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Apple has introduced a new financing option for iPads with cellular connectivity. Customers buying a device directly from the Apple Store can now spread the cost over up to 36 months using offers from carriers AT&T or Verizon. The scheme covers all models with cellular support, from the base iPad to the flagship iPad Pro. The new option appeared just weeks after a significant rise in Apple tablet prices. The company is thus trying to make it easier to buy increasingly expensive devices without having to pay a large sum upfront.
Apple extends iPad financing to three years
Until now the primary way to spread payments for an iPad in the Apple Store was 12-month instalments under Apple Card Monthly Installments. Now users on AT&T or Verizon can choose financing spread over 36 months. The offer is available to existing customers who decide to add a new mobile line to their account. The programme covers all iPad models with LTE or 5G modems, including the iPad, iPad mini, iPad Air and iPad Pro. In practice this means much lower monthly payments for the hardware. For example, the 11-inch iPad Pro with a modem currently costs $1,399, which under Apple Card financing works out to about $116 per month over a year. With carrier financing the monthly instalment for the device alone falls to about $39. The charge for the tablet is added to the monthly mobile service bill. Apple sells the device immediately, while the carrier gains another subscriber using its network.
Rising electronics prices are changing how devices are sold
The new financing model is not accidental and coincided with recent iPad price hikes. Apple attributes the cost increases to ever more expensive RAM and storage media, whose prices are rising due to huge demand from companies developing artificial intelligence. Data centres running AI models consume vast amounts of memory, which limits component availability for consumer electronics manufacturers. As a result, device production costs are steadily increasing. Apple apparently assumes this situation will persist for some time to come. Spreading payments over three years helps mitigate the impact of higher prices and makes the purchase seem more affordable. However, it is worth remembering that early termination of your contract with the network operator or porting your number to another network requires immediate repayment of the remaining balance for the device. Only after the entire obligation has been settled and the operator's conditions met can the iPad be unlocked.
Apple is responding to rising iPad prices by offering customers the option to pay for devices over 36 months through mobile operators. Lower monthly instalments may encourage customers to buy more expensive models, but they involve a long-term commitment and the need to maintain an active service with the operator. Everything suggests that similar financing options will in future cover other Apple devices with cellular connectivity.
source: digitaltrends
