The iPhone 6 release date is fast-approaching and some buyers may opt to shave a few bucks off of the phone's contract price.

According to rumors, the iPhone 6 will be available in two variants – one with a 4.7 screen panel that is set to arrive next month, the other variant is set to pack a 5.5-inch screen display reported to arrive in October. Some of the other rumored features include a 64-bit A8 processor, iOS 8, as well as an improved fingerprint sensor and camera.

Recent reports claim that the iPhone 6 release date will be  Sept. 9, which is earlier than  rumors based on previous iPhone release dates that claim that the handset will be launched Sept. 19.

Here are the top three places to exchange your old iPhone.

Gazelle

Reports claim that Gazelle is giving up to $350 credit for old iPhones. You can get a quote and lock the price. As many people know, once the new iPhone 6 is announced in the market, the price of the old iPhones will drop significantly. However, in order to get the $350 credit, you must turn in an iPhone 5S in perfect condition. Users have until September 9 to lock in their trade-in price.

This is probably because the rumored release date of the iPhone 6 is Sept. 9.

Best Buy

U.S. retailer Best Buy treats iPhone users with the best deal. Users who want to trade-in their iPhone 5, 4S, or 4 in order to upgrade to 5S or 5C can get up to $200. Based on the current iPhone prices, consumers can take home the latest iPhone for free.

Apple Store

Apple users can go directly to Apple Stores and exchange their Apple devices for a gift card under its Reuse and Recycling Program, which can be utilized when buying any device in the store. Apple will determine whether your device qualifies for reuse. If it does, Apple will pay you the amount that depends on the condition of your device. Below are the steps on how to claim your Apple Store gift card:

1. Present your iPhone, iPad, and Mac or PC desktop and notebook computers for a quote. These devices qualify for the Apple Reuse and Recycling Program.

2. Apple contracts with PowerON can get an estimate for their device. PowerON will provide convenient prepaid options to package and ship your product to their facility for evaluation.

3. The Apple Store Gift Card will be sent to your doorstep. Use it for purchases at any Apple Retail Store or the Apple Online Store.