With the anticipated arrival of the iPhone 5, millions look to c - WAFB 9 News Baton Rouge, Louisiana News, Weather, Sports

Millions look to cash in on old smart phones

(WAFB) -

­As millions of Americans prepare to buy their new iPhone 5 beginning this Friday, they are carefully weighing all their varied options as what to do with their existing smart devices.

myPhoneMD, Louisiana's largest smart phone urgent repair center with 10 locations across the state, is offering a generous cash buyback program on the spot at its stores so consumers will have the money available to buy Apple's newest model. Some owners will try "mail in" buyback programs, but much like the gold buyback programs in the past, a consumer isn't able to negotiate and will likely end up with less than the real value of the device.

While most smart device owners will go for the cash, there are several other options including:

-Trade in the unit and receive a gift card from a phone dealer like Apple or Best Buy.

-Give your kids your old phone so they don't bother you for yours any more.

-Donate your phone to a charity such as a homeless shelter or military support group.

-Use your phone as a back up to stream music, watch videos or use as an alarm clock as the device will still work there is Wi-Fi reception.

myPhoneMD officials say they are willing to offer as much as $300 for a unit depending on the model of the phone and its condition. If consumers choose to be generous with donating their devices to local charities, myPhoneMD stores will have bins available for consumers to drop off their old phones.

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