updated 11:04 am EDT, Fri August 30, 2013
Apple Store visitors must buy iPhone on new contract to qualify
Apple has confirmed earlier reports and officially unveiled its iPhone trade-in program, known as the iPhone Reuse and Recycling Program. People planning to buy an iPhone on contract can take an old model into Apple Store and receive a gift card towards the new device. The trade-in must be made at the same time as the new phone is bought, and the value of the old model will vary based on any wear and tear.
Apple is accepting any iPhone ranging back to 2008's iPhone 3G. Aiding the company in the process is BrightStar, which is recycling the old hardware in the US. Anecdotes suggest that an 8GB GSM iPhone 4 is typically valued between $120-140, while its CDMA sibling is worth just $80. A 16GB iPhone 5, meanwhile, may fetch between $250-253. Those estimates are below what third-party trade-in services generally offer.
Nevertheless, the program may be convenient for people planning to upgrade to new iPhones next month. Apple is expected to launch two models in late September: a high-end iPhone 5S, and a mid-tier iPhone 5C. The value of the iPhone 5 will likely drop quickly after the new devices become available.