Best Buy trade-in promotion offers $200 off towards iPad 4 purchase: iPad 5 launch sooner than we think?

U.S. retailer Best Buy is running a promotion where you can get $200 off towards the purchase of the iPad 4, sparking off speculation that the iPad 5 launch is drawing closer.  

This could be the right time for you if you are looking to exchange your old iPad 2 or iPad 3 for the latest iPad 4 with Retina display.

"Starting at $299.99 when you trade in your working iPad 2 or iPad (3rd generation). Get a minimum $200 Best Buy gift card which you may put toward the purchase of an iPad with Retina display," explains Best Buy.

The 16GB Wi-Fi only model of the iPad 4 currently sells for $499.99 on the Apple Store.

According to the terms of the promotion, users can only trade in old iPads that are functional. Tablets that have cracked screens or water damages are not considered for the promotional offer. The current trade-in promotion runs from July 24 to Aug. 3. First-generation iPads and the iPad mini do not qualify for the offer.

This is not the first time that Best Buy is running such promotional offers. Earlier this month, on July 12 and 13,  the retailer ran the same $200 off trade-in offer. A similar promotion was introduced for iPhones as well in June this year.

Usually, iDevice promotions happen when the next-gen device is set to launch, prompting retailers to get rid of older inventory at discounted prices. The Best Buy offer has raised questions whether the promotion is is meant to clear out inventory to make room for the iPad 5 launch this fall.

Apple launched the iPad 4 in Oct. 2012 along with the iPad mini. Rumors of the next-generation iPad 5 and the iPad mini 2 have been rampant in the tablet space and it is speculated that the devices will make their appearance in time for the holiday season. The iPad 5 is rumored to be thinner and lighter than the current iPad 4 and is also expected to take design cues from the iPad mini. Moreover, the iPad 5 may even get the faster A7 processor.

The recent Best Buy promotion offer may sound very attractive to customers looking to buy a new tablet in exchange of their old iPad. However, if you don't have an old iPad 2 or the iPad 3, you end up paying the original $499 for the iPad 4.

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