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When it comes to last year’s iPhone, not all of them get handed down to the wife or kids, which means there are a lot of used previous generation models available for sale. As you might expect, prices for older units have fallen by more than a third on some sites.

Bloomberg reports that websites specializing in the sale of used products are awash in iPhones, tens of thousand of them and selling prices have fallen, a lot.

For example, Gazelle.com, a site that buys and then either resells or responsibly recycle used electronics, has purchased 20,000 iPhones in recent weeks. The company purchases around 350 in a typical week.

“It’s off the charts,” said Kristina Kennedy, spokeswoman, Gazelle. “It’s three times what we projected.”
Likewise, BuyMyTronics.com, which also buys and resells used electronics has seen both supply and demand skyrocket, though the average price sellers are getting has fallen 35 percent to $182 since the frenzy began.

“It went crazy,” said Brett Mosley, CEO, BuyMyTronics, which was flipping 10 iPhones daily on average in May. “The last two weeks we have averaged almost 40 iPhones a day.”

Do-it-yourself iPhone sellers have been clogging online classified site Craigslist. Here, however, cash isn’t necessarily king.

“Some of the more creative Craigslist users may try to barter their older phones, and perhaps some of the more generous users will give their 3s away on our free section of the site,” said Susan MacTavish Best, spokeswoman, Craigslist.

Have you sold your older iPhone? Share your story in the comments…