AppleInsider:

Under the terms of the new promotion, consumers can bring any eligible handset — which includes the iPhone 4, 5, 5c, 5s, 6, and 6 Plus — to a local Apple Store and walk out with a new iPhone without paying the new phone’s cost up front or signing a wireless contract. The balance can now be divided equally over 24 monthly payments, as noted by USA Today.

If one were to trade a mint condition iPhone 4 for a 128-gigabyte iPhone 6s Plus, for example, it would cost $35.37 per month. That comes to just under $850, or about $100 off the full retail price.

The lowest possible payment — swapping an iPhone 6 for an iPhone 6s — is $14.58 per month.

I’ve traditionally purchased a new iPhone every other year at the two year contract pricing. I’m still a little annoyed that this option will no longer be available to me, but at least Apple is offering a viable and affordable alternative.