Apple's new "Apple Upgrade" program in the U.S. offers iPhone leasing, but its value is complex. Leasing an iPhone 17 Pro for 12 months at $45.99/month totals $551.88, less than the $1,099 upfront cost.

However, after the lease, you can return the iPhone, upgrade, or buy it outright. Returning it means you've paid $551.88 for a year's use without the device or resale value. Private resale might be more cost-effective if you can get a good price, but Apple's program offers convenience.

Upgrading annually means continuous payments, potentially costing more than buying outright and reselling. Buying out the lease at the end results in paying the full $1,099, effectively a 12-month interest-free loan via partner Klarna.

Ultimately, buying upfront and reselling privately is likely cheapest. The Apple Upgrade program is best for those prioritizing convenience and predictable, annual upgrades, avoiding the hassle of private sales. The buy-out option offers interest-free financing.