I would sell it on eBay and buy a Verizon subsidized iPhone for what you get for it. There's a good market in used iPhones. I would never buy or trade for a used iPhone, however, as you have no idea whether it was ever hacked, jailbroken, or if it was stolen. Especially on CL for the latter.
Yeah that's what I was saying before. Use it as an expensive iPod touch. I kinda wanted to use it though, I have an iPhone already but this one is newer and has more capacity lol I guess I'll just put it on eBay and save for the iPhone 6 lol