It's official: the much-anticipated Motorola Razr will go on sale on Thursday, February 6, with pre-orders beginning Sunday, January 26. To celebrate this occasion, Verizon kicks things off with one of the first Motorola Razr deals we've seen.

Consumers switching to Verizon can save up to $500 off the Razr with a trade-in of an eligible smartphone and activation of an unlimited Verizon plan. New customers switching to Verizon for the first time will receive an additional $200 prepaid MasterCard, for a total savings of $700. In addition, current Verizon customers can save up to $300 on qualifying trade-ins.

When the Razr debuts, it will bring back one of the pinnacle cell phone designs of the past decade. The eye-catching design allows the foldable phone to easily slip into a pocket. The new Motorola Razr is priced at $1,499.99. That's nearly $500 less than the $1,980 price of Samsung's folding handset rival, the Galaxy Fold.

Verizon appears to be the exclusive carrier for the Motorola Razr at launch. The phone will hit store shelves in February, and the Razr will be sold in select Verizon and Wal-Mart stores. It can also be purchased directly from Motorola.

Canadian shoppers will be able to purchase the Motorola Razr in early 2020.

You don't have to pay $1,500 all at once if you don't want to. Verizon will allow customers to pay for the Motorola Razr in installments, spreading the $62.49 monthly payments over two years.

Alternatively, you can take advantage of the Razr deal mentioned above. We will update this article with additional reserved Motorola Razr deals as they are announced.