The rumored Apple trade-in program has gone live. Now you can take your old and tired iPhone and trade it in for a new iPhone. But you have to actually make it to an Apple Store.

Apple isn't the first company to offer trade-ins for old gear. Amazon, Best Buy, Radio Shack, and Verizon all offer either store credit or cold hard cash for your retired gear. But with new iPhones just around the corner, it's as good a time as any for the company to roll out an in-store trade-in program.

Here's what Apple told Wired via email about the iPhone Reuse and Recycling Program:

"iPhones hold great value. So, Apple Retail Stores are launching a new program to assist customers who wish to bring in their previous-generation iPhone for reuse or recycling. In addition to helping support the environment, customers will be able to receive a credit for their returned phone that they can use toward the purchase of a new iPhone."

Just don't bother trying to get an unlocked iPhone. If you do decide to trade in your old phone, you'll be walking out of the store with a new on-contract iPhone.

Here's how the program works:

Go to an Apple Store

Flag down one of the wandering Apple employees and tell them you want to purchase one of their shiny new phones and trade in your old one. He or she will be able to determine if you are eligible for an upgrade or not. (You can trade in on-contract iPhones, but you'll still have to deal with whatever cost the carrier assigns the new iPhone based on where you are in your contract.)

Get a quote

The trade-in, refurbishing, and resale of the iPhones is all being conducted by BrightStar. The company is able to offer Apple real-time pricing information for trade-ins on the Apple Store EasyPay devices.

The employee helping you will enter all your old iPhone's details into the system to determine how much it's worth. Currently, BrightStar is offering $253 for a 16GB iPhone 5 on AT&T in good condition, and $279 for the same device unlocked, according to 9to5Mac. The phone must obviously power on and be free of water damage. Apple's program will, however, accept iPhones with a busted display. Just expect to get less money. The trade-in program accepts all generations of iPhones. Even the original iPhone.

Accept or walk

After the value of the phone is determined, you can either accept the deal or walk. If you accept, the phone will be wiped right in front of you and whisked off to the land of refurbs. This means you should definitely backup your iPhone before heading to the Apple Store.

Take home your new iPhone!

Finally, you'll be presented with your new iPhone. It's been reported elsewhere that Apple will issue credits or gift cards for new phones. That's incorrect. If the iPhone you want is out of stock or unavailable, you will not be able to trade-in your old iPhone. The whole process has to happen at the same time. You go in with a phone and walk out with a phone. The employee will offer to set up the new iPhone with you at the store. Or you have the option of taking it home and setting it up there.

According to CNBC, Apple's maximum trade-in value of old iPhones is lower than that of Amazon.com, but higher than Best Buy and other trade-in services like Gazelle. But as 9to5's Jordan Kahn notes, Apple is clearly aiming for convenience over value here. That, and taking advantage of the fact that Apple fans have very little patience when it comes to getting their hands on new gear.