Last August, Apple launched its iPhone trade-in program in Apple Stores across the United States, offering up to $250 of trade-in credit for top of the line devices. Now, with the impending release of the iPhone 6 this fall, prices have dropped. iPhone Canada noticed that the maximum trade-in value for an iPhone has fallen from $250 to $225.
However, it's important to check online before making your choice. Using Apple's online Reuse and Recycle option we were able to find an offer of $255 for a 64 GB black iPhone 5 on Verizon. The same phone on ATT only offered up $205. There's large amount of variation between carriers and models, so do your research before you make your final decision.
As current models of the iPhone age they decrease in value, but there are still other options available for people looking to get top dollar for their old iPhone. Gazelle and eBay both regularly fetch higher prices for old iPhones than Apple's official trade-in program. It may not be as convenient as dropping into the Apple Store and trading in your device for store credit, but you'll get more money.
Apple recently expanded its trade-in program to Italy.