iPhone buyback program likely to launch by Sept., tech expert says

(CBS News) According to several reports, Apple is set to launch an iPhone trade-in program, allowing iPhone owners to swap their old phones for a discount on a new phone at Apple retail stores.

The tech giant gas not made an official announcement regarding the program or on the next iPhone release, but tech experts predict the latest model will be revealed Sept. 10.

CNET editor Dan Ackerman said the program will be "a little bit different" from existing buyback programs offered by sites including Amazon and Gazelle and Apple will "probably launch this around the end of the month and really ramp it up mid-September.

The supposed launch of a buyback program is likely motivated by Apple's longheld desire to tightly control all aspects of its products, particularly after buyback programs were launched by other iPhone vendors.

"They don't want other companies controlling this secondary market of iPhones," Ackerman said Wednesday on "CBS This Morning."

According to Ackerman, an in-store Apple employee will assess the condition of a consumer's existing phone, and offer an Apple gift card based on the condition for an amount to take off the price of a new phone.

"They want to get you into that store [to] keep that retail circuit going," Ackerman explained.

He added that Amazon and Gazelle could still have more competitive prices and urges iPhone users looking to trade in their phones to compare the buyback discounts offered by these sites as well as Apple to get the value.