The fact that technology constantly evolves isn’t always a good thing. Just when you thought you had the latest model, a new model comes out. This is exactly what’s happening with the iPhone. Apple is set to launch the iPhone 5 shortly. This is good news for those who are hanging onto an iPhone 3 and want to upgrade, but not such good news to those who have just purchased an iPhone 4S. Apple feels your pain.

Apple is currently buying back any iPhone 4S that’s in good condition. The current buy back price is $345 (in the U.S). Apple hopes that you’ll buy an iPhone 5 if you sell your iPhone 4S. For some, this deal is a great one. For others, not so much. Before you send your phone in to Apple, here are some important things to consider.

Buy Back Program Details

Apple won’t buy any iPhone 4S. Your phone has to be in good condition. If your phone has any cracks, scrapes, scratches, or other problems, you may not get that full buyback amount. This is understandable. What’s not so easy to swallow is that you have to send your phone to Apple to be evaluated. If Apple deems your phone to be in good condition, you might then gain that listed about. But, do note that you will not get cash. Instead, you will receive an Apple Store gift card totaling the amount that your phone is worth.

Apple wants you to recycle that money by spending it on another Apple product, you see. I also want to point out that Apple won’t buy back an iPhone 4. If you have an iPhone 4, you will have to sell your phone elsewhere or upgrade (probably for a loss). If the Apple buyback plan doesn’t sound like a great deal to you, there are some other options.

Other iPhone 4S Buyback Options

When consumers want to sell electronics, one of the first stops is Ebay. Someone out there wants what you have. Right now, the iPhone 4 is fetching around $200. The iPhone 4S is fairing quite a bit better than Apple’s offer at $350-$500. White iPhone 4S models do tend to sell for a more than the black version. Apple’s offer isn’t a bad one, but it is limiting. You can’t get cash from Apple and you will have to send in your phone for evaluation before you get anything – this means that you’ll be without a phone for a few weeks.

An Ebay sale is instant. Once you receive funds, you ship out your old iPhone (make sure to wipe it clean first). Simply tack a “no refund” policy on your phone, and you can take that earned cash to the bank, to the Apple Store, or anywhere else. You can also buy a new phone right away with your new funds. There are some Ebay fees to consider (read the fine print), and you’ll have to factor in PayPal fees (if you use this service for payment) into your listed price. Tallying up Apple’s offer in comparison to what you can get in Ebay (including fees) is the best way to go about selling your old iPhone.

With Apple’s current iPhone 4S offer in the works, it’s clear that Apple is going to release an iPhone 5 very soon. What that iPhone will look like and what Apple will price the new phone at has yet to be revealed. In the meantime, you can prepare by selling your current model to Apple or to someone else.