updated 09:17 am EDT, Wed July 2, 2014
New value tops out at just $225
Apple has reduced the maximum credit people can get for an iPhone trade-in from $250 in the US and $270 in Canada to just $225 in both countries, accounts note. The change can be spotted by going to an Apple Store's landing page. Apple's online estimation tool is calculating still lower values, topping out at $205 US for a 64GB iPhone 5 tied to a major carrier.
The exact reason for the cut hasn't been discovered, but is presumably connected to depreciating values. The iPhone 5 hasn't been on sale for some time, and the iPhone 4S is likely to become obsolete this fall once new 4.7- and 5.5-inch phones arrive; the bottom tier(s) of Apple's product line are likely to be taken up by the iPhone 5s and/or 5c.