Verizon announced lower price on their iPhone 4 as iPhone 5 is expected to be released on October.

Tech giant Apple has not yet confirmed the official release of iPhone 5. However, they hype it created caused retailers to offer iPhone 4 at a lower price. Verizon and Sprint are offering iPhone 4 for $120 to $150.

Sprint is said to offer iPhone 4 for $150 with a two-year contract.

The companies are trying to sell more units of iPhone 4 before iPhone 5 and iPhone 4S will hit the market. iPhone 4S is a cheaper substitute to current iPhone 4. Thus, the companies will benefit from discounted iPhone 4.

Sales on iPhone 4 is expected to spiral down once iPhone 5 and iPhone 4S are introduced. As expected, iPhone 5 will cost around $199; while the iPhone 4S costs around $99.

More and more people are also selling their iPhone 4 on online trading sites at a lower price. People are trying to maximize their gains before the newest generation iPhone will hit the local market.

People selling their iPhone 4 on the internet said that with all the iPhone 5's specs and features are worth the upgrade. Thus, more people are attracted to sell their handsets to buy a new one.

Last week, former US vice president and Apple board member Al Gore hinted that "new iPhones" will be released next month. However, this is not yet confirmed by the company itself.