It has begun.

Verizon's annual national trade-in event is on.

For both new and existing subscribers, customers can trade in their old phone for as much as $300.

Perfect for those with aging handsets that have become beaten up and duller over a few years of use, Verizon's offer is an opportunity to start fresh.

In fact, the maximum return a customer can get on their used handset is up to $312. However, the fine print reveals certain eligibility requirements for someone to get that much value back from their old phone.

First of all, the phones being traded-in must be in good working condition. Secondly, not all handsets are created equal. Only Apple's iPhone 6 and 6 Plus, Samsung's Galaxy Note 5, S6, S6 Edge and S6 Edge+, LG's G4 and V10, Motorola's Droid Turbo and HTC's One M9 are valued at the $312 ceiling.

Once a used handset has been appraised for its value, customers have a list of current flagships to choose from such as a 16 GB Apple iPhone 6s, Samsung Galaxy S7, LG G5, or Motorola Droid Turbo 2.

The smartphones above are available to existing Verizon customers upgrading their line, adding a new line, or to those making the switch over to Verizon's network. The deal for the flagships is pegged at $15 a month (or less), for the usual 24-month contract period.

For example, Galaxy S7 is priced at $672, but with a $312 discount, the final price for the phone is just $360, or $15 per month for two years.

The most affordable device Verizon is offering with this trade-in deal is iPhone SE. Originally priced at $399 minus a $160 trade-in credit, the SE can be had for $239.99 at just $10 per month for 24 months.

Verizon also adds even more value to those taking advantage of the deal by throwing three months of free HBO Now that customers can use to watch their favorite HBO shows on demand, on the go. Since all the flagship phones on offer are already equipped with 4G LTE antennas, customers can watch the season premiere of Game of Thrones directly on their brand new smartphone with Verizon.

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