Update: Deal is now live.  Today / in-store only.

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This morning CNET confirmed some of the same rumblings we’ve been hearing from retail tipsters.  Best Buy will be offering $150 trade-in value for any iPhone 4 / 4S, yielding a free 16GB iPhone 5 (Sprint, Verizon or AT&T) with a 2 year contract thanks to their current $50 off promo.  This deal is only valid in-stores on Saturday June 1st.

Definitely a solid deal for heavily used, less desirable models (Sprint, Verizon), but be sure to check other trade-in services before heading into a Best Buy store.  For instance, Gazelle will pay you $215 for a 64GB iPhone 4S AT&T (good condition), plus another $10 if you use the special 9toToys promo.  In some cases, Amazon will pay upwards of $300 for an iPhone 4S.  Per usual, selling privately (eBay, Craigslist, etc) generally yields the highest payout but requires the most time and effort.  Make sure you survey all of your options before jumping into bed with Best Buy.

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