iPad trade-ins for cash leap 1,000 percent, says swap site

Apple releases a fourth-generation iPad, and the number of trades rockets on trade-in site NextWorth, with more than half those swaps involving the suddenly dated third-gen iPad.

James Martin/CNET

Here's one way to recover from Apple's lightning-speed product cycle -- trade in your now "obsolete" third-gen iPad for some cash.

Trade-in site NextWorth said it saw a 1,015 percent increase in iPad trade-ins yesterday after Apple's announcement of a new iPad. The company didn't say how many total iPads that jump amounts to, but it wouldn't be a surprise if a lot of burned Apple owners ran to a trade-in site following the news. The new device comes just seven months after the third-generation device's release.

A similar spurt of activity happened on another swap site, Gazelle.com, and the company said trade-ins jumped 700 percent today, a 450 percent increase from yesterday when the Apple news hit. At Gazelle, 70 percent of the trade-ins were for third-generation iPads.

Most of the trades on NextWorth yesterday -- 66 percent, according to the company -- were also for the third-gen iPads. Twenty-eight percent were for iPad 2 tablets and 6 percent were for the original iPad.

NextWorth's promotion to give customers an extra 10 percent on any iPod or iPad may have added to the increase.

Update, 12:25 p.m. PT:Updated with numbers from Gazelle.com.

Featured Video

Your Black Friday shopping survival guide

Ready to battle for deals? Bridget Carey helps you plan your strategy with tips on smartphone apps, where to find the best deals, and when to avoid the stores.

by Bridget Carey