Apple recently sent out invitations for a special media event scheduled for March 7, where the company is expected to announce the iPad 3. No wonder, iPad users are now scrambling to sell their old Apple tablets, hoping that they’ll get some good money before iPad 3 launches and pushes down the value of iPad 2. But is this really the right time to sell your iPad 2?

The answer is yes. If you own an iPad 2 and are dreaming about iPad 3 every night, this is probably a great time to consider selling your old device for some well needed cash to buy the upcoming Apple iPad 3. Alternately, you could find ways to bring new life to your old iPad instead of becoming an early adopter. But we doubt whether you’ll be able to fight the urge to purchase the new toy.

With the popularity of the iPad being so massive, the idea of selling your iPad before the day of its unveiling is a smart decision. We have seen a gut turning scenario in 2011 when the iPad 2 was announced, right off the back and the original iPad’s value fell dramatically and many who wanted to sell their iPad at a decent cost were unable to do so. It is likely this scenario will play out again, and this time, there is a chance it could be even worse than before.

The longer you wait, the more risk you take in getting your iPad 2 sold at a reasonable cost to help fund the money needed to pick up an iPad 3. What you need to know is this: the closer we get to March 7, the faster your iPad 2 will drop in value. Not only that, if a slight legitimate rumor should escape and hit the Internet, that also will drag the iPad 2 value to rock bottom. Hence, this is the right time to make up your mind on whether you wish to upgrade or not. For the longer you wait, the less money you make.

To make matters worse, if you should wait until or after announcement day, you best be prepared to sell your iPad for next to nothing, unless you are lucky enough to find a buyer who is not good at bargain hunting. Whatever you do though, move quickly because time is running out. You might never get another chance like this to sell your iPad 2 at a price considered to be highway robbery to unsuspecting consumers.

(Reported by Vamien McKalin, Edited by Surojit Chatterjee)