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IPhone owners should be happy about this latest move by Apple. The tech giant will reportedly to launch an iPhone trade-in program later this month.

Not only will this help boost sales of the smartphone as people will trade in for newer models, but also give consumers more bang for their buck.

It is rumored Apple will team with Brightstar Corp., which runs other companies phone trade-in programs. Under the new plan, iPhone owners can bring in their old devices and upgrade to the iPhone 5, Bloomberg reports (via The Los Angeles Times). The traded-in devices will be resold refurbished in emerging markets, where Apple has been struggling to get a foothold, the article says.

This would be the first time Apple has ever offered a trade-in program for the iPhone, which was launched in 2007. With increased competition for other smartphone companies such as Samsung, which offers its own trade-in program, Apple’s sales growth has slowed. Observers say an iPhone trade-in program could increase sales.

Apple stores will offer the trade-in program where users will be able to easily exchange their old iPhones for new ones.

Although Apple did not comment on the news, it may soon make an official announcement.

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