Walmart Will Drop Price Of iPhone 5S, iPhone 5C By At Least $10 And Introducing Trade-In Program For Old iPhones

Walmart will sell the iPhone 5S and iPhone 5C at a much lower price than the retail price, the company announced Thursday. The Walmart price drop for the new iPhone 5S and iPhone 5C will compete with Apple and other US carriers.

According to CBS News, Walmart will sell the 16GB iPhone 5C for $79, or $20 off the full retail price, and the 16GB iPhone 5S for $189, a savings of $10 off the full price. These price drops require a two-year contract with the carrier of your choice.

Customers can also preorder the 5C starting Friday at their local Walmart store, CBS News reports. Pre-orders will be filled on a first-come, first-served basis and must be picked up by September 25.

Apple didn't make the iPhone 5S available for pre-orders, so customers will have to wait until the Friday, September 20 release date for the newest iPhones.

According to The Huffington Post, Walmart is also launching a smartphone trade-in program beginning September 21. Consumers will be able to trade-up to the newest phones available by trading in their old smartphones.

Walmart announced Tuesday that consumers will receive a credit from $50 to $300 when they trade in their working, undamaged phone. The credit can be used toward the purchase of a new phone, with a selection of more than 100 devices to choose from. This includes some smartphones with prepaid plans.

For example, the 16GB iPhone 5 has dropped in price to $79, from $98. The 8GB and 16GB iPhone 4S now are priced at just 97 cents. And starting September 16, the iPhone 4 will cost you a dime and come with a $100 Walmart gift card. All of those prices require a two-year agreement.

Buyers who prefer an unlocked iPhone can purchase the iPhone 5 for $549 and the iPhone 4 for $349 through Walmart's Straight Talk prepaid plan. Both represent a savings of $100 from the previous price and will be available to customers starting Saturday.