3/15/2023 0 Comments Verizon iphiEven worse, the newest iPhones come in at $1,000 right out of the gate. You’re still going to get slapped with the full retail value of that new iPhone. But what is the incentive to renew that contract? In truth, there isn’t one. Yes, after 2 years, your Verizon contract will still expire. Verizon, along with the other top 3 carriers in the United States saw the writing on the wall people were buying iPhones no matter what, and they weren’t too concerned with the price if it was spread out over the life of their phone bill. Today, Verizon iPhone upgrades look completely different. So if you were thinking of switching carriers mid-contract, you’d want to think again. Essentially, Verizon reserved the right to charge you a hefty fee (often as much as $350, depending on how much time is left on your contract). The only conceivable downside to renewing your 2-year contract with Verizon was the possibility of an early termination fee. Once you paid the nominal price for your new iPhone you were completely paid up, end of story. In most cases, your phone bill stayed the same (save for a one-time activation fee) and you had the option of paying for your subsidized iPhone upfront or tacking it onto your next bill. But all you were doing, when you took advantage of an iPhone upgrade, was renewing your 2-year contract. “Almost no strings attached” comes with its caveats, of course. It made your consumer technology addiction much easier to feed. When your 2-year contract was up, Verizon would mark your line as eligible for an upgrade, this would turn that $700 iPhone into a $250 iPhone with almost no strings attached. But the sting of buying a luxury smartphone was somewhat soothed by being eligible for an “upgrade” through Verizon. If you maxed out the specs on your new iPhone, you would effortlessly exceed the $1,000 price point we all scoff at today. The truth is, the full retail price of an iPhone was always incredibly high. It was a great, symbiotic relationship of “if you pat my back, I’ll pat yours.” Verizon wanted to ensure they had you as a customer for 2 more years and, in return, they offered an incentive to get you to do so. It used to be, that at the end of your 2-year contract with Verizon, you’d be offered an upgrade incentive as the company’s means of enticing you to resign a cellphone contract for another 2 years. However, that program has changed profoundly in the last few years, making it important to understand what you’re doing when you upgrade your iPhone using Verizon’s upgrade program. If you used a cellphone as recently as 5 years ago, then you surely remember the days of “upgrading” your cellphone through Verizon’s rather generous subsidization process. Upgrading your smartphone used to be a ubiquitous process that all smartphone consumers eagerly benefited from. However, when the time comes to upgrade your phone, what does Verizon offer you in terms of an upgrade incentive? Upgrading Your iPhone Through Verizon With almost one-third of the entire cellphone industry’s market share, and with some of the widest overall coverage in the United States, it makes sense that you want to stick with Verizon as a carrier or switch over to them. It’s actually in the top 3 alongside AT&T and T-Mobile. It goes without saying that Verizon is one of the most popular cellphone carriers in the American marketplace.
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