If you're worried you won't have enough cash saved up before the imminent release of the iPhone 5S, you're in luck. Apple is reportedly introducing a trade-in program ahead of the next iPhone's release, which would get your old iPhone off your hands and take a few bucks off the new one.

The trade-in program is already being tested out in some Apple stores, TechCrunch reports. You'll likely be able to get $120 to $200 for 16GB iPhone 4 and 4S models, and around $250 for a 16GB iPhone 5. The trade-ins will be available in person instead of by mail, which would set the new plan apart from Apple's current recycling program.

Customers will then be able to use that money towards a new iPhone or possibly to end their current phone contract, according TechCruch. And in case you were wondering -- no, you cannot just go to an Apple store and get a gift card in exchange for your old iPhone. You have to be there to get a new one.

AllThingsD reported Monday that it had confirmed the news independently, and the program is slated to go live in September.

Apple did not respond to a request for comment.

Bloomberg reported on the trade-in program in June, saying it was going to begin that month. At the time, the Atlantic Wire noted that the program was likely due to pressure from competitor Samsung and was an effort on Apple's part to break into emerging markets, where customers often pay full price for a new phone.

While this is an exciting development for those who are interested in trading in their older model iPhones for the newest one, other websites may be able to offer you more money than Apple will. Forbes noted that technology trade-in site Gazelle could be a better deal. Gazelle will pay $315 for an AT&T; 16G iPhone 5 in good condition, according to its site.

Loading Slideshow

• 1. Apple I (1976)

  Apple's first product was a computer for hobbyists and engineers, made in small numbers. Steve Wozniak designed it, while Jobs orchestrated the funding and handled the marketing.

• 2. Apple II (1977)

  One of the first successful personal computers, the Apple II was designed as a mass-market product rather than something for engineers or enthusiasts. It was still largely Wozniak's design. Several upgrades for the model followed, and the product line continued until 1993.

• 3. Lisa (1983)

  Jobs' visit to Xerox Corp.'s research center in Palo Alto inspired him to start work on the first commercial computer with a graphical user interface, with icons, windows and a cursor controlled by a mouse. It was the foundation for today's computer interfaces, but the Lisa was too expensive to be a commercial success.

• 4. Macintosh (1984)

  Like the Lisa, the Macintosh had a graphical user interface. It was also cheaper and faster and had the backing of a large advertising campaign behind it. People soon realized how useful the graphical interface was for design. That led "desktop publishing," accomplished with a Mac coupled to a laser printer, to soon become a sales driver.

• 5. NeXT Computer (1989)

  After being forced out of Apple, Jobs started a company that built a powerful workstation computer. The company was never able to sell large numbers, but the computer was influential: The world's first Web browser was created on one. Its software also lives on as the basis for today's Macintosh and iPhone operating system.

• 6. iMac (1998)

  When Jobs returned to Apple in 1996, the company was foundering, with an ever shrinking share of the PC market. The radical iMac was the first step in reversing the slide. It was strikingly designed as a bubble of blue plastic that enclosed both the monitor and the computer. Easy to set up, it captured the imagination just as people across the world were having their eyes opened to the benefits of the Internet and considering getting their first home computer.

• 7. iPod (2001)

  It wasn't the first digital music player with a hard drive, but it was the first successful one. Apple's expansion into portable electronics has had vast ramifications. The iPod's success prepared the way for the iTunes music store and the iPhone.

• 8. iTunes Store (2003)

  Before the iTunes store, buying digital music was a hassle, making piracy the more popular option. The store simplified the process and brought together tracks from all the major labels. The store became the largest music retailer in the U.S. in 2008.

• 9. iPhone (2007)

  The iPhone did for the phone experience what the Macintosh did for personal computing - it made the power of a smartphone easy to harness. Apple is now the world's most profitable maker of phones, and the influence of the iPhone is evident in all smartphones.

• 10. iPad (2010)

  Dozens of companies, including Apple, had created tablet computers before the iPad, but none caught on. The iPad finally cracked the code, creating a whole new category of computer practically by itself.