If you are waiting to get the next iPhone, you could get a great deal if Apple allows you to trade in your old phone.

The newest rumor ahead of the new iPhone announcement is that Apple plans to allow people to trade in the old phones towards the new one.  The High Tech Texan Michael Garfield says it is a smart move, "It's analogous to the car industry.  Car dealers want you to bring in your old car so they can get you in a new one.  So Apple is taking a cue from an old industry...."

Old phones can fetch between $150 to $350, which is why Apple is doing this according to CNET Tech Editor Larry Magid, "iPhones that are not locked into a contract are quite valuable, so Apple's probably going to make money on this deal."

Customers will likely only be able to trade in old phones that still work, and it is not clear whether Apple will take only old iPhones or phones from other manufacturers as well.

Apple is set to announce their new iPhone and new operating system early in September.