Verizon Edge was the carrier’s attempt to compete against T-Mobile’s JUMP program. It would allow subscribers to purchase smartphones without having to sign a two year contract or pay an insane amount of money out front to get it off-contract. You could get your phone on monthly payments, which worked well for some time, but now Big Red feels the need to make some changes.
Verizon has announced some changes to its Edge program. Here’s how it works: users can now upgrade their phones as soon as they want, given that they have finished paying their devices in full. Users can then keep their older devices and do as they please with them.
Before this change, Verizon allowed users to upgrade after paying only 75% of their current device, but they also had to turn in their previous device. With this information in mind – just how convenient is Verizon’s new Edge program? Let’s see the pros and cons.
So there is one major benefit about these changes. You get to keep your device at the end, which means you can easily sell it for much more, especially if you are one to finish paying off devices earlier.
For example, witht he previous rules, the user could finish paying a smartphone in 6 months. Say it’s a Galaxy S6 Edge, which would cost $700 off contract. Do the Math and you will find you would have paid $525 if you paid the 75% Verizon asked for before letting you upgrade.
This would essentially mean they are paying you $175 for your used device. That is not a great price to get for a phone in good working order, especially if you are one to take good care of your gadgets. You could nearly double that on Craigslist, easily. You will find keeping your device to be much more convenient, too, as you can sue it as a backup phone or let someone else use it.
Now, we know some of you won’t like this idea. Especially if you are lazy (like me). Honestly, I hate dealing with selling my older smartphones. Putting it up on eBay is a pain, and don’t even get me started on Craigslist. Sometimes us users would prefer to simply sell our devices to the carrier, and this was a simple and clean way to do it in a systematic way.
Sure, I could make $100 or more selling my phone on Craigslist, but that’s money I would rather lose than have to deal with multiple days of emails and bad buyers. Some of us are just not cut out for selling, guys – let’s face it. And maybe we don’t need to keep our older phones. Neither do we want to give them away.
Verizon Edge took good care of those who felt more comfortable letting the system do its job.
Which side do you support?
So, would you rather keep your phone and pay it completely? Are you one of those who prefer not dealing with the annoyance of selling a device? Let us know in the comments below. I personally prefer the newer rules, which force us to pay the device in full.
I may be a bit lazy and would rather not deal with things, but I am also not in the financial situation to let my money slip away so easily.