Apple announced an iPhone trade-in program a few weeks ago ahead of its iPhone 5c/5s launch. Consumers can bring their old iPhones to Apple stores and trade them in for an Apple gift card. Apple, of course, hopes they will use that credit towards a new iPhone.

This, however, is not a new concept.

Many stores and websites offer cash or gift cards for used phones and other devices. Walmart and Best Buy offer gift cards for used electronic gadgets. Several websites like Gazelle, NextWorth, and Amazon do the same thing. They will even send you a prepaid box to put your device in and then mail you a check or gift card.

How much are they worth?

The better condition the device is in, the more money offered. An iPhone 5 in very good condition could garner around $350 - enough for a new phone.

It's worth checking out several stores and websites to see which one will give you the best offer.

Imagine how much money you have lying around your home and garage -- do some cleaning up and turn those unwanted devices into cash or a gift card!

One final tip: if you plan to sell, trade-in or give away any device, make sure to erase all the data. It may be as simple as resetting the device to its original factory setting. Don't forget to take out any storage or memory card, too.

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