Apple rolls out iPhone trade-in program in US stores

Apple Inc has launched a trade-in program in its US 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. Also read: Chronology: Steve Ballmer's tenure as Microsoft CEO 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 USD 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 USD 14 billion by 2015. "So there's obviously a huge opportunity here for multiple players," he said. Apple shares dipped nearly 1 percent to USD 487.46.