Best Buy lops half off iPhone 5 in trade-in deal

The company is offering the deal from Friday through Monday for customers who trade in an iPhone 4 or iPhone 4S.

Sarah Tew/CNET

Apple iPhone 4 and iPhone 4S owners can get their hands on a new iPhone for a pretty sweet price.

Best Buy on Thursday announced that current iPhone 4 or iPhone 4S owners who trade in a working handset between Friday and Monday will receive at least 50 percent off the purchase of an iPhone 5 16GB or 32GB smartphone. The deal is available only with a two-year activation.

Best Buy's deal comes with a guaranteed $100 credit on the iPhone 5 16GB model. The 32GB option will receive a minimum $150 trade-in credit. That means trade-in customers can get the 16GB option for at most $99.99, while 32GB buyers can get their hands on the device for $149.99, at most.

The timing on Best Buy's announcement is likely not coincidental. Apple is expected to announce a new iPhone on September 10. The retailer might be trying to convince consumers to buy an iPhone and deplete its stock before the new iPhone launches.

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