Fans queued all night in the pouring rain to get their hands on the new iPhone 7 with its advanced camera, enhanced battery life, water-resistant design and wireless earphones.

However as with previous models, it won’t be cheap to buy outright or through a contract.

Comparison data from online phone retailer Unshackled.com reveals an expensive two-year contract for a 32GB handset from EE – with a £99 upfront cost, 2GB of data plus unlimited data and calls on a £45.99 per month basis – will cost a total of £1,203.75 over the period.

But if you’re set on getting one, phone reseller Envirofone urges users to sell their old handset this weekend to get the top price for it.

iPhone 6s and 6s Plus owners can expect to get the most money on a trade-in until Sunday 18 September, while after this date, the value will plummet by about a third.

Using data from last year to see the impact on trade-in price on the iPhone 6 when the iPhone 6s launched, Envirofone predicts this weekend will be the best time to sell your old phone.

In August 2015, a month before Apple launched the iPhone 6s, the average price offered for an iPhone 6 by recyclers was £112.68. The week after the announcement of the launch, it peaked at £173.65.

A week later however it dropped to £119.17, and by the end of the year owners were getting just £97 for their phones.

If you’ve an older iPhone, here are the current prices you can get on Envirofone for a 16GB unlocked handset, though do compare on other phone recycling sites:

• iPhone 6: £215
• iPhone 6 Plus: £225
• iPhone 6s: £295
• iPhone 6s Plus: £340.

Richard Mavers, director of group marketing and online strategy at Envirofone, said: “How many times have people felt like kicking themselves because they didn’t get the best deal that they could have?

“Because Apple now always launches its new products at roughly the same time of year, we have a very reliable idea of what those phones will be worth.

“Whoever owners are selling it to, this week is definitely when they’ll get the most for their 6s, as the new model will start becoming available after then.”