Apple rolls out iPhone trade-in program in U.S. stores

    By | Small Business

    SAN FRANCISCO (Reuters) - Apple Inc has launched a trade-in program in its U.S. retail stores for older models of its iPhone as it gears up for the launch of a new version of the smartphone, it said on Friday.

    Apple will give customers a credit for their old phones to be used toward the purchase of a new model, an Apple spokeswoman said.

    A thriving industry exists for older versions of smartphones, especially the iPhone, on websites such as eBay and Gazelle. Even broken iPhones can fetch as much as $125 from vendors, who resell them in the United States and internationally.

    Gazelle Chief Executive Israel Ganot estimated the used smartphone and tablet market in the United States will reach $14 billion by 2015.

    "So there's obviously a huge opportunity here for multiple players," he said.

    Apple shares dipped nearly 1 percent to $487.46.

    (Reporting by Poornima Gupta; Editing by Jeffrey Benkoe)

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