Verizon confirmed on Thursday that August 25 will be the start of the carrier’s new upgrade program, Verizon Edge. As expected, it will allow users to trade in their old phones after a mere six months, provided they have paid at least 50 percent of the retail cost of the device.
There are no contracts to worry about, no finance charges, upgrade fees, or anything hidden in your bill. It’s just another option for customers on Share Everything plans. In a nutshell, you can trade in your old phone every six months as long as you have paid for half its cost.
Here’s how it works: Choose the phone you want and sign up for a month-to-month service plan, it’s as easy as that. The full retail price of the phone will be divided over 24 months and you’ll pay the first month at the time of purchase. If you want to upgrade after 6 months, just pay off 50% of the full retail price of the phone and you can choose a new phone and start all over again.
Picking the arbitrary figure of a $500 device, you would pay around $20.83 per month for the phone for 24 months. After six months you will have paid roughly $125 for the device; another $125 would get you to the halfway point. Pay that amount to Verizon and trade in your phone and you’ll be on your way to another device. Don’t wanna trade it in – keep paying on the phone and hold on to it. Indeed, the newer devices can fetch prices as high as $649.99 outright.