Target will offer at least $200 for your iPhone 5

iPhone 5 owners looking to trade in their phone can get at least $200 from Target.

The retailer announced Friday that the current trade-in promotion applies to older iPhones as well. An iPhone 4S trade-in could net you at least $125, while the iPhone 4 could score you $75. The actual trade-in price naturally depends on the phone's condition and storage capacity.

However, traders can score better deals by going elsewhere.

Target works with NextWorth

on its trade-in program. Directly using NextWorth typically earns you more money. For example, a 16GB iPhone 5 in working condition is worth at least $300 via NextWorth.

Walmart is also offering up to $300 in the form of store credit for a working iPhone 5.

As always, people who want to trade in or sell their iPhone or other smartphone should shop around.

Like other retailers, Target on Friday launched preorders of the iPhone 5C and will sell the 5C and 5S at Target Mobile centers starting September 20.