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Retailers slash iPhone 5 price prepping for next iPhone

Likely also taking advantage of increased foot traffic in retail stores this weekend, both Best Buy and Walmart have significantly discounted the starting price of the iPhone 5 in order to move inventory out the door before the next iPhone launches later this month. Specifically, Best Buy is offering a minimum of 50 percent discount on the $199 16GB or $299 32GB model if the customer trades in an iPhone 4 or 4S that works properly and is in reasonably good condition free of water damage or screen cracks. 

That means customers will spend $99 on the 16GB model or $149 on the 32GB model if their iPhone 4 or 4S model simply passes muster. Similar to Apple’s new iPhone trade-in program, customers at Best Buy can earn even more if their smartphone is in excellent condition and comes with extras like the charging cable and original packaging.

Best Buy Mobile iPhone 5

Consumers interested in taking advantage of this offer can check out the Best Buy trade-in pricing tool on the main site. Credit for the iPhone 4 or 4S has to be applied to a new iPhone 5 purchase that’s under a two-year contract with AT&T, Sprint or Verizon.

Alternatively, Walmart has cut the under-contract price of the 16GB iPhone 5 to $98 and doesn’t even require a trade-in. Hypothetically, an iPhone 4 or 4S owner could sell their device on an auction site like eBay or to an electronics reseller in order to help cover the cost of a new iPhone 5 at Walmart. Prior to this weekend, the price of the 16GB iPhone 5 at Walmart was approximately $130.

If you want to spend even less and don’t mind older technology, Walmart’s price on the iPhone 4S under two-year contract is just $39. In addition, Android fans can pick up a discounted Samsung Galaxy S4 at Walmart this weekend for just $138 with a two-year contract at AT&T or Verizon. It’s likely that more retailers will follow suit with this new aggressive price on the iPhone 5 prior to the Apple press conference on September 10, 2013.