Can I switch from my iPhone 4 to iPhone 5 with my same Verizon contract?

Can I buy an iphone 5 at like apple for $200 and then do that dial *228 thing to switch the phone over. Or do I have to pay extra and do it different.

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Apple only offers the iPhone 5 for 200 bucks if you sign a new 2 year contract with a carrier. So no you can't, unless you pay the full price for the iPhone.