Apple raised prices on its newest Pro iPhones, but U.S. wireless carriers are lifting trade-in incentives by about the same amount, which Bank of America says should keep consumer demand from slipping.
BofA analyst Wamsi Mohan wrote that the top trade-in credit for the iPhone 18 Pro Max has moved to $1,200, from $1,100 on the prior Pro Max. That $100 bump lines up with Apple’s $100 increase on the latest Pro models. The iPhone 18 Pro starts at $1,199, up from $1,099 for the iPhone 17 Pro, and the 256GB iPhone 18 Pro Max starts at $1,299.
Mohan argued that richer promotions should continue to support iPhone sales. He kept a Buy rating and a $370 price target on Apple stock.
The discounts are not usually an immediate cash cut at the register. T-Mobile is offering up to $1,200 off the iPhone 18 Pro with a trade-in for new and existing customers on its Experience Beyond plan and is accepting eligible devices in any condition. AT&T is offering up to $1,200 in bill credits for customers trading in an iPhone 14 or newer, also regardless of condition. Verizon has put out similar trade-in deals tied to premium unlimited plans.
Those credits typically arrive as monthly bill reductions over 24 to 36 months. Customers generally have to stay on an eligible plan for the full term to get the maximum value.
Apple’s own trade-in program is more modest, offering roughly $175 to $885 for an iPhone 13 or later, depending on model and condition.
The price pressure is not limited to phones. Apple had already flagged rising costs and lifted prices across Mac, iPad, and home products in 2026 as a global memory shortage pushed DRAM contract prices higher.
MacDailyNews Take: RAMageddon absorbed (at least in U.S. iPhones)!
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AAPL is just a few bucks away from July’s high…when $350 seemed v possible.
Just a 3 month stall of momentum…now, seemingly returned.
Between now and the next earnings call in late October is a good time to consider taking profits and readjusting your cost basis. I’d expect another drop then though not as drastic as the 10% dump in late July. iPhone sales will probably come in soft as the 18 Pros will have only been on the market for 5 weeks and the Duo will have just launched.