With the iPhone 5 due out this fall, people are looking to trade-up and trade-in their old smartphones for the latest gadget.

Apple continues with the trend of giving customers what they didn't know they need. Many people satisfied with iPhone 4S and other such devices will have a decision to make: to upgrade or not to upgrade?

For those that must have the latest technology, the answer is simple and the question now is what to do with their old phones.

There are many trade-in services available and knowing which one has the best deal can be tricky.

One service is Gazelle which offers a 30-day price lock on any quote given while allowing you to keep your current phone until the newest one is released.

"In the past few weeks, Gazelle has seen record volume, including one full week in which we were presenting one iPhone offer every second," said the spokesman for Gazelle during an interview with NBC News. When asked about price he stated, "It appears that we saw about a 25 percent decline in prices in the first week after the announcement and a steady decline over a 3- to 4-week period," he said.

If you're looking to get the best price for your phone then trading in quickly will be best as prices are looking to decrease as we get closer to the iPhone 5 release date. You must also considered the age and condition of your phone which will vary in quotes from each trade-in service.

Another service to use is eBay Instant Sale which doesn't have you auction off your phone. Instead it offers a more convenient way for eBay to offer a quote for the phone and pays for the shipping if you decide to take the offer.

Apple also has a recycling program put in place which will give you a gift card for your iPhone trade-in. For those looking for a slight upgrade, Apple has lowered the price of some of their older model phones such as the 16 GB version of iPhone 4S for $99.

Tags
Iphone 5, IPhone, Iphone 4S, Apple, Apple event