Trading in your iPad.. should you do it now?

With the new iPad coming up, and people wanting the latest and greatest, people are selling their iPad sooner than ever. However, the question becomes should you sell your old iPad? 

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 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.

But consumers looking for a good deal had better act fast, lest they be affected by the basic forces of economics. The surge in supply of trade-in iPads means trade-in prices are dropping.

Data provided by NextWorth show that iPad prices drop after Apple unveils a new tablet - and even more when a new iPad hits store shelves. Last year, trade-in values for the iPad dropped 4% when Apple unveiled its latest-generation iPad in October. The trade-in price fell by another 10% when the tablet hit store shelves in November.

Just remember that if you want the best and want to trade in do it while the price is up or you'll risk loosing more money than you want to.