As the iPhone 5 Comes, How to Sell Your Old iPhone

PHOTO: A sales rep. prepares an iPhone for sale at a Verizon Wireless stores after they started selling the smart phone on February 10, 2011 in Coral Gables, Florida.
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Over the past weekend Tyler, 26, was preparing for the week ahead. He sold his iPhone 4 in anticipation of the new iPhone 5 Apple is expected to announce Wednesday. He'll be using an old Nokia 6010 phone until the new phone goes on sale.

And Tyler is surely not the only one who has had the foresight to get rid of his iPhone, which may look outdated after Apple's announcement.

FOLLOW: ABC News' Live Coverage of the iPhone Event

In the last 30 days, Gazelle, a site that buys people's used gadgets, has received 1.2 million iPhone offers. That means it provided price quotes for 1.2 million iPhones out there.

"This is the biggest anticipated launch in a long time. People know it is coming and it's been a very busy time for us," Anthony Scarsella, Gazelle's Chief Gadget Officer, told ABC News.

Gazelle allows people to get a quote for their current iPhone. Once users get the quote they can decide if they want to sell their phone to the company. The Boston-based company provides a shipping label and box. When it receives the phone it wipes the data from it and resells it on eBay, Overstock, or to other resellers.

And it is certainly a good time to be in the iPhone buying business right now, says Scarsella. "The numbers keep on rising and we expect tomorrow to be the highest volume day. The volume has already been five times what we saw last year."

That is, of course, related to the rumors that the iPhone 5 will be one of Apple's biggest phone upgrades. The phone is expected to have a larger screen, LTE, a faster processor, and a new dock connector. Check out our guide to the rumors here.

Other sites like Glyde, which offers a peer-to-peer marketplace for buying and selling, have seen a similar uptick in people coming to sell iPhones. According to the company, iPhone 4S inquiries have been up over 700 percent in the last two weeks.

Glyde's rolled out an iPhone Upgrade Tool, which people can use to determine the value of their used device. They also offer a set price on iPhones. Right now Gylde is paying $403.75 for the iPhone 4S 64GB in good condition, which it claims is higher than the competitors.

Amazon also offers a Trade-In site. Gazelle offers 30-day windows, which allow people to lock in a sell price for their phones and hold on to their phones until the new one is out. Many have already locked in their sell prices on the site and plan to ship when they get their new iPhone 5s in hand. Glyde requires you send the phone within a week of selling.

People like Tyler have decided to sell their iPhones on their own through Craigslist or eBay and then use an older phone for the time being.

No matter where you sell, those who watch gadget prices say that as we get closer and closer to Apple's event, current iPhones will be worth a lot less. "Once Tim Cook gets on stage, we can expect prices to steadily decline," Scarsella said.

That, of course, means time is running out. Apple's iPhone 5 event kicks off Wednesday at 10:00 a.m. PT / 1:00 p.m. ET. ABC News will be at the event, providing up-to-the-minute coverage.

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