According to eBay, over half a million iPhones have been sold online since they were introduced to the smartphone market.
Just like last year when the iPhone 4 was released, it's expected to see earlier iPhone models being sold at a lower price. One iPhone was sold every two minutes on the UK site in 2010.
"Our figures show that savvy shoppers are ready and waiting to get their hands on the iPhone 4 at a cut-down price," said Angus McCarey, retail director at eBay UK.
Shoppers seemed to be looking for the best deals as opposed to the latest model, contributing to giving an older iPhone a second lease of life.
"The UK leads Europe in terms of smartphone adoption, which is helping to drive the triple digit growth of mobile shopping on eBay. Mobile is fundamentally changing retail as shoppers can now browse and shop on and offline in a seamless way," he added.
Will you be giving away your phone to replace it with an iPhone 5? Let us know which phone you're giving up in the comments box below.