New year, new phone? If you‘re one of the millions of Americans who use Verizon as their wireless carrier, the start of a new year often brings the itch to upgrade your device. And why not? With an ever-growing array of impressive smartphones hitting the market each year, it‘s hard to resist the allure of a shiny new gadget with all the latest bells and whistles.
But as any savvy shopper knows, upgrading your phone is a big decision. Not only do you have to consider the upfront cost of the device, but also the long-term financial implications of your carrier‘s upgrade program. And with multiple upgrade options and a slew of sometimes confusing terms and conditions, figuring out the best path forward can quickly become overwhelming.
Never fear, we‘re here to help. As a team of retail and consumer technology experts, we‘ve put together the ultimate guide to navigating Verizon upgrades in 2024. We‘ll arm you with all the information you need to make an informed decision, from decoding Verizon‘s different upgrade programs to snagging the best deals and promotions. Plus, we‘ll share some industry insider tips you won‘t find anywhere else. Let‘s dive in!
Verizon Upgrade Policy 101: What You Need to Know
First, let‘s start with the basics of Verizon‘s upgrade policies. As of 2024, there are a few key programs to be aware of:
1. Standard Device Payment Plan
With this plan, you spread the retail cost of your new phone over 24 or 36 months of payments. Once you‘ve completed 50% of your payment plan (either 12 or 18 months, depending on your term), you become upgrade-eligible. At that point, you can trade in your current device and upgrade to a new one, but you‘ll still be responsible for paying off the remaining balance on your original phone. This is a good option if you want to upgrade frequently but don‘t want to pay the full price upfront.
2. Annual Upgrade Program
If you REALLY like to stay on the cutting edge, Verizon‘s Annual Upgrade Program lets you get a new phone every single year. You‘ll pay a higher monthly fee than the standard payment plan (usually about $10 more per month), but that extra fee guarantees you a new phone each year without having to pay off your current device. You‘ll simply turn in your existing phone in good working condition and start fresh with no remaining balance. The downside is you‘ll perpetually have a phone payment on your bill.
3. Full Retail Price
Of course, you always have the option to pay for your new phone in full at the retail price. If you have the budget for it, this is actually a smart financial choice, as you‘ll own your phone outright and won‘t be tied to any long-term payment plans or commitments. The obvious drawback is the hefty upfront expense, with new flagship phones often costing upwards of $1000.
So which option is best? It really depends on your personal needs and preferences. According to a 2023 survey by the consumer electronics site Digital Trends, 45% of respondents said they upgrade their phone every 2 years, 30% upgrade every year, and the remaining 25% wait 3 years or more. So while upgrading every year is growing in popularity (especially among younger generations), it seems the 2-year cycle still reigns supreme for now.
"Choosing the right upgrade path is all about balancing your desire for the latest technology with your budget," says Sarah Thompson, a tech analyst at Morgan Stanley. "If you‘re someone who really values having the newest phone features and can comfortably afford the higher monthly payments, the annual upgrade program could be a great fit. But if you‘re more price-conscious or are happy to hold onto a phone for a couple years, you‘ll likely get the most bang for your buck by opting for the standard payment plan or buying your device outright."
Timing Your Upgrade: When‘s the Best Time to Get a New Phone?
So you‘ve settled on your preferred upgrade path, but now you‘re wondering about timing. Is there a "best" time of year to upgrade your device? As it turns out, there are a few key factors to consider.
New Phone Release Cycles
Many people prefer to upgrade their phone when the latest model of their preferred brand first hits the market. For iPhone users, that‘s typically in September each year. Samsung, on the other hand, releases its new Galaxy S line in late winter/early spring. Google‘s Pixel phones also follow an annual fall release cycle.
If you time your upgrade around these release events, you‘ll be among the first to enjoy the new design and feature upgrades. However, that also means paying top dollar, as promotional discounts and deals are less common when a phone first launches.
Holiday Sales
Another popular time to upgrade is during the holiday shopping season, particularly around Black Friday in November. Wireless carriers, including Verizon, often run some of their biggest promotions of the year during this time to capture the holiday spending frenzy. In 2023, for example, Verizon offered up to $1000 off the iPhone 14 Pro with an eligible trade-in and new line activation around Black Friday.
The catch with holiday deals is that there‘s often some fine print involved, like requirements to open new lines or trade in specific phones. And with so many shoppers vying for a limited inventory of devices, you might have to be quick on the virtual trigger to snag the phone you want.
Your Contract Cycle
Of course, the other key factor in timing your upgrade is your individual contract status with Verizon. As we mentioned above, on the standard device payment plans you‘re only upgrade-eligible once you‘ve paid off a certain percentage of your current phone. So you‘ll need to check your specific contract terms and balance to determine when you‘re able to upgrade.
Verizon makes it easy to check your upgrade eligibility either online through your My Verizon account portal, in-store, or by contacting customer service. Just keep in mind that while you can technically upgrade at any time by paying off your remaining device balance, it‘s usually most cost-effective to wait until you‘ve reached that 50% paid threshold.
The True Cost of Upgrading: Crunching the Numbers
Okay, let‘s talk money. While it‘s easy to get excited about all the flashy features of a new phone, it‘s important to consider the financial implications of upgrading. A great way to do that is to calculate the "true cost" of your device over the time you‘ll use it.
Let‘s compare the lifetime costs of upgrading every year on Verizon‘s Annual Upgrade plan vs. every two years on the standard Device Payment plan. For this example, we‘ll use the base model 128 GB iPhone 14 Pro, which retails for $999.
As you can see, if you upgrade every single year, you‘ll end up paying significantly more over time vs. upgrading every two years. While the slightly smaller monthly payments on the annual plan may seem tempting, they really add up in the long run.
"For the average consumer, upgrading every two years usually makes the most financial sense," advises Mike Jennings, a former Verizon store manager and current editor at the wireless industry site Android Authority. "Yes, you‘ll have to wait a bit longer between new phones. But you‘ll save quite a bit of money, which could be better spent on things like phone cases, screen protectors, or your wireless service bill."
That said, it‘s worth noting that these calculations don‘t take into account any promotional discounts or trade-in credits you may be able to get when upgrading, which could narrow the cost gap between the two approaches. Which brings us to our next point…
Snagging the Best Upgrade Deals: Tips from the Pros
Upgrading your phone doesn‘t have to be a budget-busting endeavor. With a little research and strategic thinking, you can often find ways to significantly reduce what you‘ll pay for a new device. Here are a few tips straight from the experts:
1. Take advantage of trade-in offers
"One of the best ways to lower the cost of upgrading is to trade in your old phone," says Ana Montez, a former sales lead at a Verizon authorized retailer. "Verizon frequently runs promotions where you can get several hundred dollars in credit towards a new phone by trading in your existing device, even if it‘s a few years old. Always ask about any available trade-in specials before upgrading."
2. Consider switching carriers
While this guide is focused on existing Verizon customers, it‘s worth noting that sometimes you can get a great deal on a new phone by switching to Verizon from another carrier. Wireless providers will often offer extra incentives like waived activation fees or bonus trade-in credit to entice new customers. If your current contract is up, it doesn‘t hurt to shop around and see how Verizon‘s new customer promos compare to your current carrier‘s upgrade offers.
3. Wait for the right promotion
As we covered in the section on timing your upgrade, certain times of year tend to see better phone deals than others. If you can, try to plan your upgrade around a major sales event like Black Friday, Cyber Monday, or the back-to-school season in late summer.
"You‘ll generally find the steepest discounts and richest trade-in offers around these big retail events," notes Montez. "I‘d recommend following Verizon on social media or signing up for their promotional emails in advance, so you‘ll be the first to know when a great deal drops."
4. Leverage your loyalty
Are you a long-time Verizon customer? Don‘t be afraid to lean on that loyalty when negotiating your upgrade. Call Verizon‘s customer retention department and politely remind them how many years you‘ve been with the company.
"I‘ve seen loyal customers score things like waived upgrade fees or bonus accessories simply by asking," says Jennings. "The worst they can say is no, so it‘s always worth a shot." Just remember to be courteous, as representatives are much more likely to work with you if you‘re friendly and appreciative.
Preparing for Your Upgrade: 5 Things to Do Before Getting a New Phone
Once you‘ve decided to take the plunge on an upgrade, there are a few key things you‘ll want to do to make sure the transition to your new device is smooth and stress-free:
1. Back up your data
Before trading in or selling your old phone, it‘s critical to back up all the important data, photos, and files on your device. Verizon offers a few tools to help with this process, including its Content Transfer app which lets you wirelessly transfer content between devices. You can also back up to cloud services like Verizon Cloud, Google Photos, or iCloud.
2. Check your current phone‘s trade-in eligibility
If you‘re planning to trade in your old phone to offset the cost of your upgrade, it‘s a good idea to confirm its trade-in value ahead of time. You can do this by visiting Verizon‘s online trade-in portal and answering a few questions about your device‘s make, model, and condition. Keep in mind that factors like cracks, liquid damage, or missing accessories can negatively impact your trade-in value.
3. Evaluate your data usage needs
Getting a new phone is a good opportunity to reassess your wireless plan and make sure it still meets your needs. Review your last few months of data usage to see if you‘re regularly exceeding your allotted data or leaving a lot unused. You may find you can save money by switching to a different Verizon plan that better aligns with your typical usage patterns.
4. Confirm 5G compatibility
If you‘re upgrading to take advantage of Verizon‘s speedy 5G network, double check that the phone you‘re eyeing has the right 5G hardware. All newer smartphones have 5G connectivity built in, but if you‘re considering an older or refurbished model, you‘ll want to verify its network compatibility. Verizon maintains a list of all its 5G-capable devices on its website.
5. Free up storage on your new device
Once you get your shiny new gadget, you‘ll probably want to start using it right away. To ensure you have plenty of room for all your apps, photos, and videos, take a few minutes to free up storage on the device. Delete any pre-installed apps you don‘t need, and move large files to cloud storage or an external SD card if your phone has that option. That way you won‘t get hit with those pesky "storage full" alerts at inopportune times.
The Environmental Impact of Upgrading: How to Recycle Your Old Device
While it‘s undeniably exciting to upgrade to the latest phone technology, it‘s important to consider the environmental implications of our tech consumption. The EPA estimates that only about 15% of electronic waste is recycled properly, with the rest ending up in landfills where it can leach toxic chemicals into the soil and water.
Luckily, Verizon makes it easy to recycle your old device responsibly. If you trade in your phone for an upgrade, Verizon will either refurbish the device for resale or recycle it through one of its certified recycling partners. And even if your old phone isn‘t eligible for trade-in, you can still drop it off at any Verizon store to be recycled for free.
"E-waste is a huge problem, and one that‘s only getting worse as more people upgrade their phones frequently," says Jennings. "By taking a few minutes to recycle your device through reputable channels like Verizon‘s trade-in and recycling programs, you can feel good knowing you‘re doing your part to minimize the environmental impact of your upgrade."
Putting It All Together: Your Step-by-Step Verizon Upgrade Checklist
We‘ve covered a lot of ground in this guide! Let‘s recap the key steps to a successful Verizon upgrade:
- Decide which upgrade path is right for you based on your preferences and budget
- Check your upgrade eligibility and time your upgrade strategically to get the best deals
- Research available promotions and leverage tools like trade-ins and loyalty to lower your costs
- Prepare for your upgrade by backing up data, assessing your plan needs, and confirming device compatibility
- Recycle your old phone responsibly to minimize environmental impact
By following this roadmap and taking advantage of the tips and insights we‘ve shared, you‘ll be well on your way to enjoying your new phone without breaking the bank or compromising your values. Happy upgrading!
