On Thanksgiving Day, the carrier is giving $400 off the purchase of a new iPhone when you upgrade and trade in an older phone. Phones eligible for the $400 discount start from 2013's iPhone 5S and Samsung Galaxy S4 and also includes the original Google Pixel (and includes any newer, later models of those phones plus others from LG, HTC, Motorola and RED) so Verizon appears to be casting a fairly wide net regarding who can upgrade, so long as you're subscribed to one of the carrier's unlimited plans.
A full list of phones that you can trade in can be found on Verizon's site by clicking on the "See the details" link beside the offer on the phone's page.
The deal is live now and will be available online only on Thanksgiving day at Verizon's deal site. Eligible iPhones available for purchase include the iPhone 11, 11 Pro, 11 Pro Max and XS Max. The iPhone 11 starts at $700, going up to $1,000 on the 11 Pro and XS Max and $1,100 on the iPhone 11 Pro Max.
As with other deals from carriers, the credits will be dished out in bill credits over the course of 24 months to ensure you don't just take the deal and leave.
Those looking to switch carriers or add a new line will find savings of up to $800 when doing so with an unlimited plan. Verizon is offering a similar deal with up to $750 off on Black Friday proper for those looking to buy a Samsung Galaxy phone so long as they open a new line with unlimited service. While a new line is required for the Samsung deal, you don't need to trade in a phone.
On Cyber Monday the carrier will be offering 50% off a Galaxy S10 Plus with 1TB of storage, to take the price from $1,600 down to $800, with the discount applied over 24 months. No new line is required to get that deal, which can be found on the same Verizon deals site mentioned above.