Apple iPad 2
Pictured: A Cambodian man inspects the ipad 2 during an Apple store opening in Phnom Penh on September 9, 2011. AFP/Getty Images/Tang Chhin Sothy

Apple recently implemented a limit for device trade-ins. However, the new trade-in policies favor Apple customers who buy a different device when availing the offer. Here’s what we know about this new update.

According to the official Apple trade-in site, the Cupertino giant previously offered up to $500 if an owner opts for a direct trade-in deal. However, MacRumors said that it tried the service on May 14 and found that Apple was only offering $349 for the trade-in with an iPhone X. The site noted that different iPhones have different trade-in prices. For newer and mint condition devices, Apple is said to offer $500 in Apple gift card form.

Even though the trade-in values have changed, it’s been confirmed that Apple will offer traders the previous trade-in prices if they immediately use the amount to buy a different device. The iPhone X was valued at $450 when they showed plans to buy an iPhone XR afterwards.

The trade-in price changes have also affected other Apple devices such as tablets, computers and smartwatches, which had their trade-in prices lowered as well.

Other phones are also affected by this trade-in price drop as iPhone 7 and 8 units are worth $479 if customers specifically go for an iPhone XR or XS after trading in their previous device. So far, the changes seem to heavily favor going for Apple’s latest devices and reducing prices for slightly older ones.

Due to the new policies and trade-in prices, owners who just want to switch out their device may not get their money’s worth if they're not planning to immediately buy another one.

Meanwhile, Apple's partner companies have confirmed that a 2019 iPhone is coming later this year as the companies are making parts for it now. Trade-ins for any Apple device right now might be a premature move as owners could wait a while and get the 2019 iPhone instead. While some trade-in prices may be readjusted when a new iPhone generation comes in, waiting for the newest release could be more beneficial for both the user’s time and money.

For now, we’ll have to wait until Apple releases the next iPhone to make the best of the trade-in.

The earliest event we can look forward to for a glimpse of the latest iPhone iterations is the Apple Worldwide Developers Conference this June.