Apple live video stream, iPhone announcement event: Get the most from your old iPhone before the 5S

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Thinking of upgrading your iPhone 4 or 4S when the new phone comes out this month?

You may not want to wait.

CNN/Money says the best time to get an offer for your existing phone is right now, even though the new phone will most likely not release in a few weeks.

But don't worry, you don't have to give up your phone just yet!

Reason to lock in now

Trade in services Gazelle and NextWorth say customers are starting to flood the market with trade ins, which is already starting to lower the price they can offer.

Gazelle says if you wait until after the expected September 10th launch date of the new 5S (and possibly 5C plastic version), trade-in prices will drop sharply, as much as $75 per phone.

The sites suggest you lock in a price now.

You don't have to send it in for 30 days, until after you buy your new iPhone 5S. Apple typically releases the new phone a week or two after its announcement.

You are under no obligation to turn in your phone, if you decide against purchasing a new one.

But this way, you will get the best possible price if you decide to upgrade.

As always, don't waste your money.

Don't Waste Your Money is a registered trademark of the EW Scripps Co.

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