Changing phones before Contract is up

LewisW1

Must I terminate the contract to change phones to get reduced price? I have about 7 months to go and would like an IPhone5 to replace my IPhone4 S. But my contract runs until March 3 or so. My options as I see it is to pay $10 per month and terminate. Then I would be a free agent. Why would Verizon not make some provision for customers to prorate and change in order to retain customers? I am not paying $600+ for a phone that is available to new customers for $199.

tikibar1

Yes, you must sign a new two-year contract to get a subsidized price on a phone.  However, if you terminate your contract and come back within, I think, 60 days, your account just starts up again, it's not a new one.

You could try buying your phone off ebay or swappa if you don't want to pay full retail price at Verizon.  You also could consider adding another line to your account and then moving the iPhone to your line and putting a basic phone on the new line until it's contract is up. 

And you don't pay $10 per month and terminate; the ETF is:

- for a smartphone, $350 minus $10 for each full month of your contract term that you complete

- for a basic phone, $175 minus $5 for each full month of your contract term that you complete