NEW YORK (TheStreet) - As Apple
(AAPL - Get Report) gets closer to releasing its next generation iPhone, with media reports now saying the phone could go on sale as early as August, the trade-in wars for older models are heating up as retailers look to clear out their excess inventory of iPhone 5s and 5c models. Best Buy
(BBY - Get Report) is the latest company to promote trade-in deals, allowing customers to upgrade their phones.
Best Buy announced last night customers can receive up to $200 in guaranteed trade-in credit now through Sunday, May 11 when they upgrade to an iPhone 5s or 5c model, making the iPhone potentially free for customers who trade in older working models.
With this specific offer, a customer is guaranteed a minimum trade-in credit of $100 for a 16GB iPhone 4, $150 for a 16GB iPhone 4S and $200 for a 16GB iPhone 5, Best Buy said.
Best Buy is selling the 16GB iPhone 5s for $99.99 ($100 savings) on Sprint and Verizon Wireless, and $199.99 on AT&T (T). The iPhone 5s 32GB and 64GB models are available for $100 off on Sprint and Verizon Wireless, making them $199.99 and $299.99, respectively. The iPhone 5c 16GB is selling for $49.99 ($50 savings) on Sprint and Verizon Wireless and $99.99 on AT&T with the white model priced at $1, Best Buy says."With Best Buy's sale prices on iPhones and guaranteed Trade-In credit, customers trading in an iPhone 5 for the iPhone 5s on Sprint (S) and Verizon (VZ) Wireless can walk out of our stores with a free phone and a $100 gift card. Customers trading in an iPhone 4s receive a free phone plus a $50 gift card," according to an email sent by a Best Buy spokeswoman late Thursday. WATCH: Beats Deal Fits Apple's Pattern of Buying Tech Pieces