone Upgrade Program. Upgrade+ allows you to buy a new Mac using 36 equal monthly payments (which could be interest-free, based on your credit). In month 37, you then have the choice of making a final payment on your Mac or upgrading to a new Mac.
At launch, Upgrade+ was available for the MacBook Air and MacBook Pro. Best Buy and Apple, however, have now announced an expansion to the Mac Studio and 24-inch iMac. Here’s an example of the financing offers:
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 Studio from $43.33/month for 36 months and the $440 final payment is due in month 37. Based on an original price of $1,999.99.
Best Buy further explains:
After 36 months, customers who purchase a select Mac desktop or Mac laptop will then have the option to upgrade to a newer model by returning the qualifying product and remaining in the program, making the final payment to keep the device they’ve originally purchased, or they can simply return it and leave the program. If they choose to either upgrade to a newer model or to return the original product, Best Buy will make the final payment on behalf of the customer.
You can learn more about Upgrade+ on the Best Buy website. The new financing options are available today for the 24-inch iMac and select Mac Studio configurations.
While Best Buy’s Upgrade+ program fills a void in the market, the program has faced some criticism since it launched in October. In particular, users have taken issue with the value of the final payment in month 37. For instance, Best Buy is essentially saying that a base model Mac Studio would hold a value of $440 after three years.
One alternative to Upgrade+ is to use Apple Card’s monthly installment financing option. This offers users interest-free financing on Apple products, including Mac purchases, spread across 12 months. The trade-off here, of course, is that the monthly payment would be higher since you’re financing across 12 months rather than 36 months.