Apple just increased the maximum amount you can get for trading in your old iPhone

• Apple updated its trade-in prices for old models of the iPhone, including the iPhone 11.
• For an iPhone 11 Pro Max in good condition, a consumer can get $515, up from $500, MacRumors said.
• Apple released four new versions of its iPhone 12 in October.

Apple has upped the ante for consumers who trade in their old iPhones for a new one, MacRumors first reported.

The maximum trade-in value for a used iPhone 11 Pro Max in good condition is now $515, Apple said, an increase of $15, MacRumors reported. Meanwhile, the iPhone 11 Pro increased by $5 to $465, and the iPhone 11 rose $20 to $380, MacRumors said.

The maximum trade-in value for the iPhone 6s, a more than five-year-old model, rose $5 to $65.

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To trade in a phone, consumers must answer questions about the phone's model, condition, and storage before getting an estimate and receiving an Apple gift card or cash. Apple last updated its trade-in prices in December, MacRumors said.

Apple did not immediately reply for Insider's request for comment. The full list of maximum trade-in values for old iPhones can be found on the company's website.

Read more: Apple just launched a new camera feature for the iPhone 12 Pro that could change the way we think about smartphone photography

Apple released four models of its new iPhone 12 in October: the iPhone 12, iPhone 12 Mini, iPhone 12 Pro, and iPhone 12 Pro Max. They range in price from $699 to $1,099, and each supports 5G.

Insider's Lisa Eadicicco called the iPhone 12 and 12 Pro a "step up from their predecessors" because of the refreshed design and upgraded camera that can see in the dark as well as shoot RAW images.

With the release of the new phones, Apple discontinued four others, including the iPhone 11 Pro and iPhone 11 Pro Max, which were released in 2019. It also sent the iPhone 8 and iPhone 8 Plus, which were released alongside the iPhone X in 2017, to the graveyard.