Apple Inc. (NASDAQ:AAPL) is now willing to share your cost for its next-generation iPhone by giving you up to $345 for your ancient iPhone 4s. According to reports, if a customer owns iPhone 4S and is willing to buy the upcoming iPhone 5, Apple Inc. (NASDAQ:AAPL) will purchase the older version from the customer for up to $345 (subject to terms and conditions in small fine print).

Old iPhone 4S price

The new strategy to boost the sales of its much awaited iPhone is being termed as Reuse and Recycle program. Under this program, a user can go online and select the model, color and condition of the current iPhone 4S (and other Apple devices). After the user is done with his inputs, he gets a price of his device based on the factors mention. If the price is satisfactory, then the user has to send the device along with the cable, and in return Apple gives a gift certificate, which can be redeemed for a new purchase from its online store.

The gift certificate from the iPhone maker ensures that the money is spent on Apple Store products only. But there are doubts about the price that Cupertino based company is paying; according to some one could get a greater cashback by selling to a third party.

According to Apple Inc. (NASDAQ:AAPL), the service provider will judge the worth of the iPhone as and when it is delivered, depending on scratches, any water damages, cracks, scuff marks etc. So, the final price that the user will be receiving depends on the service provider, even if there is a difference between the users quoted value and service providers’ assessment. Recent reports also mention what Apple will be doing with the returned devices. If the device is in good condition it gets resold as used or reconditioned; if it’s not in good condition, it gets broken down for recycling responsibly.

The most valuable company by market cap, had a similar offering last year with a $200 certificate for a 16GB iPhone 4, following the announcement of the iPhone 4S.

Recycling is a huge issue for handset makers, according to an estimate from the  United Nations, global electronic waste is increasing to 40 billion tons every year with a significant contribution from mobile devices.