Apple is set to discontinue its iPhone Upgrade Program, introducing a new option called “Apple Upgrade,” according to reports from MacRumors and 9to5Mac. The iPhone Upgrade Program allowed customers to lease a new iPhone every year through a monthly installment plan. Apple — Company Snapshot Ticker AAPL Stock Price $331.72 (-1.91%) CEO Tim Cook Headquarters Cupertino, CA Founded 1976 iPhone Upgrade Program Launch 2015Why Would Apple Make This Change? By rebranding and restructuring its upgrade program, Apple likely aims to modernize how it sells hardware on a recurring basis. What This Means for Everyday UsersIf you’re currently in the iPhone Upgrade Program, keep an eye out in the coming weeks.