Verizon Termination and phone pricing?

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answerman

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I really want to purchase the Motorola Droid Bionic form Verizon when it comes out in Q2 of this year. I have never owned a smartphone, so this will be a big leap for me and I am very excited.

There is one problem though. I recently purchased a feature phone from Verizon in November or December of this year.

There are two options now, I think. I can either buy the phone at full price (probably around $600). Ouch :( That seems pretty expensive.

There might be another option though. I could cancel my existing contract and pay the early termination fee ($175 I think). Then would it be possible to buy the Bionic at a subsidized price (probably around $150) and start a new contract?

Which is cheaper? I really have no idea. Is there another option which I have overlooked? Maybe I could somehow not have to pay the termination fee... I know wishful thinking, but could I? What should I do? I really want that smartphone!

Thank you so much! God bless!
 
Verizon has a buy-back program where if you're current phone is eligible they buy your phone for what ever they think it's worth. Im not sure of all the technical stuff like if you have to be eligible for an upgrade. I don't think so because I read an article where people had renewed their contract only a month or 2 before the iPhone announcement was made and that those particular people were eligible for the buy-back program. I'm sure it works the same for the new phone you're talking about.
 
Your least expensive option is to terminate your contract, pay the ETF and start over at the subsidized price and a new contract. The ETF will be $175 less $5 for each completed month of the contract. It will be less than paying full price or adding a line to your plan and rasing it to a family plan.
 
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