Apple is apparently working on its own subscription model for iPhones and other hardware products. According to reports, Apple fans will be able to rent certain devices for a monthly fee instead of buying them. This would allow them to always receive the latest model.

As the news agency Bloomberg reports, US corporation Apple is apparently currently working on its own subscription service for iPhones and other hardware devices. According to the report, the planned model could be compared with subscriptions to apps or other services, for example.

In the future, iPhone fans will be able to rent certain devices for a monthly fee instead of buying them. This would also give them the opportunity to always have the latest model. The project is still under development, but Bloomberg has already received first insights from an insider.

Apple subscription: US group plans own subscription service for iPhones and Co.

Such a subscription model for iPhones and the like would be a big step toward rental services and automatically recurring sales. Although there is already a comparable Apple subscription for iPhones in the U.S. and many mobile carriers also advertise installment models, Apple’s new plans seem to go far beyond that.

According to Bloomberg, Apple wants to give its customers the option of paying for the rental via the App Store and the monthly fees via their Apple ID and credit card data. In addition, the planned rental service is to differ from classic installment payment options.

The monthly fee will not be based on the price of the devices, which would then be paid off after a certain period of twelve or 24 months and become the property of the customer. Instead, the fee would be model-dependent and would only have to be paid until the device is returned.

Apple rental service: monthly fee until the device is returned

The planned rental service seems interesting because Apple has been launching new models of its iPhones, iPads and the like on the market every year. The subscription model would be a departure from the previous strategy, since Apple usually only sells its products at full price.

Apple fans would also have more flexible options for purchasing devices and could always get the latest model without having to sell products again. The iPhone company would also somewhat conceal the sometimes high prices of its products.

Apple share price jumps

According to Bloomberg, the U.S. company has already been working on the program for several months, but has put it on hold in the meantime in order to initially offer a “buy now, pay later” service. According to an insider, the rental service could nevertheless be launched as early as the end of 2022.

However, there could be delays or even changes to the plan if the model proves impractical. Meanwhile, the news was well received on the stock market. Apple shares rose by around two percent after the Bloomberg report.