Verizon's free iPhone 6 may just be what some of the tech lovers - who don't want to spend a hefty amount on the new Apple flagship - on a budget out there needed.

Just after the Cupertino company introduced its latest device and before the unit even becomes available on the market on Sept 19, Verizon Wireless has reportedly already found a way to make the new iPhone 6 available to its customers for free.

But is Verizon's free iPhone 6 really free? If so, how do you avail it?

On Tuesday, the telecommunications company reportedly announced it would be giving away one of the phones Apple announced earlier in the afternoon.

The catch is, in order to avail Verizon's free iPhone 6, customers of the wireless company must turn in their old iPhone unit and sign a two-year contract with Verizon.

According to Q13FOX, while it is normal for carriers to offer discounts on phones to customers who sign a service agreement with them and sometimes offer older units for free, it is quite unusual for them to offer the latest model at no charge. (Just like Verizon which currently offers the older iPhone 4S free of charge and the more recent 5S for $199 when customers signs an agreement.)

Those who want to avail Verizon's free iPhone 6 will have to trade in their old unit (4, 4S, 5, 5S and 5C, as long as the device still works) in order to receive a gift card worth $200, which they will then use to purchase the new device (16 GB version) priced at $199.

And while Verizon's free iPhone 6 offer sounds quite tempting, KSHB reported that customers should still think twice before signing up especially when they have the more recent unit.

If customers have an older 4 or 4S, it reportedly is a great deal as the units are worth only around $75 at this time, and their trade-in values are also declining fast. This is also applicable to a 5C as its trade-in value is also lower. In the case of a 5S however, Verizon's free iPhone 6 offer does not seem to be a good deal since an iPhone 5S can still fetch $290 in some trade-in sites.

The company reportedly did not announce for how long Verizon's free iPhone 6 offer would stand.