Use the same IP address when moving to a new instance

When you first create the new EC2 instance, you can assign a static, primary IP address. As you go through the instance creation screen, expand the "Advanced network configuration" drop-down just under where you define security group rules. You should see a field where you can enter the IP address you want to assign to the new EC2 instance. Note: This is only available when you first create the EC2 instance - you cannot change the primary IP address after creation.

Ok thanks! If I stop the old instance, is it good enough to use its IP address on the new one, or does it need to be terminated?