According to a report by Bloomberg, Apple Inc. is working on a subscription service for their hardware. This service will be the first of its kind.
The service could make owning an Apple device similar to paying a monthly fee, like iCloud and Apple Music. Customers would pay a monthly subscription fee and receive access to a device for the duration of the subscription.
However, the subscription service is only in its developmental stages, and may not actually come to life. Apple plans to launch hardware subscriptions by the end of 2022, but it might be postponed until 2023 or canceled entirely if the company decides to take a different path.
This service differs from installment plans. Installment plans are the full price of the device split between 12 or 24 monthly payments. The subscription service will be a monthly fee that depends on the device chosen.
Personally, I think this service is a useful option for people who don’t want to be bound by yearly contracts and paying full price for their devices. On the contrary, there are others who prefer to pay full price and stick with their devices for a while.