My phone is eligible for an upgrade with the purchase of a 2-year contract plan with the new phone of my choice. I was wondering if I could upgrade my Droid X2 to the iphone 5s or 5c whenever it comes out. Also, what is the difference between upgrading my phone to a new phone with a 2-year contract plan and just getting a new phone and canceling my old contract? Is the former option cheaper? Any help would be much appreciated
First of all, you don't just "cancel" your contract unless you leave Verizon. If you stay with Verizon, you just ride out your contract until it is over.
If you upgrade prior to becoming eligible for a discounted phone in exchange for signing a new contract, you would just have to pay full retail for the phone which is considerably higher than the price of the discounted phone.
If you cancel your account, you must wait 60 days to come back as a, 'New' customer. If you come back before, then you are placed back into your current account.