Apple has announced a new "Trade Up With Installments" payment plan that allows a user to trade in any old iPhone, Android, or Windows Phone and apply the value of the device towards a new 24-month iPhone installment plan. This is only available in Apple Stores in the United States, and combines the "reuse and recycle" program with a slightly different version of the 12-month iPhone Upgrade Plan launched last year.
Apple's targeting people with older iPhones with this program, making it possible to purchase a newer phone to use for the next two years for minimal payments. An example would be purchasing a 128GB iPhone 6s Plus after trading in an iPhone 4 -- the value of the older phone is subtracted from the price of the new phone, then amortized over 24 months for a monthly payment of $35.37.
With the current iPhone Upgrade Plan, you can upgrade your iPhone annually with a trade-in of the old device. This new Trade Up With Installment program requires owners to completely pay off the phone before it can be traded in again.