The countdown for upgrading your outdated smartphone early is on for Verizon Wireless customers. Just a few days away, Verizon Edge will begin August 25. The new program allows customers to buy a new smartphone via a payment plan without waiting the requisite 20 months to renew their contracts. This is great news for customers who have been stuck with obsolete Androids and iPhone due to the previous red tape.
Of course, Edge still requires customers to pay full retail prices to upgrade “early,” when the exorbitant prices of unsubsidized phones is what makes upgrading inconvenient in the first place. The program allows for upgrades every six months as long as at least 50% of the retail cost is paid. Still, this is much better than accruing interest on a credit card for an impulsive “new and improved” buy.
The move was announced in July 18 clearly in response to T Mobile’s Jump plans and the AT&T Next option, both of which allow for technology upgrades every 6-12 months for a for down payments and/or monthly fees toward retail priced phones. Bandwagon jumping or not, a lot of us at Tech Void are excited to jump our ship of outdated tech for a brand new shiny Moto X, iPhone 5C, or something else in the pipeline.
Nevertheless, it’s good to keep in mind the fees you’re paying over the course of any of these plans nets carriers a hefty profit. As Verge points out, the problem with Edge (along with the other plans) lies in the fact you’re paying subsidy fees you wouldn’t otherwise in addition to your current plan rate. And if you upgrade your device at six months with Verizon’s program, you’ll still be required to pay whatever is left to reach 50% of its retail cost AND trade-in the device. Because the monthly costs are split up into a 24-month payment cycle (yes, just like your two-year contract), you’re going to be paying a lot to cut out early. So is it worth it for a shiny, new device? You’ll have mull that one over.