It’s Not too Late to Pay for the iPhone 5 With an Old iPhone Josh Smith09/20/2012 The iPhone 5 arrives in stores tomorrow, and users upgrading from an iPhone 4 or iPhone 4S can sell their old iPhone to pay for almost the full cost of the iPhone 5. iPhone trade in prices dropped over the past week at many locations, but Amazon and eBay Instant are offering amazing deals on old iPhones.Advertisement For users eligible for an upgrade, even the iPhone 4 can fetch $200 in cash, which is enough to cover everything but tax on the iPhone 5. Read: Where to Buy the iPhone 5 on Release Day Both Amazon and eBay Instant Sale buy the old iPhone directly, so there is no need to deal with eBay buyers or wait for someone to make a payment. Enter the condition of the iPhone 4 or iPhone 4S and see how much Amazon and eBay will pay.Advertisement Best iPhone 4 & iPhone 4S Trade in Prices iPhone 4 trade in price.Advertisement eBay Instant Sale pays cash, to a PayPal account, and Amazon pays in Amazon credit. The Amazon credit cannot be used to buy an iPhone 5, but it is god on many other items. The best part about this deal is that even a two-year old iPhone is worth enough to cover the cost of upgrading. Here are the trade in prices at Amazon and eBay Instant Sale today. Prices listed are usually for an AT&T iPhone. The Verizon iPhone is worth slightly less. Prices are dropping quickly, with the price of the iPhone 4 16GB on AT&T dropping from $200 to $145 in the last hour. It’s wise to lock in a trade for 7 days, before prices drop further. iPhone 4 – 16GB eBay Instant Sale – $145 Amazon – $260 iPhone 4 – 32GB eBay Instant Sale – $200 Amazon – $330) iPhone 4s – 16GB eBay Instant Sale – $240 Amazon – $370 iPhone 4S 32GB eBay Instant Sale – $265 Amazon – $400 iPhone 4S 64GB eBay Instant Sale – $350 Amazon – $470 These prices are for a working iPhone in good condition without water damage.Advertisement eBay Instant Sale and Amazon both cover shipping, and allow for a 7 day price lock, so users can get their new iPhone 5 set up over the weekend before shipping it out. The video below covers the iPhone trade in process. There are many other companies that buy old iPhones, but eBay Instant Sale and Amazon are offering the best prices. Site’s like Gazelle and NextWorth offer longer price locks, so they are a better option for users that won’t get their iPhone 5 until October.