Renewing my Verizon contract?

Ok so my 2 year contract with Verizon is finished. I own a IPhone 4. Great condition. Still works.
I remember I had a palm pre before my iPhone and when I got my iPhone I got $50 towards the phone price since I was due for an upgrade. The phone was $199 minus the $50.
I'm on my parents line and I was wondering if me and my boyfriend could get our own lines together. He wants a note 2 and I want a galaxy s4. Super expensive for us to buy two phones at once.
ANYWAYS my question is… Will I have to pay $199 for both since I will be upgrading? Can I give them my iPhone and get money to go towards the new phones? Or will none of this work since we will start our own plan brand new?

Great

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