Sprint (NYSE: S) is trying to make the Apple (NASDAQ: AAPL) iPhone 6 and iPhone 6 Plus even more appealing to consumers by offering a 30-month lease program as part of the company's previously announced iPhone for Life program. The 30-month plan will reduce the monthly cost of the iPhone to $18 for the 16 GB iPhone 6 or $23 for the 16 GB iPhone 6 Plus.
The new 30-month option is available in addition to the existing 12-month and 24-month lease plans, which were announced in September. Part of the appeal of the iPhone for Life program is that after the 30-month lease program is up, customers can trade in their iPhone for a new iPhone. Alternatively, they can buy the leased iPhone or continue with the leasing plan on a month-to-month basis.
The $18-a-month fee also is significantly lower than the $35 a month that customers pay under normal financing. If a customer wants an iPhone with more internal storage, they will pay more per month. The leasing program applies to families as well.
Sprint is trying to lure lucrative iPhone customers away from other operators by offering this deal. In a company comparison of other operators' iPhone 6 pricing, Sprint said that an iPhone 6 with 16 GB of storage from AT&T (NYSE: T) will cost customers $27.09 a month if they select the Next 18 program and $21.67 a month if they select the Next 24 program. Likewise, if they buy an iPhone from T-Mobile US (NYSE:TMUS) using the company's Simple Choice plan, they will pay $27.08 a month for 24 months. With Verizon Wireless (NYSE: VZ), a customer will pay $27.08 a month for 24 months with the company's Edge program and $27.09 a month for 24 months with the company's Easy Pay option.
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