Source: Apple.

The long-rumored iPhone trade-in program at Apple (NASDAQ:AAPL) retail locations is officially under way. As long as you own an iPhone 3G or newer, you can go down to your local U.S. Apple retail location and trade in your old device for a credit toward the purchase of a new iPhone. The catch is that you must sign up for a new contract with a mobile carrier and the deal must be done in the same transaction.

In the following video, Fool contributor Steve Heller explains this development and makes a case for why it's likely a good thing for Apple longer term.

Fool contributor Steve Heller owns shares of Apple. The Motley Fool recommends and Apple. The Motley Fool owns shares of, Apple, and GameStop. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.