Posted by Renee Schmidt

Should you sell your old iPhone 4 or 4S and upgrade? Since Apple’s launch of the iPhone 5 last week, many users with a late-model iPhone are looking to upgrade, but is it worth it?

In terms of functionality, iPhone 4 users will notice a considerable improvement in functionality and speed by upgrading to the 5, whereas 4S users won’t notice as big of a difference (it’s marginal at best).  The 6-minute video below demonstrates a nice speed test between the 3 devices.

For 4 or 4S users wishing to upgrade, re-sale prices on those two models are pretty strong. If you’re eligible for an upgrade from your carrier with a new 2-year agreement and you don’t want to hold out for the next iteration iPhone, you could easily recoup the $200 upgrade fee if you sell your old iPhone 4 or 4S as of now.

There are plenty of online companies offering decent prices for Apple’s previous generation phones; meaning you can get the new iPhone 5 without tearing into your monthly budget. This will be of particular help if you are set on an iPhone 5 but you are not eligible for an upgrade for some reason.

For 64GB version 4S, eBay’s Instant Sale is offering $400 if your phone is fully functional. Gazelle, another popular trade-in service for Apple products, is offering $350 for your 64GB iPhone 4S. Although the offer from Gazelle dropped from $400 to $350 after release of iPhone 5, it’s still a good deal to get $350 for your old phone.

If the buyback trend drops and you need to look for more options to sell your old iPhone, you can try selling it at NextWorth, which is offering $350 for iPhone 4S 64GB at this time. They, just like the other companies buying your old iPhone, want the phone to be fully functional and without any screen cracks. Both, NextWorth and Gazelle, are only buying iPhones on AT&T for now.

If your old iPhone looks just like a new one because you took care of it, you can get an even better deal with Amazon’s Trade-In program. The program has strict criteria for determining ‘like new’ condition of the phone, but it pays $460 on a gift card for your iPhone 4S.

And if you want to sell your iPhone 4S to no one but Apple itself, you can do that at Apple’s Rescue and Recycle Website. They are offering $345 for your iPhone 4S 64GB. You will receive the money for it through a gift card that you can use to buy a new iPhone 5!

If it’s in good condition, you should have absolutely no problem to sell your old iPhone 4 or 4S. Many companies are willing to buy it with the release of new iPhone 5.

My only advice: if you’ve set yourself on an upgrade to the iPhone 5, do it quick since buyback demand for your older phone is going to drop with each passing day.

Image [via]