James Martin/CNET

Hot on the heels of Apple announcing its new line of smartphones, Verizon is already offering up deals.

The wireless carrier announced Tuesday that it will give customers a free 16GB iPhone 6 when they trade in their old phone and re-up their contract for two more years. That means a savings of $199, which is the cost of the iPhone 6 with a two-year contract.

Verizon said eligible trade-in devices include the iPhone 4, 4S, 5, 5C, and 5S. This offer does not apply to Apple's new iPhone 6 Plus.

Apple unveiled both the iPhone 6 and 6 Plus on Tuesday. The iPhone 6 is equipped with a 4.7-inch Retina display, while the larger iPhone 6 Plus has a 5.5-inch Retina display. In addition to being slimmer and lighter, both models also include an improved camera, graphics, and battery life.

Sprint announced Tuesday that it plans to introduce a new $50 unlimited data plan for Apple's two new smartphones. T-Mobile also said on Monday that it will match any other carriers' trade-in deals, along with bestowing customers with a $50 credit.