I have the iphone 7 plus with apple care and on Friday this week the iphone 7 (red) edition is coming out, can i swap mine for the new one?

I have the iphone 7 plus with apple care and on Friday this week the iphone 7 (red) edition is coming out, can i swap mine for the new one? - 1

YES ONLY IF YOUR VERSION ALLOWS TO DO SUCH UPDATE.

AppleCare or not, if you're outside of the time where you could return it for a refund, it would be treated as a trade-in and lose some value.

You could & should enquire with the Apple Store about that. I kind of doubt that though.