Verizon Wireless subsidizes the cost of a new cellphone for customers that enter into, or renew two-year agreements. This discounted price varies for each phone depending on the device's age and features. Existing Verizon Wireless customers are eligible to receive subsidized pricing on a new phone once they have completed 20 months of a two-year agreement. A new two-year agreement can be entered into at that time.
Verizon's annual upgrade offer was discontinued for new customers as of January 2011. This policy enabled a customer that was in a two-year agreement, to upgrade his phone after fulfilling 13 months of that agreement. Customers must have been enrolled in a monthly service plan of at $49.99 or higher. Existing customers that entered into an agreement prior to January 2011 can still obtain an annual upgrade on one more occasion. The annual upgrade offered a subsidized price for a new phone that was less than the retail price, but more than the price would've been if you were to wait until the end of the two-year agreement.
Verizon Wireless discontinued the New Every Two offer for all customers entering into contracts after Jan. 16, 2011. New Every Two enabled a customer to receive an additional discount to the subsidized price that he would receive from entering into a new two-year agreement. A minimum monthly service plan of $34.99 or higher was required to redeem a New Every Two credit. Customers that entered into a two-year agreement before Feb. 15, 2009 are eligible to receive a credit of $50 or $100, depending on the service plan. Customers who entered into a two-year agreement after Feb. 15, 2009 can redeem a credit for $30 or $50 depending on the service plan. No new contracts entered into after Jan. 16, 2011, will be eligible for a New Every Two credit.
You can upgrade your Verizon Wireless device by visiting an official Verizon store or licensed third-party retail outlet. You can also upgrade by signing into your Verizon Wireless account online and clicking the "Upgrade Phone" tab. This will allow you to purchase a new phone online and enter into a new agreement.