You soon will be able to walk into an Apple Store, fork over your old iPhone and walk out with some extra cash in your pocket.
Apple will launch a trade-in program for iPhones soon and has begun training store employees on the program, ABC News has confirmed. The trade-in program was first reported by Bloomberg in June and then by AllThingsD, MacRumors and 9to5Mac this week. According to 9to5Mac, Apple will launch the program at some select stores this Friday, Aug. 30, and then roll it out more broadly during the month of September.
Apple declined to comment on the program when reached by ABC News.According to ABC News' sources, customers will be able to bring in their old iPhone into the store and then an Apple store employee will provide a quote for the phone based on the model and the condition. If the customer decides to go through with the trade-in, they will be able to back up and wipe the phone at the store and then will be given an Apple gift card, which they can use to buy a new phone or other products at the store.
According to 9to5Mac, Apple will take the old phones and they will be shipped to Brightstar, a wireless phone distributor, and from there they will be recycled for use in the United States. Apple will accept non-working iPhones, but won't provide cash for them. Instead they will be recycled by the company.
The value of working iPhones will be based on the condition of the device and the model. ABC News' sources said an iPhone 5 in good condition could be worth as much as $300. Techcrunch and 9to5Mac report similarly that a 16GB iPhone 5 from AT&T will go for around $250. Gazelle, a trade-in website, offers slightly more for an 16GB, AT&T iPhone 5 in good condition at $315.
Trade-in programs and sites have become a big business. Specifically, Gazelle has built a $100 million business on Apple product trade-ins. Just this month, the company has already offered more than 1.3 million iPhone quotes as Apple gears up to launch a new iPhone. During the summer Best Buy has also been holding special iPhone trade-in offers to boost exposure for its own program and clear models off shelves.
According to various reports, the next iPhone -- presumably called the iPhone 5S -- will have a fingerprint reader, faster processor and will be available in a new "gold" or champagne color.
Joining that iPhone is said to be a lower-cost model called the iPhone 5C, which will be available in a selection of colors. The phones are expected to be unveiled on Sept. 10 and be available in stores on Sep. 20.