In an attempt to take advantage of the anticipated consumer craze over the Verizon iPhone, eBay (News - Alert) on Tuesday announced that its electronics buyback service will purchase select used smartphones for a bare minimum of $200.

For the next two weeks, the e-commerce site's Instant Sale service will offer consumers a cash sum for all fully-functioning iPhone 3GS, Motorola Droid X, HTC Evo 4G and Samsung Galaxy S Vibrant smartphone models.

Furthermore, eBay will pay up to $450 for a mint condition AT&T (News - Alert) iPhone 4 during the promotional period. Not a bad deal considering a new 16 GB Verizon iPhone 4 with a two-year contract will only cost you $199.99.

“eBay Instant Sale enables consumers to earn top dollar on a variety of electronics in a fast and easy way,” Christopher Payne, vice president of eBay North America, said in a statement. “With the launch of the iPhone on Verizon this week, it’s the perfect time to show our customers how easy it is to trade-in a smart phone and get a great deal along the way."

To receive a cash offer on your used smartphone, click here and provide Instant Sale with some basic information on your handset. According to eBay, you will receive a cash offer in less than 60 seconds.

Once you accept the deal, the company will send you a free shipping label and ask you to drop your smartphone in the mail. As soon as the mobile device is inspected, eBay will credit your PayPal (News - Alert) account with the agreed-upon sum.

Meanwhile, eBay is not the only one announcing deals on the eve of the Verizon iPhone launch. This weekend, T-Mobile (News - Alert) will offer free smartphones to anyone who signs up for a two-year contact. The deal includes 30 of the carrier's top mobile devices, including the HTC HD7, the T-Mobile G2, the myTouch 3G and the Samsung Vibrant, according to Mashable. Essentially, the only top phone not offered during the promotion is the Nexus S, which is only available at Best Buy (News - Alert).

To take advantage of the deal, consumers will need to visit a T-Mobile location in person on Feb. 11 or Feb. 12. Current customers who are eligible for an upgrade can also take part in the two-day promotion.

Beecher Tuttle is a TMCnet contributor. He has extensive experience writing and editing for print publications and online news websites. He has specialized in a variety of industries, including health care technology, politics and education. To read more of his articles, please visit his columnist page.

Edited by Tammy Wolf