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Apple rolls out iPhone trade in program in US stores

Apple rolls out iPhone trade-in program in US stores

By Reuters | Updated: 2 September 2013 10:20 IST

Apple Inc has launched a trade-in program in its U.S. retail stores for older models of its iPhone as it gears up for the launch of a new version of the smartphone, it said on Friday.

Apple will give customers a credit for their old phones to be used toward the purchase of a new model, an Apple spokeswoman said.

A thriving industry exists for older versions of smartphones, especially the iPhone, on websites such as eBay and Gazelle. Even broken iPhones can fetch as much as $125 from vendors, who resell them in the United States and internationally.

Gazelle Chief Executive Israel Ganot estimated the used smartphone and tablet market in the United States will reach $14 billion by 2015.

"So there's obviously a huge opportunity here for multiple players," he said.

Apple shares dipped nearly 1 percent to $487.46.

Are we looking at Apple's new iPhones?

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Further reading: Apple, Apple iPhone, iPhone