Whats the deal with upgrading on O2 refresh in 2020?

[sof006]

So I am curious about moving onto O2 refresh. I have seen that O2 have essentially killed yearly upgrade.

So my question is, whats the deal when you want to upgrade now? Is there any point in refresh (sounds like it'll be more expensive as a result).

Say I went on a custom plan of 24 months, £260 upfront. The handset cost is £19.67 (iPhone 11 £732) and the airtime cost is £29.00 obviously i'd be paying 48.67 every month for 24 months... BUT if after 12 months I want a new phone what happens? 

How I have worked it out is i've paid £19.67 for 12 months thus I take £236.04 off £732 correct? So I would have £495.96 left to pay to "end" or "upgrade" early.

If this is correct am I still able to trade in my phone (providing it meets all O2 recycle criteria) to reduce that cost further? Or am I working this all out incorrectly and someone can help me understand this better.

Thanks for any help someone can give me, as you can tell I find this very confusing 

[MI5 · Accepted solution]

@sof006 

You are exactly right.

You can upgrade at anytime by paying off your device plan.

O2 recycle is an option too if you were to choose that route.

Guide: How does O2 Refresh work? 

[sof006]

@MI5 

I see, so I could trade in my previous device to help with that cost even though im paying for the remainder of the device payment with the device im paying for?

Lol that sounds so strange reading that out loud...

[MI5]

erm, yeah, I think so

[gmarkj]

You trade in the "old" handset when you upgrade (so it is your current phone now).
O2 put that against the balance left (or pay you if by some miracle it is worth more!)

[jonsie]

Beware of O2 Recycle....

[Cleoriff]

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@jonsie wrote:

Beware of O2 Recycle....

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Indeed. Better off trading it in at CEX or Mazuma mobile.

[MI5]

Agreed 100% however, it's the only approved method of trading in to pay towards an incomplete device plan if you abide by the T&C's.

[jonsie]

They got you any which way up then