iPhone 18 Price Increases: Trade-In Values at Verizon, T-Mobile, and AT&T

US carriers Verizon Communications, T-Mobile U.S., and AT&T are offering trade-in credits of up to $1,200 for Apple's iPhone 18 Pro Max, according to Bank of America analyst Wamsi Mohan on September 17, 2026. This represents an increase of $100 compared to $1,100 for the iPhone 17 Pro Max the previous year and $200 more than the $1,000 for the iPhone 16 Pro Max two years ago.

Different minimum requirements by carrier

The eligibility requirements for the maximum credit differ significantly among the three major carriers. Verizon Communications and AT&T require at least an iPhone 14 or newer to receive the full $1,200 trade-in credit. T-Mobile U.S. demands a significantly more current model: customers must trade in at least an iPhone 15 Pro or newer.

These requirements reflect a strategy targeting customers with relatively current devices. In August 2026, T-Mobile and AT&T already offered trade-in subsidies of up to $1,100 for iPhone 17 Pro and Pro Max models – an increase from $1,000 the previous year.

Carrier incentives offset Apple price increase

Mohan noted that more generous carrier promotions largely offset Apple's higher prices for the iPhone 18. Apple has raised device prices, but carriers' improved trade-in programs help consumers manage the cost increase. The $100 jump in trade-in values from iPhone 17 to iPhone 18 Pro Max directly mitigates the additional costs for upgrade-eager customers.

Bank of America forecasts a strong iPhone upgrade cycle, supported by higher average selling prices, the introduction of iPhone Duo – a new product variant – and Siri AI features that could boost upgrade interest. The multi-year upgrade cycle will be partly driven by hardware needed for generative AI capabilities.

Analyst confirms buy rating with $370 price target

Mohan reaffirmed his buy recommendation for Apple on September 17, 2026, with a price target of $370 per share. The valuation is based on a price-to-earnings ratio of 37 relative to earnings estimates for calendar year 2027 of $9.98 per share. The premium valuation is justified by opportunities in agentic artificial intelligence, the multi-year iPhone upgrade cycle, Apple's liquidity, potential expansion into new markets, shareholder capital returns, faster Services business growth, and margin benefits from internally developed chips.

The analyst cited risks including a weaker iPhone cycle, slower Services growth, implementation challenges with agentic Siri, tariffs, and longer smartphone replacement cycles. KeyBanc Research, by contrast, forecast in September 2026 a decline in shipments from roughly 91 million to 80 million units over two key quarters – an indication that Apple might prioritize higher revenue per device over volume.

Apple stock with strong year-to-date gains

Apple shares rose nearly 1 percent on September 17, 2026, as a broad market rally lifted technology stocks. The stock traded 4.4 percent above the 20-day average of $321.32 and 17.3 percent above the 200-day average of $286.07. Over twelve months, the stock recorded a gain of 40.38 percent. The 52-week high was $344.57 on September 4, 2026. The analyst consensus target was $330.61 per share.

Yahoo Finance reported on September 17, 2026, an expected increase in earnings per share of 7.57 percent year-over-year, supported by positive trends in iPhone demand driven by enhanced carrier incentives. US iPhone shipments had previously risen 6 percent, with stronger carrier promotions for iPhone 17 Pro and Pro Max models fueling that demand.