PALM DESERT, Calif. -

Eric Lin of San Diego has had his hands on an iPhone since the first generation launched in 2007. He says his 2-year-old iPhone 4, "Is kind of acting up on me. My little home button doesn't work anymore so I guess it's time to change it."

Soon it'll be out with the old and in with the new iPhone 5. Apple unveiled it's thinnest and lightest phone it's ever made on Wednesday, which will be released on Sept. 21.

"I will be switching to the iPhone, I can tell you that," said Ethan Ripperger, of Palm Desert.

JP Morgan's chief economist anticipates that iPhone 5 sales alone could push fourth quarter GDP by $3.2 billion.

For those of you going to get the new phone, here's what you can do with your old one:

  • Give it to your kids or maybe to your folks who haven't stepped up to a smart phone yet.
  • Donate it to charity or use it as a spare camera or GPS.
  • Recycle it or sell it on Ebay. That old iPhone collecting dust could be worth some cash.
  • Trade in an iPhone 4S that's still in good condition Apple will give you up to $280 in credit.

"I always pass on my old one to family. So they're happy and I'm happy," said Lin.

When the new iPhone 5 hits the stores, you'll find Lin, "Probably in line, waiting. I've been in line every time it came out so it's kind of embarrassing," he said.

He's not the only one.

"No I'm not. You end up meeting a lot of people and talk about the same thing. They're just as crazy," said Lin.

You can also drop off your old phones at a free E-waste disposal event this Saturday, from 7 a.m. to 11 a.m, at the Palm Desert Civic Park.