Apple Upgrade vs. Verizon deals: which saves you the most money on an iPhone?

Let's use a 256GB iPhone 17 Pro with no trade-in as an example. A 24-month Apple Upgrade lease for the device is $32 a month, totaling $768. To keep it after that, you'll need to pay the difference of $331 to reach the total upfront cost of $1,099.

With Verizon, you would pay $2.77 a month for 36 months, totaling just under $100 for the phone itself. That's alongside $3,420 for the Unlimited Ultimate plan, for a grand total of $3,520. If you already plan to stick with Verizon for the long haul, being locked into a contract is something you'd likely do anyway. However, you may be required to pay for a plan that's above what you actually need to make the "discount" possible, and Verizon's contracts last three years compared to Apple Upgrade's two.

However, with Apple Upgrade, you'll still need to pay for a phone plan on top of the monthly iPhone leasing fees. Crucially, you aren't able to utilize a bargain plan from an MVNO like Visible — Apple Upgrade phones must be activated through AT&T, T-Mobile or Verizon. There are other options usable with Apple's offering, like Verizon Simplicity, which is only $30/month for new customers instead of $65 for Unlimited Welcome. If we use that phone plan's two-year cost over the same Apple Upgrade 17 Pro lease, the grand total spent is $1,819 to own the phone outright. Verizon offers another option called Flex Upgrade that lets you upgrade your phone after you've paid a certain amount, but using this means you forfeit the monthly promo credits.

Each of these options has their own set of variables that could result in paying slightly less per month. Your payments can potentially be reduced by trading in your old phone before embarking on a plan, with the exact amount depending on your current device and its condition. However, even with those fluctuations taken into account, Verizon's deals will still cost you over $1,000 more than Apple due to the longer term. The only "advantage" is Verizon spreading the cost over a longer period, versus the eventual lump payment you'll owe as part of Apple Upgrade.