Google Cloud Platform is a suite of public cloud computing services offered by Google. The platform includes a range of hosted services for compute, storage and application development that run on Google hardware. Google Compute Engine is one of the services that provide to create scalable, high performance and secure virtual machines running on Google hardware.
This post will guide you to update the machine type of existing running instance. For this, you have to install Google Cloud SDK.

Steps

1) Delete the instance that you want to upgrade by keeping its boot disk.

gcloud compute instances delete <instance-name> --keep-disks boot

2) Now create image from this boot disk

gcloud compute images create <any-image-name> --source-disk <instance-name>

3) Now Check Images list

gcloud compute images list

4) Now create a new instance from developer console or using gcloud compute and select your image as the boot disk.

5) Done.

Note

You can verify this by creating a file on the instance before deleting it. And after creating a new instance from this you can verify the created file.

For more on google compute engine checkout next post.