Apple has not given any indication of how lucrative the buyback program will be for consumers; however, they are late to the party on this one.
When Terrance Woodard got his new Galaxy S3, he traded the old one for cash.
"It went pretty good... 99 bucks," he said.
Phone buybacks are everywhere, and shopping around is the key to getting the best deal.
At Target, my iPhone 5 in mint condition is worth $300 in store credit. That's the same amount of in-store credit Radio Shack was willing to offer.
"There is value in all old electronics, so an iPhone 3, iPhone 4 or iPhone 4S, they are still going to see a lot of value there," Dave Brod at Radio Shack said. "Obviously, newer technology will have even more value."
At Best Buy, our pristine iPhone 5 fetches $330 in store credit.
"If you were eligible for an upgrade today, with the new devices usually cost around 100 to 200 dollars, you could walk away with an extra 100 to 150 bucks in your pocket," Mitchell Slayden at Best Buy said.
To clarify, Best Buy offers store credit -- not cash -- and be warned: scratches and a broken screens cut the costs dramatically.
If you are looking for cash, the internet offers a couple of choices. eBay lists the phone for more than $400, while Gadget Trade in Site Gazelle is offering $315 or store credit at Target.
Remember, the key to the best resale value is pristine condition. Any cracks and you can expect to lose $200 in value.
We'll find out next week how the Apple buyback program stacks up to the others.