Verizon customers frequently ask, does Verizon still do upgrades, especially when comparing device options and contract terms. The answer is yes, but the landscape has shifted significantly away from the old two-year upgrade cycles. Understanding the current programs is essential for managing your phone budget and getting the latest technology without financial strain.
Transition from Legacy Contracts to Device Payment Plans
Historically, Verizon relied on contracts that bundled phone costs with service over a 24-month period. Those traditional upgrade programs are largely phased out, replaced by more transparent financing options. The move was designed to separate the cost of the device from the cost of the data plan, giving customers clarity on their monthly expenses. This change impacts how you qualify for new devices and how long you remain in a payment plan.
Current Verizon Device Payment Plans
Today, Verizon offers several payment plans that function as modern upgrades, allowing you to spread the cost of a new phone over time. These plans typically require you to trade in your current device to offset the price of the next one. The eligibility for these plans depends on your account standing and credit review, making it a flexible option for many consumers.
Easy Pay: This plan allows you to pay for your device in installments over 24 or 30 months. You retain ownership of the device once the payment plan is complete.
Device Payment Plan (EIP): Often tied to promotions, this plan lets you finance a new phone with $0 down. You trade your old device to receive credits that lower your monthly bill significantly.
Trade-Ins and Credits
A critical component of the current upgrade process is the trade-in value of your existing phone. Verizon evaluates the condition, model, and storage of your device to determine a credit amount. Higher-value devices, like recent iPhones or Galaxy models, yield larger credits, making the cost of a new phone more manageable during your upgrade.
The Advantage of Verizon Upgrades Plus
For customers who want flexibility beyond standard device payment plans, Verizon Upgrades Plus is a notable program. This plan allows you to upgrade to a new phone every year, provided you make consistent payments on your current device for at least 12 months. It combines the ability to get the latest technology with insurance protection against loss or damage, streamlining the upgrade experience.
While Verizon continues to offer upgrade programs, the push for upgrades is now driven by network technology. The rollout of 5G requires newer devices that support the band frequencies used by Verizon. If your current phone does not support 5G, you may experience slower speeds and reduced future compatibility, making an upgrade a practical necessity rather than just a desire for a new model.
