I haven't upgraded my iphone in years, and was wondering what exactly the difference is between going with the installment plan ($31.24/month for 128GB iphone 7) and paying for it outright at retail ($749.99). I'm doing my upgrade through my carrier Verizon, not Apple. Not entirely sure yet if I will upgrade when the 8 comes out next year, and not really understand what the pros and cons are to each payment model. From what I understand though, if I do the monthly installment, I can't upgrade until the 24 month contract is up, correct? So that would mean I couldn't upgrade when the 8 comes out next year? Also, monthly installments mean I am technically renting the phone, correct? If I buy it at retail I can essentially sell it whenever I want?