FORTUNE -- Lost in Wall Street's garment rending (and short selling) over the surprisingly high wholesale price of the iPhone 5C -- $549, too high to sell in quantity in most developing markets -- is the fact that Apple (AAPL) had...
For most iPhone owners, trading up to the 5C is ‘free’
That's because there's more than $99 of unlocked value in a used iPhone 4 or 4S.
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