Sprint has debuted a new iPhone-exclusive plan that allows users to “rent” an iPhone for two years, then upgrade to the newest model for $70 a month (via Bloomberg). The plan allows users to get the latest Apple smartphone for no money down and no tax, then pay $50 a month for unlimited data, texting, and calling, plus $20 each month for the phone, for a total of $70 monthly.
After two years, users will be able to switch to the newest iPhone model. However, because the phone is only being “rented” from the carrier, it must be returned in at the time of upgrade, where customers on a typical two-year contract would be allowed to keep the device after they paid it off.
These prices are for individual plans only. For family plans, the monthly cost of the iPhone comes out to $80 instead of $20, which drives the monthly cost up to $180.