Starting today and running through September 2, US big-box store Best Buy is offering 50 percent off an iPhone 5 when you trade in your old iPhone 4 or iPhone 4S. In order to qualify for the trade-in program, which was first noticed by AppleInsider, customers' iPhone 4's and 4S's need to be able to be powered on and free from water damage. By trading in their old working iPhones, customers can choose the 16 GB or 32 GB model of the iPhone 5, but they also need to sign up for a two-year contract. The deal is also contingent upon the customer being eligible for an upgrade.
The Best Buy trade-in starts on the day Apple's iPhone "Reuse and Recycle" in-store trade-in program is supposed to begin in select Apple stores. Trade-in programs have many benefits for retailers as it gets customers buying the latest models and also gives those retailers used iPhones, which can then be shipped overseas and sold for higher prices in emerging markets, while still being at a lower cost point than what that latest iPhone 5 would cost.
The trade-in program also doesn't hurt to help move existing iPhone 5 stock ahead of what is likely the release of a new model in just a few weeks' time.