With just two days to go until the heavily-tipped launch of the iPhone 14, excitement for Apple's latest gadgets is reaching its peak.

But with skyrocketing prices it's becoming more expensive than ever to upgrade or even switch phone brands, so many iPhone owners are turning to trade-in schemes to earn a bit of cash back.

However, the value of older iPhones is set to plummet as soon as the new model launches, so this might be your last chance to get a fair trade-in.

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Mobile phone traders at Envirofone have calculated that older iPhones could drop in value by as much as £280 once the iPhone 14 comes out.

Last year's flagship iPhone 13 models are set for the biggest price drops, with the iPhone Pro Max 128GB model set for a £168 drop in price.

Meanwhile, Apple's top-end iPhone 13 Pro Max 1TB is estimated to drop in value from £770 to £562, a fall of £208.

Overall, the iPhone 12 and iPhone 13 could depreciate in value by 22% and 27% respectively in the next few months, meaning it might be time to trade in your device.

While Envirofone buys old handsets and recycles them, there are many other schemes including Apple's own Trade In service which lets you swap your old phone for cash vouchers.

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Denise Timmis, brand manager at Envirofone, explained that older iPhones have already undergone a price drop.

She said: "August is the last month of the year to sell any Apple device for the best price possible due to the anticipated new launches in September. This is especially true if you want to earn extra cash for your upgrade."

The iPhone 14 will likely be revealed at Apple's event on Wednesday 7 September at 1800 GMT. The Pro and Max models are rumoured to be getting a design facelift by losing the on-screen 'notch' which currently holds the device's selfie camera and other sensors.

Watch the livestream of the event here

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