Looking to upgrade your Apple Watch? Verizon will give you up to $200 off the Apple Watch 7 if you trade in your older version and buy a new one from them.

Preorders for the Apple Watch Series 7 kicked off Friday morning, and the smartwatches will reach stores on Oct. 15. And with its starting price of $399, $200 off may seem like a great deal.

But, as with any deal, you need to read the fine print before you buy. The main catch with this offer is that you'll have to spring for an LTE-enabled model, which costs $100 more than the GPS-only version. And you'll have to set up Verizon service for the watch, which will add $10 to your monthly Verizon bill.

In addition, you must finance the remaining cost of the watch with Verizon and pay it off over a period of 24 or 30 months. Cancel your Verizon service before that time is up and you'll lose any remaining discounts and be forced to pay the watch off immediately.

On the upside, Verizon appears to be giving the full $200 credit for all versions of the Apple Watch, even the now 5-year-old original version, assuming the watches are in good condition. So if you've got one buried in a drawer somewhere, this might actually be a deal worth taking Verizon up on.

See also: Apple Watch 7 vs. Apple Watch 6: The biggest changes coming in Apple's new smartwatch