Breaking current iPhone contract

I bought a 4S last September on Verizon with a 2-year contract. I'd like to buy the new iPhone in September or October or whenever it is released. I want to know the easiest and most cost effective way to do this? I narrowed down several options but I wanted to know which people recommended. Thanks.

1) Break my current contract after one year and pay the early termination fee. Anyone know what this would be after 11 months of service? I assume it would be $175 then sell my current 4S. I'm unsure whether this would prevent me from buying a new iPhone via pre-order from Apple the day they begin taking preorders.

2) Add a secondary line to my current line and put the new iPhone on that line. Switch my current over to the new iPhone after a few days.

3) Sell my current 4S a few days before the new iPhone goes on sale. Buy the new iPhone for full price. Is it possible to buy an iPhone for full price via preorder on the Apple website?

Thanks!

lordofthereef said:

1. ETF is $350 less $10 for each month you fulfilled on your contract. 12 months means you'd pay $230

2. This is your best option, assuming that someone is going to make use of that line. If not, and you just buy it to "sit" on it, this is a money sink.

3. This would work. 16GB 4S I would expect to get ~$350 for. I am not sure on full price pre-orders for Verizon. With AT&T it has been available for a few years now.

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Thanks! For #2, any idea the cost of adding another line to a current Verizon plan? Looking at their site it looks like I'd have completely re-do my plan and would lose my unlimited data.

lordofthereef said:

This is correct. There are no longer data plans per line in family plans. You were talking about canceling too, which would also have you lose unlimited data.

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I want to keep my Unlimited Data especially since the new iPhone will likely have 4G or LTE. So it looks like my only option to do that is #3, correct?