If you’re looking to get a new iPad for as little cash as possible, here’s an intriguing offer: Starting tomorrow, Sprint is letting customers lease an iPad Air 2 or iPad mini 3 for as little as $17 per month.
It’s an unusual offer, and one that Sprint describes as an “industry first.” The lease itself lasts 24 months and, enticingly, doesn’t require any upfront costs.
So what are the prices for an iPad lease from Sprint?
For the iPad mini 3 you’ll pay $17 per month for the 16GB model, $21 for 64GB or $25 for 128GB.
For the iPad Air 2 you’ll pay $20 per month for the 16GB, $24 for 64GB or $28 for 128GB.
At the end of the 24-month period, customers have the opportunity to turn in the device and lease a newer model for zero down. Alternatively, they can continue leasing the existing iPad on a month-to-month basis, purchase the leased tablet or return it and terminate the service.
It’s definitely not the most conventional way to get your mitts on a new iPad, but if you don’t have the money to buy one outright it’s a pretty good offer that’s well worth exploring.
Source: Sprint
Luke Dormehl is a U.K.-based journalist and author, with a background working in documentary film for Channel 4 and the BBC. He is the author of The Apple Revolution and The Formula: How Algorithms Solve All Our Problems … and Create More, both published by Penguin/Random House. His tech writing has also appeared in Wired, Fast Company, Techmeme and other publications.
9 responses to “Sprint’s innovative ‘iPad for life’ lease starts at just $17 a month”
Are these the WiFi or the Cellular data versions?
cell of course. offer is by sprint. they are offering this deal so you also buy their data plan
“At the end of the 24 month period,
customers then have the opportunity to turn in the leased device and
lease another newer model for zero down. Alternatively they can continue
leasing the existing iPad on a month-to-month basis, purchase the
leased tablet, or return it and terminate the service.”
Wow. That’s mighty white of them. Letting you purchase the the leased tablet that you just paid full retail for.
Who do they think we are? Dummies???
” it’s a pretty good offer ” – the author of this article did fail math class, didn’t he. Paying 480$ to rent a 499$ device for 2 years is not a good offer. And they even allow you to continue to rent the device after the 2 years are up? How generous.
If you want a comparable deal get a 480$ credit from your local mafiosi for a ridiculous 28% interest rate. Buy a 499$ iPad, on a sale for 480$ or less. Pay back 20$ per month every month for 2 years. You now owe the mafiosi 200$ (after interest, etc). Incidentially, that’s the amount I expect Sprint would charge you to keep the device after the 2 years. Plus a 50$ handling fee (plus tax), of course.
Now, that was the iPad Air 2 deal. For the iPad mini 3, they charge you 24*17$=408$ to rent it for 2 years, and probably another 150$-200$ to own it afterwards. In the Apple store you can get the same device for 399$. At Best Buy it’s on sale for 325$ until Nov 29. If we go with the 325$ price and expect Sprint to charge 150$ to own after the lease, that’s a 45% interest rate.
Ah, crap. these are the cellular models, forget the math above. So it depends entirely on what their asking price for the used device is after the 2 years. It’s probably still the equivalent of a 15-20% interest rate, but at least that’s comparable with what you’d get if you had a piss poor credit rating.
Sorry but you forgot to add in the cost of the cellular model. Add $130 to the cost.
People are complaining about the fact that surprisingly to rent them costs more than to buy out right. Well of course it’s this way, it’s hire purchase isn’t it! The same as a car lease but with a mobile device. People who cannot afford to pay out right take these offers as they can afford the monthly option.
Don’t forget the company would expect you to take out their insurance for loss or theft as well, also to tie you in to a 2 year lease contract that you cannot get out of.
This would be a good deal if it included 2 GB /mo and device protection insurance.
Looks like the cheapest plan you can go with is $10/month. But you also have: “Monthly charges exclude taxes & Sprint Surcharges [incl. USF charge of up to 16.10% (varies quarterly), up to $2.50 Admin. & 40¢ Reg. /line/mo.) & fees by area (approx. 5–20%)]. Surcharges are not taxes. See sprint.com/taxesandfees”