Please answer, if i buy an iPad and a newer one comes out.

Say i were to buy the new iPad, and next year a newer iPad comes out. could i return my previous iPad and get the newer one? or what would happen? Please answer!

no.
Maybe if you were one of those people that bought a 2 right before the 3 came out and it fell within that 14 day return period. There may have also been cases of people benefitting from a sympathetic store manager, but I can't take my iPad 2 back to Best Buy and swap it out for a 3. THey'd laugh at me if I tried.
In the same way you can't buy a model 2 TV and then swap it out for free for a model 3 TV a year later.
There is no 'lifetime free upgrade to the latest hardware' option.

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