SAN FRANCISCO (KCBS) — As rumors continue to swirl about Apple releasing an all-new iPhone in a few weeks, iPhone 4S owners are wondering if they are eligible for an upgrade.

Unfortunately, most people who buy a phone get a two-year contract which means they’re not usually eligible for an upgrade until the end of those terms.

Consumers can always buy an iPhone at full retail price, but that would likely cost $650 compared to the $199 phone at the subsidized rate on a contract.

KCBS Tech Report:

So, I wouldn’t count on an upgrade unless you’ve had the phone for at least two years.

It turns out that there is a very good market for used iPhones, especially the most recent 4S and iPhone 4. If you were to sell a 4S now, you’d probably get upwards of $250 for it, probably more than you paid for it.

The reason: When you get a phone through a carrier such as Sprint, AT&T or Verizon, they are selling it to you at a subsidized rate, meaning they paid Apple more for it than you will.

There are a number of options in going about selling your old smartphone including Craigslist, (or a similar site), or even going to a store that resells old phones.

If you wait until the new iPhone comes out to sell your older version, it will undoubtedly decrease in value as older models will likely flood the market.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)


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