How to get Apple’s new iPhone 7 for free

It’s “iPhoneapalooza” time again.

Apple unveiled details of the new iPhone 7 at an event on Wednesday. Once again, resale sites have reported a surge in trade-ins of old iPhones ahead of the announcement, but they expect trade-in prices to drop in the days after the big event. For now, though, consumers can still lock in high enough prices to break even — or earn a profit — by trading in their old gadget and upgrading to a new phone.

The iPhone 7, depending on the carrier, is expected to cost around $31 a month for 24 months for a 32-gigabyte version, experts say. With most offers, it’s possible to sell an old iPhone to a resale site or online retailer for more than the cost of the new phone, although you will need to sign a two-year contract. And note that those who bought an iPhone 6S or 6S Plus last year and still have time left on their current contract would likely have to pay an early termination fee. Some 55% of people that currently own an iPhone plan to purchase the iPhone 7 by the end of the year, according to a recent survey by resale site NextWorth, which obviously has a vested interest in consumers selling their old devices.

Apple said that the new iPhone 7 still comes in two screen sizes — and, therefore, compete with the larger Androids — will be water resistant (if you drop it in a pool or toilet bowl and quickly fish it out) and won’t have a headphone jack. It has a significantly improved camera. The new iPhone 7 also comes in new colors and will have a dual zoom camera lens. (Read MarketWatch’s live blog, detailing the event.)