(NEW YORK) -- Apple is making it easier for you to get rid of your old iPhone and get a new one, or at least get some money for it.
The company confirmed that the long-rumored iPhone trade-in program will begin at stores across the country Friday. Called the "iPhone Reuse and Recycling Program," customers will be able to bring in an old iPhone to an Apple Store and get credit for it in the form of an Apple gift card when they trade it in.
"iPhones hold great value. So, Apple Retail Stores are launching a new program to assist customers who wish to bring in their previous-generation iPhone for reuse or recycling," Apple spokeswoman Amy Bessette told ABC News. "In addition to helping support the environment, customers will be able to receive a credit for their returned phone that they can use toward the purchase of a new iPhone."
Apple would not confirm the specifics of the program. However, various sources told ABC News about some of the details.
First, to get money in exchange for a phone you must trade in a working iPhone. Apple store employees will assess the condition of the phone and determine the value of the phone. According to sources, a 16GB iPhone 5 in good condition would be valued at close to $300. It is unclear if phones with more storage would be worth more.
The trade-in is also only applicable to those who have an iPhone contract. If you are not currently on a contract or if your contract is up, customers will have to sign up for another cellular contract to take advantage of the program.
Apple's new in-store program comes as a brand new iPhone is expected to hit shelves soon. According to various reports, the next iPhone -- presumably called the iPhone 5S -- will have a fingerprint reader, faster processor and will be available in a new "gold" or champagne color. Joining that iPhone is said to be a lower-cost model called the iPhone 5C, which will be available in a selection of colors.
The phones are expected to be unveiled on Sept. 10 and be available in stores on Sep. 20.
Leading up to the event and the launch, other trade-in businesses have seen big traffic from iPhone owners wishing to sell their current phone and put that money towards a new phone. Specifically, just this month, Gazelle, which has built a $100 million business on Apple product trade-ins, has already offered more than 1.3 million iPhone quotes. Apple's in-store program will presumably be more convenient for users, though it goes up against other in-store trade-in services.
For instance, Best Buy has also been holding special iPhone trade-in offers to boost exposure for its own program and clear models off shelves. This weekend -- from Aug. 30 to Sept. 2 -- customers can bring in a working iPhone 4 or 4S and get an iPhone 5 for half off, at $99. Walmart has also just dropped the price of the iPhone 5 to $98 Friday.
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