Want to trade in your smartphone? iPhone 5 tops the list of smartphones with highest trade in value at $315. With Apple's trade-in program going live, the question now is whether other companies will try to do a similar move. Several smartphones models currently on the market provide a similar trade-in value as Apple's iPhone 5.

Apple's exchange program allows users to trade their old iPhone for a newer model. Only thing is, people have to go to an Apple store.

This is not the first time a trade-in program was launched to replace old devices. Best Buy, Amazon, Verizon and Radio Shack offer either cash or store credit to customers wanting to retire their old gear. However, with the new iPhones set to hit stores this month, it is the perfect timing for Apple.

"iPhones hold great value. So, Apple Retail Stores are launching a new program to assist customers who wish to bring in their previous-generation iPhone for reuse or recycling. In addition to helping support the environment, customers will be able to receive a credit for their returned phone that they can use toward the purchase of a new iPhone," Apple told in statement through Wired.

However, people should not keep their hopes up in getting an unlocked iPhone. Trading an old phone will mean walking out and getting a new model with a contract. Apple's trade-in program works as follows:

  • Go to the nearest Apple Store and ask a store representative to check the phone to be exchanged.
  • The store representative whether the device is eligible for the program. People can switch iPhones that are still on-contract but they will have to shoulder the costs of cutting or changing the contract with the carrier.
  • Obtain a quote. Store employee will verify all iPhone details to check how much the cost of the phone.
  • The store offers a deal.

Customers have the choice to walk away or accept the deal. Consumers should be wary of their files before they go for an exchange. Apple Stores trade handsets on the spot. Users should back up their files before heading to any store.

If other companies will follow the footsteps of Apple, some handsets following the trade-in value of iPhone 5 include: Samsung Galaxy S4 valued at $250, HTC One (32GB) at $220, iPhone 4S at $200 and Samsung Galaxy Note II at $175. Other top contenders for high cash value include Samsung Galaxy S III, Blackberry Z10, iPhone 4 and LG Google Nexus 4.

Mashable provides a graph of the top smartphones with highest trade-in value.