Old iPhone trade-ins rise 800% in August ahead of iPhone 5 launch

sellcell.com, a website that lets you compare phone values, reports that in August 2012, iPhone trade-ins rose over 800 percent from the same time in 2011. It also saw a record $8 million worth of trade-ins so far this September. This can directly be attributed to the unprecedented demand for the now confirmed iPhone 5.

“Over the past few weeks we’ve seen a real surge in traffic to the site, and it is clear that iPhone fanatics can’t wait to get their hands on the new handset. It is now so easy to recycle your old device that consumers can get cash easily, safely and quickly and put that cash towards a shiny new iPhone 5,” said Colin White, managing director for sellcell.com.

The iPhone model people are trying to get rid of most often is the 4S. Trade-ins for the fifth-generation handset are up 450 percent as compared to iPhone 4 trade-ins last year when the 4S was the hot item on everyone’s lists. Currently, you can gain up to $385 in your wallet if you trade in a 4S, which is enough to cover the cost of almost two 16GB iPhone 5s with a two-year contract.

If you’re looking to trade your device in, don’t wait too long. Once more iPhone 5s start showing up in the wild, the value of the 4S and older models will gradually decline. White has a few tips for getting the most out of your trade-in, including to “make sure you take photos of it before sending it off so you have a record of the condition it was in, and wipe it to ensure any data left on the device is deleted from the phone. Most importantly, check a price comparison site before sending to make sure you’re getting the most cash.”