Apple launching iPhone Reuse and Recycling Program at stores nationwide today [UPDATED]

Editorial Director of News and Content

| August 30, 2013

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iPhone 5

Just as rumored, Apple today rolled its iPhone trade-in program out nationwide today. The iPhone Reuse and Recycling Program to bring their current iPhone into an Apple Store and trade it in for a gift card that can then be applied to a new iPhone.

A report surfaced earlier this week with an explanation on the process that a consumer can expect to go through when trading an iPhone in, including an assessment of the existing iPhone's value and the consumer being given the option of backing up their data before handing over the device for good. Apple has told CNBC that consumers taking advantage of the program will need to sign a new contract.

According to 9to5Mac, iPhone models ranging from the iPhone 3G through the iPhone 5 are eligible for the Reuse and Recycling Program. When it comes to the value that consumers can expect to receive in exchange for their working iPhones, it's been said that a working 16GB iPhone 5 will fetch around $250, while an iPhone 4 will be worth $120 to $140 if it's GSM or around $80 if it's a CDMA flavor. Apple will also recycle non-working iPhones as part of the program.

As I mentioned when the details of the iPhone Reuse and Recycling Program leaked out earlier this week, Apple's service is the latest in a long line of options that consumers have when searching for a way to resell their old smartphone. However, the fact that the entire process, including the purchase of a new iPhone, takes place at once could make Apple's program attractive to a lot of consumers. It's also worth noting that this program is launching less than two weeks before Apple is expected to unveil new iPhone hardware, an event that's sure to bring with it quite a few iPhoners looking for an easy way to ditch their old device an upgrade to Apple's latest smartphone.

UPDATE: Apple has issued a statement to the Wall Street Journal regarding its iPhone trade-in program:
“In addition to helping support the environment, customers will be able to receive a credit for their returned phone that they can use toward the purchase of a new iPhone."

The WSJ has also shared a few details on the service iteslf. The publication's sources have reaffirmed that an iPhone must power on in order to be eligible for a gift card, adding that the most credit that a customer can expect to receive for an iPhone trade-in is "about $280."

Via @CNBC, 9to5Mac, Wall Street Journal