By Salvador Rodriguez
This post has been corrected. See note below for details.
3:33 PM EDT, June 24, 2013
If you're looking for a new iPhone 5 on the cheap, now is the time to buy.
A number of retailers have begun slashing their prices on the popular Apple smartphone, including Wal-Mart, which cut prices on the device by $60. The retailer now sells AT&T, Verizon and Sprint versions of the 16-gigabyte version of the phone for $129.
Joining Wal-Mart is AT&T, which is running a promotional sale discounting all its phones that cost less than $200 to half their price. That means users can buy the same version of the iPhone 5 for $99 until the sale ends.
[For the record, 8:30 p.m. June 24: AT&T specified that the sale requires users to trade in an a smartphone that's not older than 3 years and that still works. The promotional sale applies only to phones priced at less than $200. An earlier version of this post incorrectly said the sale applied to all AT&T phones.]
Customers can get the device for free if they head to a Best Buy store and trade in an older iPhone. In exchange for a working iPhone 4 or iPhone 4S in good condition, Best Buy will give customers a store gift card worth at least $150.
That gift card can then be applied toward the iPhone 5, which Best Buy is currently selling for $150. Best Buy carries AT&T, Sprint and Verizon versions of the device.
The discounted smartphone may be a result of Apple trying to clear inventory as it prepares to launch the next version of the device. That version, which may be called the iPhone 5S if the company sticks with its current naming regimen, is expected to go on sale this fall.
Alleged pictures of the iPhone 5S have begun hitting the Web and seem to show the device will have an improved processor as well as a dual-LED flash that should be better for taking pictures in low light.
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