Bottom line: Now may be the time to trade-in your old iPhone for an upgrade if you were already planning on upgrading. Up to $100 extra will be granted for devices newer than the iPhone 6 provided they are in good condition.
Price is unquestionably a factor in why iPhone users are upgrading less frequently. Apple did keep prices fairly steady between the launch of the iPhone 4 and debuting the iPhone 8, but the iPhone X gave way to a whole new class of expensive phones.
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As a means to entice more users to upgrade their iPhone, Apple is offering greater trade-in value as long as you have an iPhone 6 or newer. Those with an iPhone 6 Plus, iPhone 6S, or iPhone 6S Plus see the greatest increase in trade-in value, while those with an iPhone 7 Plus or iPhone 8 only get marginally more for their device.
Increased trade-in values are only valid when purchasing a new iPhone XR, iPhone XS, or iPhone XS Max. Original credit amounts can still be obtained in the form of an Apple Store gift card if you just want to get rid of an old device without purchasing a new one.
The trade-in process can be initiated online or in an Apple Store, but going to a store will significantly reduce the amount of time it takes for the process. As always, Apple will verify the condition of a device before accepting it as a trade-in.
Anyone looking to finance their device payments can still do so, but will have their trade-in value applied to the taxes and fees on their new iPhone. Any remaining value after taxes will be given as an Apple Store gift card, which cannot be used to pay for monthly payments since third-parties manage financing programs.
In typical Apple fashion, the deal is available for a limited time only without a listed end date for the promotion.