Published: Sep 17, 2012 10:34 PM EDT
Updated: Sep 18, 2012 12:08 AM EDT

NAPLES, Fla - With the release of the iPhone 5 set for Friday, local electronic stores and online auction sites are buzzing with sales for the old version of the iPhone.

The new iPhone 5 could cost you anywhere from $199 to $399 or even more if you buy the phone without a cell phone plan. That's why so many are turning in their old phones for some quick cash to cover the cost.

Chase Calvin and Stephanie Oznowich are hoping to be at the front of the line Friday morning when the iPhone 5 goes on sale.

Calvin says, "it's such a hype and the device is changing so much this year, that's why i'm so excited to get it. It's a big bump up from the previous device."

The two have listed both of their iPhone 4S on Ebay and right now the bid is over $400.

"The money comes in right in time for you to be able to buy the new one," says Oznowich. "We still have two days left on the auction, so we're hoping to get even more than that."

"I've done this several times and a few times I've had customers in other countries, worldwide. China and India both and they typically buy it because it hasn't been released there at all," says Calvin.

Others are turning to local stores like GadgetEase in Bonita Springs. "We've been busy. We've had a nice steady flow of people coming in, so business has been good so far."

At GadgetEase you may not get as much as you would selling your old phone online, but you will get cash on the spot.

For Chase and Stephanie, online sales in the past have proven they will be guarenteed to get the cash they need for the latest iPhone.

"We're doing it because it kind of evens it out when we get the new iPhone. It pays for itself," says Calvin.

Stores like Best Buy and Radio Shack have trade in programs while websites like Nextworth and Gazelle let you shop around for buy back deals.

No matter what you decide to do, be sure to erase the phone before you sell it so none of your personal information goes out. Apple makes it easy for you to do that by going into your settings.