Apple fans take note - the Apple iPhone you bought less than a year ago is now out of date. It has been 307 days since the tech company revealed the iPhone 4S.

Yesterday the new iPhone 5 was announced, to be released here on September 28.

Apple promised that the new model is thinner and lighter than its predecessor, even though it has a bigger screen.

The recommended retail price is $1049 for the 16GB model, $1199 for the 32GB model and $1349 for the 64GB model.

While it might not entice those with an earlier model or those who have competing Android handsets, here is a list of things to do with your old handset if you decide to buy:

1. Be generous

Give your old smartphone to a child / parent / sibling who still has one of those "dumb" phones.

2. Sell, sell, sell!

Flog your old model on Trade Me and use what you get to help buy the new one.

3. Charity case

Starship's Mobile Phone Recycling Appeal has raised more than $1.5 million. See starship.org.nz/phone

4. Posterity

Frame it and store it away so one day you can show your grandchildren what iPhones used to look like.

5. Call for backup

Keep it in case you lose your new one. A US survey found nearly a third of cellphone owners have lost or had theirs stolen.

6. Weekender

Keep it as your "weekend phone" so if you lose or break it at the pub, beach or sports match, you'll still have your new one.

7. Don't believe the hype

Keep your old phone. It works today and will do so tomorrow. The world will still turn if you don't spend $1000 on another gadget that will soon be outdated anyway.

- Compiled by Amelia Wade and AP