Sprint is trying hard to stay competitive with leaders AT&T and Verizon. They have offered the iPhone for years, but have always landed in third place behind the two giants. Now, the company is trying to lure iPhone 6 buyers by offering enticing wireless calling and data plans.

Sprint is getting a little creative with their plans. Of course, they will offer the subsidized price for signing a new 2-year contract, but they will also offer something called the "iPhone for Life" plan.

The iPhone for Life plan is basically leasing the newest iPhone. Here is how it works:

For 24 months, you pay $20 a month. No money down is required on day one. The voice and data plan is $50 per month, so $70 total. That's for the iPhone 6 entry-level model with 16 GB of storage.

If you want the phablet-style iPhone 6 Plus (bigger screen), you pay $25 a month for 24 months and then the $50 per month for the voice and data.

It gets a little tricky from there. After those two years are up, the lessee has a decision to make: updgrade to a new lease on the latest iPhone (iPhone 7?), purchase the iPhone 6 for the full purchase price minus the payments already made, or continue leasing the iPhone 6 on a month-to-month basis. There is even a lease buyout plan.

It seems like a good deal, but just like leasing a car, you might not own it after the lease is done. With smartphones getting updated so frequently, it makes sense to upgrade every two years. This lease option looks like an affordable way to rent a phone.

If leasing an iPhone does not sound like something you want to do, Sprint offers full purchase price iPhone 6 models as well as the traditional new-2-year contract pricing that the other carriers have ($199 for an entry level iPhone 6 and $299 for an entry level iPhone 6 Plus).

What do you think of leasing an iPhone? Would you try it?