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Apple stores launches trade in program for used iPhones

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Just before launching new upgrades of iPhone Apple has announced launch of trade in programs for used iPhones from 30 Aug. Apple has already confirmed the news about their plans for reselling market.

The latest program allows users to bring in their older phones and get credit toward a newer model.  Previous iPhone recycling programs had let users turn in older gadgets for a gift card at Apple’s stores.

CNBC was  first to report the news.

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The new trade-in program is available at its 252 U.S. retail stores, has several requirements like iPhone must be able to be powered up and it should no be water damaged. any generation iPhone is eligible for this program and older phone will be exchaned for a newer model with a contract while trade-in.

Apple said in a statement released on Friday: “iPhones hold great value. So, Apple Retail Stores are launching a new program to assist customers who wish to bring in their previous-generation iPhone for reuse or recycling. In addition to helping support the environment, customers will be able to receive a credit for their returned phone that they can use toward the purchase of a new iPhone.”

To be eligible for the Apple trade-in deal, the iPhone has to be undamaged by water and in good working order. At the store, an employee will evaluate the phone’s make and age and offer between $120 and $250 that can be used toward a new iPhone. A two-year contract is required as well.

Apple is now competing with companies like Gazelle, Best Buy, GameStop, Amazon and others for the market for used iPhone which will produce an  estimated sales of around $5 billion till 2015. No doubt that Apple has entered in this market to felicitate customer but Apple will also act as competitor with player in this market.

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