Apple's iPhone 5 went on sale on 21 September at a cost of £529 for the 16GB model, £599 for 32GB and £699 for 64GB. Cheaper deals are available if you sign up for a contract.
It's a high price for the latest technology but gadget geeks can cut the cost by getting the best deal on the sale of their old smartphone.
While phone networks such as 02 and Vodafone will buy back your old handset, it makes sense to shop around for the best offer. Sellmymobile.com and mobilevaluer.com are mobile phone recycling comparison websites.
Simply type in which phone you have to sell and they will scour the market for you to find the best price.
The biggest return on an iPhone 3GS 16GB at sellmymobile.com was £87, compared with £76 from Orange and T-Mobile, and £72 from 02.
Read Mark Stammers' latest blog: iPhone5 - should you buy?
Once you have selected which company to sell to, follow the postage instructions - you'll usually be sent a padded envelope to post it free of charge. You'll receive your money as soon as the company has received and tested your phone.
Sellmymobile reported a huge surge in iPhone trade-ins ahead of the iPhone 5 launch, with sales up by 400% since July 2012 alone. However, the website warns that those with iPhones to sell shouldn't delay - values have already fallen by 10% since July.
Colin White, managing director for the company, says: "If you are planning on trading in your old phone, make sure you take photos of it before sending it off so you have a record of the condition it was in, and wipe it to ensure any data left on the device is deleted."