Want to get your hands on the latest iPhone model every single year without breaking the bank? It might seem like a dream, but with Verizon, it's a very achievable reality. This comprehensive guide will walk you through the steps to leverage Verizon's upgrade programs and trade-in options to keep that shiny new iPhone in your pocket annually.
The Annual iPhone Upgrade: A Reality, Not Just a Dream!
Many people assume getting a new phone every year is only for those who pay full retail price. While that's certainly one way, Verizon offers pathways for loyal customers to upgrade more frequently, especially with the strategic use of their early upgrade and trade-in programs. It requires a bit of planning and understanding of their terms, but the payoff is a continuous stream of the newest Apple technology.
Let's dive into how you can make this happen!
Step 1: Are You Ready to Upgrade? Let's Check Your Eligibility!
Before you start dreaming about that new iPhone's camera or processor, the very first thing you need to do is check your current upgrade eligibility with Verizon. This is the cornerstone of your annual upgrade strategy.
Sub-heading: How to Check Your Eligibility
Option A: My Verizon App (Recommended for convenience!)
Download and open the My Verizon app on your current iPhone.
Log in with your Verizon account credentials.
Navigate to the "Devices" section.
Select the specific device you're looking to upgrade.
Look for an option like "Upgrade now" or "Upgrade Device." This will clearly indicate if your device is eligible for an upgrade and often display your options, including any early upgrade possibilities.
Option B: Verizon Website
Go to the official Verizon website (verizon.com).
Log in to your My Verizon account.
Similar to the app, find the "Devices" or "Shop" section.
Click on "Upgrade Device" to see your status and available options.
Option C: Visit a Verizon Store (For personalized assistance!)
If you prefer a face-to-face discussion or have complex account questions, visit your nearest Verizon retail store.
A Verizon representative can access your account and walk you through your eligibility, explain different programs, and answer any specific questions.
Key things to look for during this step:
Device Payment Agreement (DPA) Status: Are you currently on a device payment plan? If so, how much of it have you paid off? Verizon's early upgrade program typically requires you to have paid off at least 50% of your device's retail price.
Account Standing: Ensure your Verizon account is in good standing with no past-due balances. This is crucial for any upgrade eligibility.
Step 2: Understand Verizon's Upgrade Programs for Annual iPhones
Verizon offers a couple of avenues that can facilitate yearly upgrades. It's important to understand the nuances of each.
Sub-heading: Option 1: The Early Upgrade Program
This is often the most direct path to a yearly iPhone. Verizon's early upgrade program allows you to upgrade your eligible device once you've paid off at least 50% of its retail price under your device payment agreement.
How it works:
You finance a new iPhone on a Device Payment Agreement (DPA), typically over 36 months.
Once you've paid 50% of that phone's cost (which usually takes around 18 months on a 36-month plan, but can be accelerated), you become eligible for an early upgrade.
You return your current iPhone to Verizon in good working condition.
Verizon waives the remaining balance on your original DPA.
You then start a new DPA for the latest iPhone.
Important Considerations:
Condition Matters: Your returned device must be in good working condition with no significant damage (e.g., cracked screen, water damage). If it's not, you may be charged the remaining balance on your old DPA.
No Trade-In Credit: With the early upgrade program, you typically do not receive additional trade-in credit for your old phone beyond the waiver of the remaining balance. The value of your returned phone essentially covers what you still owe.
Paying the 50%: While it naturally takes about 18 months on a 36-month plan to reach 50% paid, you can make extra payments to reach that 50% threshold sooner. This is how you can potentially achieve a yearly upgrade. For example, if you pay down 50% within 12 months, you'd be eligible to upgrade.
Sub-heading: Option 2: Leveraging Trade-In Promotions (with a Catch)
Verizon frequently offers attractive trade-in promotions, especially around new iPhone launches. These deals can significantly reduce the cost of a new iPhone.
How it works:
You purchase a new iPhone on a DPA.
You trade in an eligible older device, and Verizon gives you a promotional credit, usually spread out over the 36-month DPA. This credit effectively lowers your monthly payments for the new iPhone.
Important Considerations for Annual Upgrades:
The 36-Month Commitment: Most significant trade-in promotions are tied to a 36-month DPA. If you upgrade before those 36 months are up, you forfeit any remaining promotional credits. This means if you trade in your iPhone for a new one after 12 months, you will lose the remaining 24 months of promotional credits on your original phone.
Paying Off the Old Phone: To take advantage of a new trade-in promotion, you typically need to fully pay off your current device payment agreement first. This can be a substantial upfront cost if you haven't yet completed the 36 months.
Best for Less Frequent Upgrades: While trade-in promotions are great for overall savings, they are generally less suited for true annual upgrades due to the forfeiture of credits and the requirement to pay off the old device. However, they can be combined with the early upgrade concept if you are willing to pay off the remaining 50% of your current device and then apply a new trade-in to the new DPA.
Step 3: Strategizing Your Annual Upgrade Cycle
To consistently get a new iPhone every year with Verizon, the Early Upgrade Program combined with aggressive payoff of your device payment agreement is your best bet.
Sub-heading: The 12-Month Pay-Down Strategy
This is the core of getting a new iPhone annually.
Divide and Conquer: When you get a new iPhone on a 36-month DPA, calculate 50% of its retail price.
Accelerated Payments: Instead of just making your regular monthly payments, divide that 50% amount by 12 (or fewer, if you want to be even quicker) and add that amount to your monthly payment. This ensures you hit the 50% paid mark within a year.
Example: If your iPhone costs $999, 50% is $499.50. To pay this off in 12 months, you'd need to pay an extra $41.63 per month ($499.50 / 12). Add this to your regular monthly DPA payment.
Monitor Your Progress: Regularly check your My Verizon app or account online to see your DPA payoff progress.
New iPhone Launch: When Apple announces the new iPhone (typically in September), and you've hit your 50% payoff goal, you're ready for the next step.
Step 4: Execute Your Annual Upgrade
Once you've met the 50% paid threshold and the new iPhone is available, it's time to make the switch.
Sub-heading: The Upgrade Process
Initiate the Early Upgrade:
Go to the My Verizon app or website.
Navigate to your device and select the "Upgrade now" or "Return and upgrade" option.
The system should recognize your eligibility for an early upgrade based on the 50% paid threshold.
Follow the prompts to select your desired new iPhone model, color, and storage.
Device Return Instructions:
Verizon will provide instructions on how to return your old iPhone. This typically involves printing a shipping label and sending it back within a specified timeframe (usually 30 days) to avoid being charged the remaining balance.
Crucially, prepare your device for return:
Backup everything! Use iCloud or a computer to back up your photos, contacts, and other data.
Wipe your device: Perform a factory reset to erase all personal data.
Turn off Find My iPhone: This is a critical step. If Find My iPhone is still active, Verizon cannot process your return, and you'll be charged.
Remove SIM card: Take out your physical SIM card (if applicable).
New Device Activation:
Once your new iPhone arrives, activate it on your Verizon line. This usually involves inserting your existing SIM or setting up an eSIM.
You will start a new device payment agreement for this new iPhone.
Enjoy Your New iPhone! You're now on the annual upgrade cycle!
Step 5: Repeat and Refine for Continuous Annual Upgrades
The process is cyclical. As soon as you get your new iPhone, start planning for the next one.
Sub-heading: Keeping the Cycle Going
Budgeting: Continue to factor in the accelerated payments to hit the 50% mark within 12 months for your new iPhone.
Device Care: Treat your iPhone well! Keeping it in "good working condition" is paramount for smooth early upgrades. Any significant damage could result in additional charges or invalidate your early upgrade eligibility. Consider a good case and screen protector.
Stay Informed: Keep an eye on Verizon's terms and conditions, as they can occasionally change. Also, be aware of new iPhone release cycles.
Frequently Asked Questions (FAQs)
How to get the best trade-in value for my old iPhone?
To maximize trade-in value (when applicable, i.e., not using the early upgrade where trade-in credit isn't given beyond balance waiver), ensure your iPhone is in excellent condition. This means no cracked screens, no water damage, and all features working correctly. Always factory reset and turn off "Find My iPhone" before sending it in.
How to check if my Verizon account is in good standing?
You can check your account status by logging into the My Verizon app or website. Look for your account summary or billing section. Any past-due balances or service suspensions would indicate your account is not in good standing.
How to make extra payments on my Verizon Device Payment Agreement?
You can make extra payments on your DPA through the My Verizon app or website. Look for options to "Pay off device" or "Make extra payment" within your device details.
How to ensure my iPhone is in "good working condition" for return?
Good working condition generally means the device powers on and off, has no cracked screen, no significant damage (e.g., bends, severe scratches), and all password-protected security features (like Find My iPhone) are turned off. Minor cosmetic wear is usually acceptable.
How to turn off "Find My iPhone" before returning my device?
Go to Settings > Your Name (Apple ID, iCloud, Media & Purchases) > Find My > Find My iPhone. Toggle "Find My iPhone" off and enter your Apple ID password when prompted.
How to back up my iPhone data before a new upgrade?
You can back up your iPhone to iCloud (Settings > Your Name > iCloud > iCloud Backup > Back Up Now) or to a computer using Finder (macOS) or iTunes (Windows).
How to factory reset my iPhone before sending it back to Verizon?
Go to Settings > General > Transfer or Reset iPhone > Erase All Content and Settings. Follow the prompts to confirm the erasure.
How to find out when the next iPhone model will be released?
Apple typically announces new iPhone models at an event in September each year. Keep an eye on tech news outlets and Apple's official announcements around that time.
How to avoid being charged the remaining balance on my old device?
The most important step is to return your eligible device to Verizon within the specified timeframe (usually 30 days) and ensure it's in good working condition with "Find My iPhone" turned off.
How to choose between the early upgrade program and a trade-in promotion for a new iPhone?
If your primary goal is to get a new iPhone every single year, the early upgrade program (paying down 50% early) is generally the better choice, as it allows for quicker turnover without losing significant promotional credits. Trade-in promotions are fantastic for overall savings if you're comfortable keeping your phone for the full 36-month term or paying it off entirely to qualify for a new promotion.
