Now could be the time to turn the old phone into new money

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Owners of older iPhones who are eagerly awaiting the release of the iPhone 5 may be wondering what to do with their current device once they get the brand new version. One possibility is trading in the old phone for cash, which can help finance the purchase of the new gadget. CNNMoney said with the new iPhone 5 coming, there's no better time to get rid of an old iPhone 4 or 4S.  Even if the older device is broken, iPhone repair is there to save the day and help owners bring in some extra money.

“We always get a rush of people who wait to get a quote until they have the new [iPhone] in their hands,” said Jeff Trachsel, the chief marketing officer for trade-in service NextWorth, according to the news source. “But as the volume increases, the value of your phone declines.”

CNNMoney said trading in the old device for cash now will more than likely mean more money in the pocket than waiting until closer to the iPhone 5 release date. The news source said smart traders will play arbitrage and figure out a place they can lock in a price now but hold onto the phone until they get the next model. NextWorth told the website that a 16GB iPhone 4S in good condition currently brings in $274, which is no chump change.

Another trade-in service, Gazelle, previously told MSNBC that more people than usual have been trading in their device in anticipation of the iPhone 5. Whether you want to get your iPhone in shape for a trade-in or extend its life for your own use, iPhone repair is available to get the device running good-as-new once again.

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