Upgrading Amazon AWS Instance Hardware?

Is it possible to upgrade and existing AWS instance with newer hardware IE more VCPUs, RAM?  Without having to spin up an entire new instance from scratch, move the ENIs, Elastic IPs and hard drives over to the new instance?

This is a bit, well, not ideal.  

Alternatively if AWS cannot do in place VM hardware upgrades, is it possible to live migrate to a better host that can support more hardware?

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Scot HalvorsenCommented:
Resizing AWS instances is not that difficult. It mostly depends on how your original instance was created.

If the Instance is EBS backed, it is as simple as stoping the instance, selecting the new size and restarting.

For others, it is a little more involved, however it is not that complicated.

You can get more information on resizing your instances from the AWS User Guide,

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ReeceICT ConsultantCommented:
Your EC2 instance will have volumes attached.
You can launch a new instance with the hardware you need, stop the current instance, detach the volumes, attach the volumes to the new instance.

attach volume to instance
Whether this can be done with the volume used by the OS, I'm not sure yet...

I've actually been looking into using two EC2 instances (one high performance, the other low performance) for our application so that I can use a scheduled powershell script to shutdown, detach, attach, start the instances depending on time of day.
ie. office hours and after hours.  With after hours being the low performance (only 1-2 client connections if any) instance.  Thus, saving us the cost of running the M3.xlarge 24/7.
CnicNVAuthor Commented:
This solution was what I was after and worked beautifully.  Thank you Shalvors.  

The method of detaching drives and ENI's is not something one should have to do, for a cloud based IaaS solution, it's sort of primitive when even in-house VMware and Hyper-V solutions have been allowing you to do, for lack of a better term, in place hardware upgrades for a long time.  And now I know, Amazon does as well...sweet :-)
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