A customer uses his new iPhone 4S after making the purchase at Apple's flagship retail store in San Francisco
With rumors swirling that the next generation iPhone will have a Sept. 12 release date and hit stores on Sept. 21, many are wondering what they can do with their old iPhone or recently purchased iPhone. But Gazelle, one of the nation's largest consumer electronics trade-in site, has the answer. Gazelle will extend its iPhone buyback deal with the current August price locked in until October so that consumers can take advantage of the highly anticipated new iPhone. But how exactly does a customer go about trading in their old phone?REUTERS

Gadget lovers around the world have something to look forward to if the latest reports are to be believed.

A South Korean media reported that Apple Inc's new iPhone will be launched in the second quarters. The New iPhone will have a sharper and bigger 4.6-inch retina display. The company has used the same high-definition retina display in its latest iPad that was released a few weeks ago.

Maeil Business Newspaper reported that Apple had started placing orders to its suppliers for its next iPhone.

Samsung, the biggest rival of Apple, had used 4.6-inch display for its Galaxy S II smartphone.