Upgrade from 4S to 5

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Aug 26, 2012
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My at&t 32gb white 4s is currently in excellent condition. Similar models sell for approximately $400 to $450 on ebay

The temptation to get the new model in September will probably get the better of me. My earliest upgrade with AT&T is May 2013. So, assuming my existing model fetches $420, the cost to upgrade to an iphone 5 32gbs without a new contract will be $337 ($757 (includes sales tax) - $420). In May, I will upgrade through AT&T, buy the latest model (same specs) for $300 and immediately sell it. Assume this will sell for at least $600. My total cost over 8 months is therefore only $37 (ignoring financing charges)

Am I missing something here? Realize there are a few assumptions about the pricing of the next model (which has not even been announced) but it seems reasonable.
 

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