Trading in your iPad? Do it now

A new iPad is probably coming soon, and companies that buy used electronic devices say they're experiencing a surge of customers trading in their old tablets.

NEW YORK (CNNMoney)

With a new iPad likely around the corner, iPad trade-ins are on the rise -- and selling prices are falling fast.

Companies like Gazelle and NextWorth, which buy used electronic devices, say they're experiencing a surge of customers trading in their old iPads. The spike began Tuesday, when Apple (AAPL, Fortune 500) announced it has an upcoming event Oct. 22. Apple is widely expected to be giving its tablet its first big redesign in more than a year and a half.

At Gazelle, iPad trade-ins have soared to their highest level this year. IPads now make up 20% of items traded in on Gazelle's website, up from 11% a week ago.
"Previous generations all look the same," said Anthony Scarsella, Gazelle's chief gadget officer. The new iPad could have more processing power, a better camera and even use Apple's latest Touch ID fingerprint sensor.