diff --git a/pyo3-macros-backend/src/method.rs b/pyo3-macros-backend/src/method.rs
index 42f22204601..a9ba960d513 100644
--- a/pyo3-macros-backend/src/method.rs
+++ b/pyo3-macros-backend/src/method.rs
@@ -645,8 +645,7 @@ impl<'a> FnSpec<'a> {
                         #( #holders )*
                         let result = #call;
                         let initializer: _pyo3::PyClassInitializer::<#cls> = result.convert(py)?;
-                        let cell = initializer.create_cell_from_subtype(py, _slf)?;
-                        ::std::result::Result::Ok(cell as *mut _pyo3::ffi::PyObject)
+                        _pyo3::impl_::pymethods::tp_new_impl(py, initializer, _slf)
                     }
                 }
             }
diff --git a/src/impl_/coroutine.rs b/src/impl_/coroutine.rs
index 6084e59cf5c..1d3119400a0 100644
--- a/src/impl_/coroutine.rs
+++ b/src/impl_/coroutine.rs
@@ -9,7 +9,7 @@ use crate::{
     pycell::impl_::PyClassBorrowChecker,
     pyclass::boolean_struct::False,
     types::{PyAnyMethods, PyString},
-    IntoPy, Py, PyAny, PyCell, PyClass, PyErr, PyObject, PyResult, Python,
+    IntoPy, Py, PyAny, PyClass, PyErr, PyObject, PyResult, Python,
 };
 
 pub fn new_coroutine<F, T, E>(
@@ -32,8 +32,7 @@ where
 }
 
 fn get_ptr<T: PyClass>(obj: &Py<T>) -> *mut T {
-    // SAFETY: Py<T> can be casted as *const PyCell<T>
-    unsafe { &*(obj.as_ptr() as *const PyCell<T>) }.get_ptr()
+    obj.get_class_object().get_ptr()
 }
 
 pub struct RefGuard<T: PyClass>(Py<T>);
diff --git a/src/impl_/pyclass.rs b/src/impl_/pyclass.rs
index 3c9eb28f9e8..1a144f736e0 100644
--- a/src/impl_/pyclass.rs
+++ b/src/impl_/pyclass.rs
@@ -7,8 +7,8 @@ use crate::{
     pyclass_init::PyObjectInit,
     types::any::PyAnyMethods,
     types::PyBool,
-    Borrowed, Py, PyAny, PyCell, PyClass, PyErr, PyMethodDefType, PyNativeType, PyResult,
-    PyTypeInfo, Python,
+    Borrowed, Py, PyAny, PyClass, PyErr, PyMethodDefType, PyNativeType, PyResult, PyTypeInfo,
+    Python,
 };
 use std::{
     borrow::Cow,
@@ -25,13 +25,13 @@ pub use lazy_type_object::LazyTypeObject;
 /// Gets the offset of the dictionary from the start of the object in bytes.
 #[inline]
 pub fn dict_offset<T: PyClass>() -> ffi::Py_ssize_t {
-    PyCell::<T>::dict_offset()
+    PyClassObject::<T>::dict_offset()
 }
 
 /// Gets the offset of the weakref list from the start of the object in bytes.
 #[inline]
 pub fn weaklist_offset<T: PyClass>() -> ffi::Py_ssize_t {
-    PyCell::<T>::weaklist_offset()
+    PyClassObject::<T>::weaklist_offset()
 }
 
 /// Represents the `__dict__` field for `#[pyclass]`.
diff --git a/src/impl_/pymethods.rs b/src/impl_/pymethods.rs
index 70c95ca0883..bc950bafee4 100644
--- a/src/impl_/pymethods.rs
+++ b/src/impl_/pymethods.rs
@@ -7,8 +7,8 @@ use crate::pycell::{PyBorrowError, PyBorrowMutError};
 use crate::pyclass::boolean_struct::False;
 use crate::types::{any::PyAnyMethods, PyModule, PyType};
 use crate::{
-    ffi, Borrowed, Bound, DowncastError, Py, PyAny, PyCell, PyClass, PyErr, PyObject, PyRef,
-    PyRefMut, PyResult, PyTraverseError, PyTypeCheck, PyVisit, Python,
+    ffi, Borrowed, Bound, DowncastError, Py, PyAny, PyCell, PyClass, PyClassInitializer, PyErr,
+    PyObject, PyRef, PyRefMut, PyResult, PyTraverseError, PyTypeCheck, PyVisit, Python,
 };
 use std::borrow::Cow;
 use std::ffi::CStr;
@@ -569,3 +569,13 @@ impl<'py, T> std::ops::Deref for BoundRef<'_, 'py, T> {
         self.0
     }
 }
+
+pub unsafe fn tp_new_impl<T: PyClass>(
+    py: Python<'_>,
+    initializer: PyClassInitializer<T>,
+    target_type: *mut ffi::PyTypeObject,
+) -> PyResult<*mut ffi::PyObject> {
+    initializer
+        .create_class_object_of_type(py, target_type)
+        .map(Bound::into_ptr)
+}
diff --git a/src/instance.rs b/src/instance.rs
index 584f6cb420f..67d2375e323 100644
--- a/src/instance.rs
+++ b/src/instance.rs
@@ -1,5 +1,4 @@
 use crate::err::{self, PyDowncastError, PyErr, PyResult};
-use crate::ffi_ptr_ext::FfiPtrExt;
 use crate::impl_::pycell::PyClassObject;
 use crate::pycell::{PyBorrowError, PyBorrowMutError, PyCell};
 use crate::pyclass::boolean_struct::{False, True};
@@ -93,14 +92,7 @@ where
         py: Python<'py>,
         value: impl Into<PyClassInitializer<T>>,
     ) -> PyResult<Bound<'py, T>> {
-        let initializer = value.into();
-        let obj = initializer.create_cell(py)?;
-        let ob = unsafe {
-            obj.cast::<ffi::PyObject>()
-                .assume_owned(py)
-                .downcast_into_unchecked()
-        };
-        Ok(ob)
+        value.into().create_class_object(py)
     }
 }
 
@@ -338,10 +330,10 @@ where
     }
 
     pub(crate) fn get_class_object(&self) -> &PyClassObject<T> {
-        let cell = self.as_ptr().cast::<PyClassObject<T>>();
+        let class_object = self.as_ptr().cast::<PyClassObject<T>>();
         // SAFETY: Bound<T> is known to contain an object which is laid out in memory as a
         // PyClassObject<T>.
-        unsafe { &*cell }
+        unsafe { &*class_object }
     }
 }
 
@@ -884,10 +876,7 @@ where
     /// # }
     /// ```
     pub fn new(py: Python<'_>, value: impl Into<PyClassInitializer<T>>) -> PyResult<Py<T>> {
-        let initializer = value.into();
-        let obj = initializer.create_cell(py)?;
-        let ob = unsafe { Py::from_owned_ptr(py, obj as _) };
-        Ok(ob)
+        Bound::new(py, value).map(Bound::unbind)
     }
 }
 
@@ -1191,12 +1180,16 @@ where
     where
         T: PyClass<Frozen = True> + Sync,
     {
-        let any = self.as_ptr() as *const PyAny;
-        // SAFETY: The class itself is frozen and `Sync` and we do not access anything but `cell.contents.value`.
-        unsafe {
-            let cell: &PyCell<T> = PyNativeType::unchecked_downcast(&*any);
-            &*cell.get_ptr()
-        }
+        // SAFETY: The class itself is frozen and `Sync`
+        unsafe { &*self.get_class_object().get_ptr() }
+    }
+
+    /// Get a view on the underlying `PyClass` contents.
+    pub(crate) fn get_class_object(&self) -> &PyClassObject<T> {
+        let class_object = self.as_ptr().cast::<PyClassObject<T>>();
+        // SAFETY: Bound<T> is known to contain an object which is laid out in memory as a
+        // PyClassObject<T>.
+        unsafe { &*class_object }
     }
 }
 
diff --git a/src/pycell.rs b/src/pycell.rs
index c64fa0d2c96..43c75314f00 100644
--- a/src/pycell.rs
+++ b/src/pycell.rs
@@ -192,8 +192,6 @@
 //! [guide]: https://pyo3.rs/latest/class.html#pycell-and-interior-mutability "PyCell and interior mutability"
 //! [Interior Mutability]: https://doc.rust-lang.org/book/ch15-05-interior-mutability.html "RefCell<T> and the Interior Mutability Pattern - The Rust Programming Language"
 
-#[allow(deprecated)]
-use crate::conversion::FromPyPointer;
 use crate::conversion::{AsPyPointer, ToPyObject};
 use crate::exceptions::PyRuntimeError;
 use crate::ffi_ptr_ext::FfiPtrExt;
@@ -272,12 +270,7 @@ impl<T: PyClass> PyCell<T> {
         )
     )]
     pub fn new(py: Python<'_>, value: impl Into<PyClassInitializer<T>>) -> PyResult<&Self> {
-        unsafe {
-            let initializer = value.into();
-            let self_ = initializer.create_cell(py)?;
-            #[allow(deprecated)]
-            FromPyPointer::from_owned_ptr_or_err(py, self_ as _)
-        }
+        Bound::new(py, value).map(Bound::into_gil_ref)
     }
 
     /// Immutably borrows the value `T`. This borrow lasts as long as the returned `PyRef` exists.
@@ -483,16 +476,6 @@ impl<T: PyClass> PyCell<T> {
     pub(crate) fn get_ptr(&self) -> *mut T {
         self.0.get_ptr()
     }
-
-    /// Gets the offset of the dictionary from the start of the struct in bytes.
-    pub(crate) fn dict_offset() -> ffi::Py_ssize_t {
-        PyClassObject::<T>::dict_offset()
-    }
-
-    /// Gets the offset of the weakref list from the start of the struct in bytes.
-    pub(crate) fn weaklist_offset() -> ffi::Py_ssize_t {
-        PyClassObject::<T>::weaklist_offset()
-    }
 }
 
 unsafe impl<T: PyClassImpl> PyLayout<T> for PyCell<T> {}
diff --git a/src/pycell/impl_.rs b/src/pycell/impl_.rs
index 8f5443bb8c7..78a4f1cffd6 100644
--- a/src/pycell/impl_.rs
+++ b/src/pycell/impl_.rs
@@ -334,7 +334,6 @@ mod tests {
 
     use crate::prelude::*;
     use crate::pyclass::boolean_struct::{False, True};
-    use crate::PyClass;
 
     #[pyclass(crate = "crate", subclass)]
     struct MutableBase;
diff --git a/src/pyclass/create_type_object.rs b/src/pyclass/create_type_object.rs
index d0c271cf31a..52e346212f0 100644
--- a/src/pyclass/create_type_object.rs
+++ b/src/pyclass/create_type_object.rs
@@ -3,6 +3,7 @@ use pyo3_ffi::PyType_IS_GC;
 use crate::{
     exceptions::PyTypeError,
     ffi,
+    impl_::pycell::PyClassObject,
     impl_::pyclass::{
         assign_sequence_item_from_mapping, get_sequence_item_from_mapping, tp_dealloc,
         tp_dealloc_with_gc, PyClassItemsIter,
@@ -13,7 +14,7 @@ use crate::{
     },
     types::typeobject::PyTypeMethods,
     types::PyType,
-    Py, PyCell, PyClass, PyGetterDef, PyMethodDefType, PyResult, PySetterDef, PyTypeInfo, Python,
+    Py, PyClass, PyGetterDef, PyMethodDefType, PyResult, PySetterDef, PyTypeInfo, Python,
 };
 use std::{
     borrow::Cow,
@@ -94,7 +95,7 @@ where
             T::items_iter(),
             T::NAME,
             T::MODULE,
-            std::mem::size_of::<PyCell<T>>(),
+            std::mem::size_of::<PyClassObject<T>>(),
         )
     }
 }
diff --git a/src/pyclass_init.rs b/src/pyclass_init.rs
index 454726ea2a5..d945807e357 100644
--- a/src/pyclass_init.rs
+++ b/src/pyclass_init.rs
@@ -1,7 +1,9 @@
 //! Contains initialization utilities for `#[pyclass]`.
 use crate::callback::IntoPyCallbackOutput;
+use crate::ffi_ptr_ext::FfiPtrExt;
 use crate::impl_::pyclass::{PyClassBaseType, PyClassDict, PyClassThreadChecker, PyClassWeakRef};
-use crate::{ffi, Py, PyCell, PyClass, PyErr, PyResult, Python};
+use crate::types::PyAnyMethods;
+use crate::{ffi, Bound, Py, PyClass, PyErr, PyResult, Python};
 use crate::{
     ffi::PyTypeObject,
     pycell::impl_::{PyClassBorrowChecker, PyClassMutability, PyClassObjectContents},
@@ -204,56 +206,43 @@ impl<T: PyClass> PyClassInitializer<T> {
     }
 
     /// Creates a new PyCell and initializes it.
-    #[doc(hidden)]
-    pub fn create_cell(self, py: Python<'_>) -> PyResult<*mut PyCell<T>>
+    pub(crate) fn create_class_object(self, py: Python<'_>) -> PyResult<Bound<'_, T>>
     where
         T: PyClass,
     {
-        unsafe { self.create_cell_from_subtype(py, T::type_object_raw(py)) }
+        unsafe { self.create_class_object_of_type(py, T::type_object_raw(py)) }
     }
 
-    /// Creates a new PyCell and initializes it given a typeobject `subtype`.
-    /// Called by the Python `tp_new` implementation generated by a `#[new]` function in a `#[pymethods]` block.
+    /// Creates a new class object and initializes it given a typeobject `subtype`.
     ///
     /// # Safety
     /// `subtype` must be a valid pointer to the type object of T or a subclass.
-    #[doc(hidden)]
-    pub unsafe fn create_cell_from_subtype(
+    pub(crate) unsafe fn create_class_object_of_type(
         self,
         py: Python<'_>,
-        subtype: *mut crate::ffi::PyTypeObject,
-    ) -> PyResult<*mut PyCell<T>>
+        target_type: *mut crate::ffi::PyTypeObject,
+    ) -> PyResult<Bound<'_, T>>
     where
         T: PyClass,
     {
-        self.into_new_object(py, subtype).map(|obj| obj as _)
-    }
-}
-
-impl<T: PyClass> PyObjectInit<T> for PyClassInitializer<T> {
-    unsafe fn into_new_object(
-        self,
-        py: Python<'_>,
-        subtype: *mut PyTypeObject,
-    ) -> PyResult<*mut ffi::PyObject> {
-        /// Layout of a PyCell after base new has been called, but the contents have not yet been
+        /// Layout of a PyClassObject after base new has been called, but the contents have not yet been
         /// written.
         #[repr(C)]
-        struct PartiallyInitializedPyCell<T: PyClass> {
+        struct PartiallyInitializedClassObject<T: PyClass> {
             _ob_base: <T::BaseType as PyClassBaseType>::LayoutAsBase,
             contents: MaybeUninit<PyClassObjectContents<T>>,
         }
 
         let (init, super_init) = match self.0 {
-            PyClassInitializerImpl::Existing(value) => return Ok(value.into_ptr()),
+            PyClassInitializerImpl::Existing(value) => return Ok(value.into_bound(py)),
             PyClassInitializerImpl::New { init, super_init } => (init, super_init),
         };
 
-        let obj = super_init.into_new_object(py, subtype)?;
+        let obj = super_init.into_new_object(py, target_type)?;
 
-        let cell: *mut PartiallyInitializedPyCell<T> = obj as _;
+        let part_init: *mut PartiallyInitializedClassObject<T> = obj as _;
         std::ptr::write(
-            (*cell).contents.as_mut_ptr(),
+            (*part_init).contents.as_mut_ptr(),
             PyClassObjectContents {
                 value: ManuallyDrop::new(UnsafeCell::new(init)),
                 borrow_checker: <T::PyClassMutability as PyClassMutability>::Storage::new(),
@@ -262,7 +251,21 @@ impl<T: PyClass> PyObjectInit<T> for PyClassInitializer<T> {
                 weakref: T::WeakRef::INIT,
             },
         );
-        Ok(obj)
+
+        // Safety: obj is a valid pointer to an object of type `target_type`, which` is a known
+        // subclass of `T`
+        Ok(obj.assume_owned(py).downcast_into_unchecked())
+    }
+}
+
+impl<T: PyClass> PyObjectInit<T> for PyClassInitializer<T> {
+    unsafe fn into_new_object(
+        self,
+        py: Python<'_>,
+        subtype: *mut PyTypeObject,
+    ) -> PyResult<*mut ffi::PyObject> {
+        self.create_class_object_of_type(py, subtype)
+            .map(Bound::into_ptr)
     }
 
     private_impl! {}
diff --git a/src/type_object.rs b/src/type_object.rs
index 318810b534d..84888bee458 100644
--- a/src/type_object.rs
+++ b/src/type_object.rs
@@ -6,7 +6,7 @@ use crate::types::{PyAny, PyType};
 use crate::{ffi, Bound, PyNativeType, Python};
 
 /// `T: PyLayout<U>` represents that `T` is a concrete representation of `U` in the Python heap.
-/// E.g., `PyCell` is a concrete representation of all `pyclass`es, and `ffi::PyObject`
+/// E.g., `PyClassObject` is a concrete representation of all `pyclass`es, and `ffi::PyObject`
 /// is of `PyAny`.
 ///
 /// This trait is intended to be used internally.