Under the Verizon Plan, if you pay monthly for your phone at what point do you own the phone? Do you own it after 24 months once you've paid in full (meaning you could sell it, recycle it, etc)? If you can upgrade after one year, do you get any value for your old phone? Do you have to pay for the new one or just continue to pay the same monthly amount?
Making payments for a phone under the Verizon plan means you are spreading the cost of new phone out over 24 months - 2 years. After the two years, the payments end, and yes, you own the phone. If you choose to upgrade after one year, tyou have effectively leased the phpne, as you must turn the phone in (it must be in near pristine condition), or pay the balance remaining balance, then start again with an agreement on the new phone - the payment would depend on the full cost of the new phone you choose