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If you have been waiting to upgrade your iPhone, then now is the perfect time. Apple has rolled out a new payment plan option for its users, Trade Up with Installments Plan, that allows you trade your old iPhone, Android or Windows Phone. The old phones will be evaluated and their value will be applied to the new phone, remaining balance can be paid in monthly installment for a period of 24 months. This plan is only available in US and can only be availed from an Apple Store.

If the phone that you are trading is in a good condition, the payments will come out to be somewhere between $15 and $35, depending upon the number of models you can jump up. The payment will be more if you are jumping from a lower model, say from iPhone 4 to a 6S Plus 128 GB will cost around $35.37 per month. The payments will be lower if you have fewer models in between, for example from iPhone 5 to iPhone 6, Hot Apple News reports

The new Apple plan joins two existing schemes that are designed to lure consumers into buying new iPhones. The trade-in program by Apple is combined with the iPhone Upgrade Program that was introduced after iPhone 6S and 6S Plus were launched.

Trade-in program will pay you $350 for your old iPhone and will even accept your old, damaged iPhones.

The iPhone Upgrade program will let you get the latest iPhone with AppleCare+ service by paying slightly extra on your monthly payments. After making payments for a year, if a new iPhone is launched, you can simply take your older one to the Apple Store, trade in with the new phone and resume the monthly payments, as reported by CNET