Hurry Up - Trade In Your iPhone 4 ASAP, Resale Prices Tumbling

As the iPhone 4S hits markets in North America, Europe and Japan today, resellers are seeing a wave of users looking to get rid of their old iPhone models. Consequently trade-in prices for previous iPhones are rapidly dropping, so interested users must hurry.

Trade-in website NextWorth has changed its offer of $250 for an iPhone 4 and now customers can only get $200 for a 16 GB iPhone 4 and $215 for a 32 GB Iphone 4; in both cases, the handset must be in good condition, PC Mag reports.

Gazelle, on the other hand, is willing to give $222 for a 32 GB iPhone 4, but the device must be in "flawless" condition, that means the iPhone "still looks and functions like you just removed it from factory packaging with a screen that is absolutely pristine."

The "good condition" note allows small scratches on the body or the display. eBay Instant Sale also dropped the prices for iPhone 4 deals. If a week ago, customers could have made a good deal and received $307 for an iPhone 4, now they will only get $178.5 for a 16GB version in good condition.

So if you plan to trade in your old iPhone, that wasted time could be expensive.

You can win an iPhone 4S by entering our competition - which ends on the 21st of October - here