CBSN

The 411 on the iPhone 5

Pre-orders for the new iPhone sold out within hours. If you are still thinking about getting one, there are a few things to consider. Kelli Grant, Senior Consumer Reporter for SmartMoney.com tells how to save some money and wether or not buying the iPhone 5 is the best option for you.

Sell your old phone. A 16GB 4S is still worth $240 to $390 on trade-in sites. Apple just launched one, and others include Amazon, NextWorth and Gazelle. That cash is enough to cover the cost of switching carriers, or most of the full cost of the phone if you're upgrading mid-contract. But Apple and Amazon offer store gift cards instead of cash, so keep that in mind when shopping around.

Watch your network speed. The new iPhone users 4G - the fastest cellular network - and carriers have been talking up their 4G networks. It really comes down to what's available where you live. The 4G LTE network and other 4G technologies aren't yet available in every market, and without it, smartphones fall back on 3G.

Crunch data plans. Experts say 4G phone owners use more data, so watch out. iPhone 5 upgraders on Verizon and AT&T can also wave goodbye to their unlimited plans - Verizon is forcing 4G handset owners off, and AT&T has said it will slow speeds. New shared-data plans from those carriers may be cheaper for families. But unlimited plans from Sprint may be a better value for individual users and heavy data users.

Consider a 4S. Apple dropped the handset's prices to $99 for a 16GB, with a new two-year contract. It's a great deal for iPhone newbies and folks hanging onto an iPhone 4 or 3GS. Sure, you won't get the bigger screen of faster processor of the iPhone 5, but experts say the 4S is still a great phone. And you will get the improved iTunes and enhanced Safari web browser, along with other updates, via the new operating system.

Safeguard your data. Make sure everything is wiped from your old phone before selling it. There's a function in settings to clear everything. On your new phone, take the precautions of setting a passcode - one that triggers a wipe if someone enter the wrong code in 10 times in a row. And sign up for a service like "Find my iPhone" to locate and remotely wipe a missing or stolen phone.

For more information on the new iPhone and other consumer tips click here.