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Reselling a new phone

I am happy with my LG Ally (flame away). I am with Verizon and my contract is up. So my question is, can I go into a new contract, buy an S3 for $200 and immediately resell it? I cannot understand why it would be a problem but just wanted to ask if anyone had any experience with such?

My thought process was to take advantage of the subsidy ($200-300) since I am not looking for a new phone right now but would be willing to extend my plan.
You could surely sell it for a nice profit but I must admit, I am a bit baffled here. If you have unlimited data you have to sign a new contract and get the new share everything plan. When you are ready to upgrade then you won't have an upgrade available...unless you have a family plan to shuffle lines around on. But yeah, you can get the subsidized phone and sell it with no problem.
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Thanks to all.

I am just that cheap. :)

The LG Ally was free at the time. I get a discount which made the phone free. While I would like an S3 I am being practical. If I need to upgrade in 6m or 1y I would find a cheap s3/nexus at that time. In the meantime I would have $500-600 in my pocket. Regarding the data plan - I have unlimited but realistically the plan would be even to maybe $10 more per month at most. I am not using so much data that losing unlimited would be a big deal.
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Just make sure you're getting the S3 from Verizon and not a 3rd party. The 3rd party will usually have a clause stating that you have to use the phone for x number of days before it can be activated on a different line. Otherwise you're hit with a hefty fine.

That's how it was when I got a couple of Droid 3s from the company that does business through Newegg. I can't re-activate my Thunderbolt on my line until 181 days has passed - in my case, December 15th. Or I pay $400.

Then I'm going back to my 'Bolt and my son is getting my D3. :D
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