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Apple to kick off iPhone trade-in program

Monday - 6/10/2013, 8:39am  ET

WASHINGTON - If you've had your eye on a new iPhone 5, this is a great time to get it, and get a big discount while you're at it.

Apple is reportedly set to launch an iPhone trade-in program where customers can get $200 for their iPhone 4 or 4S to put toward a new iPhone 5, Bloomberg reports.

That's unusually benevolent for the behemoth of smartphones, but perhaps not surprising after Samsung beat Apple in U.S. sales last month, boosted by the popularity of the Galaxy S4. And sales of Samsung's smartphones running the Android operating system have outpaced Apple, too.

Apple won't re-sell those used smartphones in the U.S. It will sell them in emerging markets where demand for cheap devices is greater. The trade-in program also buys time for Apple to introduce new models.

Apple-watchers say the next device for Apple is the iPhone 5S, which may be slated for release this month.

Apple CEO Tim Cook plans to introduce a new music streaming service Monday at the company's annual developers' conference.

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Tags: iphoneapplejoan jones