If you're thinking about upgrading to a new iPhone, you might want to consider trading in your old one. Apple has just increased the amount of credit it will give you for your old iPhone, so you could now get up to £250 to put towards an iPhone 5s or iPhone 5c, or an iPad, Mac or accessory, or to keep for yourself. Here, we show you how to find out how much your iPhone is worth in Apple's Reuse and Recycling Programme.

How does the iPhone trade-in programme work?

The iPhone Reuse and Recycling Programme allows customers to trade-in their old iPhone – from the original iPhone to the iPhone 5 – by visiting an Apple Retail Store with their old iPhone or visiting Apple's Reuse and Recycling webpage.

If you decide to take your old iPhone into an Apple Retail Store, Apple's staff will look over it and give a trade-in price estimate. This price is based on the condition of the hardware and the model of iPhone. Customers can then get that value subtracted from the price of a new iPhone or other Apple product should they decide to trade-in.

If you choose to go through the trade-in process online, you'll need to visit Apple's Reuse and Recycling webpage, answer a set of questions to help Apple come up with the estimated value of the device, then send your iPhone to Dataserv for evaluation. Once Dataserv (Apple's recycling partner) has checked your device and determined the accurate trade-in value, you'll get that money deposited into your bank account.

See also: iPhone buying advice

Do you have an older iPhone? Find out how to unlock your iPhone 4 here.

How much will Apple give me for my old iPhone?

You can get a reasonable amount of money from Apple in exchange for your old iPhone, particularly if you've kept that iPhone in good condition.

Original iPhone value

If you own the original iPhone, you probably won't be too pleased with Apple's valuation. We found that the maximum Dataserv estimate for the first iPhone is £5.00.

You'll probably get more for your original iPhone by selling it on eBay. In fact, one Australian Ebay seller is attempting to sell a brand new, sealed first generation iPhone for £55,513, which is a bit extreme. A more realistic expectation is £20, though if it's brand new or comes in the box you might find that it sells for £100 or more.

iPhone 3G value

Similarly, those with an iPhone 3G might want to think about an alternative way of getting money from their old device. Apple offers just £7.00 through its Reuse and Recycling programme. This is significantly more than Carphone Warehouse's trade-in offering of £2.70, but on eBay, you could get £20 to £30 for it.

iPhone 3GS value

If your iPhone 3GS is in tiptop condition, you could get up to £25 for it through Apple's Reuse and Recycling Programme. That's still not as much as you could get from eBay, though. A 32GB iPhone 3GS could get you around £50 through the online auction site.

iPhone 4 value

Onto the iPhone 4 now, and for a 32GB model in good condition, you're looking at a sum of £100 from Apple's Reuse and Recycling programme. That's much more than offerings from Carphone Warehouse (£58.50) and other third-party trade-in services from companies such as O2 (£93) and Envirofone (£90).

It's also not dissimilar to the kind of money you can expect to get for your iPhone 4 if you decide to sell it on eBay. Don't expect to get more than £150 for a 32GB good condition iPhone 4 on eBay.

iPhone 4s value

If you've got an iPhone 4s, the maximum amount that Apple will give you is £150. That's for a 64GB iPhone 4s that has no liquid damage, no display damage and no other damage.

If you've got some scratches on the iPhone, you're looking at a maximum of £112.50, and as soon as you add further damage you can expect an estimate of £60 or less.

The good news is that even a 16GB model of the iPhone 4S can get you £125 through the Reuse and Recycling programme.

Apple's offerings here are more generous than third-party services we checked, including Envirofone (£125 for a 64GB model) and Carphone Warehouse, which only offers £85 for a working 64GB iPhone 4S.

We'd suggest thinking carefully about Apple's offer here. We've seen used iPhone 4S models go for just £100 on eBay, and not many appear to sell for much more than £150.

iPhone 5 value

Here's the biggy. Apple is offering up to £250 for a good condition iPhone 5 through its Reuse and Recycling Programme, which we think is rather generous, and either matches or beats many of the iPhone 5 models we've seen selling on eBay.

O2 offers £220 for a 64GB iPhone 5, while Envirofone offers £211, so Apple beats third-party trade-in services too.

If you're worried about scratches on the back of your iPhone 5, you might be looking at a price of £187.50 or less, though. However, even if you've got a 64GB iPhone 5 with a completely smashed display, Apple will still give you £162.50.

For a 16GB iPhone 5 in good condition, you're looking at a value of £220 from Apple, while a 32GB model is worth £230 to the company.

Overall, the recent changes to Apple's Reuse and Recycling Programme are certainly food for thought. We're not sure how long Apple will offer this mush cash in exchange for your iPhone so you might want to think fast. Plus, it's unlikely that Apple will continue offering this much for your old iPhone when the new iPhone 6 arrives later this year, though we expect you'll still get a decent sum as encouragement to upgrade to the latest model.