iPhone 5S Release Date Rumors: Apple Offers Trade-Ins For The First Time On Older Models

iPhone loyalists may not have to shell out the extra cash for a new model every time one comes out anymore. According to sources close to Apple, the company will be allowing trade-ins for older models. The announcement is expected to be made in alignment with its Sept. 10 press event, where the iPhone 5S is expected to be released. Employees of the company are currently being trained in the new system of swapping phones, MacRumors reported. Bloomberg quoted an anonymous source in June who said that Apple is working with recycling company Brightstar, and that trade-ins could be refurbished by Apple and resold in other markets the world over.

Early reports say that those who bring in an older model phone would receive a gift card that could go toward an iPhone 5, which is expected to also be on the list of phones that are eligible to be traded in for a 5S or 6 when it is released. CEO Tim Cook said himself that he was not opposed to the idea of allowing trade-ins. He actually liked the idea of third-party vendors such as Best Buy following this path. "I see channels doing it, and I like the environmental aspect of it, and so that part of it really is encouraging to me," he said.

It is not likely that this service would translate over to even earlier models such as the 3 or 3G as they have a low resale value and are limited in their capacity to be refurbished. Apple already has a similar service in place in which users can return their phones by mail. However, this process usually takes days or even weeks to be completed. With the trade-in system, customers could go into the store, hand the phone in, in-person and be provided with a new one the same day. The newest iPhone is expected to be released this fall.

The iPhone 6, next in line behind the iPhone 5S, is expected to hit the market by next summer. Those following the release closely said that Apple typically releases a new model every year either in summer or fall, and with Apple's recent announcement about hosting a press event in September, it doesn't sound too unlikely. The company may also be releasing a more cost-effective version of its phones, but it is unclear if these products will be eligible for trade-in.