If you buy AppleCare+, Apple's new iPhone Upgrade Program is a great deal (AppleInsider)

Check the full post for a U.S. carrier competitive comparison

"tl;dr: Apple's new iPhone Upgrade Program is a no-brainer for customers who buy AppleCare+ and want to upgrade their iPhone every year.

Unlike installment plans offered by some wireless carriers, Apple's iPhone Upgrade Program features a completely unlocked iPhone. In addition, the program is also interest free, so the loan comes at no cost to you.

In other words, the price you pay over two years is identical to what you would pay upfront for a new, unlocked iPhone 6s and AppleCare+ two-year warranty."

If you buy AppleCare+, Apple's new iPhone Upgrade Program is a great deal