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.<\/p>\n
Apple will give customers a credit for their old phones to be used toward the purchase of a new model, an Apple spokeswoman said.<\/p>\n
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.<\/p>\n
Gazelle Chief Executive Israel Ganot estimated the used smartphone and tablet market in the United States will reach $14 billion by 2015.<\/p>\n
“So there’s obviously a huge opportunity here for multiple players,” he said.<\/p>\n
Apple shares dipped nearly 1 percent to $487.46.<\/p>\n
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