Mar 11, 2011 13:40 GMT  ·  By

A buyback and recycling program allowing gadget owners to renounce possession of their current electronic devices in exchange for a credit will enable more than 10,000 customers to grab a cheaper iPad 2, reports indicate.

According to the people behind Gazelle, an electronics buyback and recycling program, some 10,000 traded-in original iPads have been registered, with 2400 trade-ins recorded just in the first hours of the iPad 2 announcement last week.

Visitors of gazelle.com are asked to outline the condition of their first-generation iPad. For example:

- Functional or physical problems that prevent use - Normal wear and tear for a pre-owned item, but works well - No noticeable flaws, it looks like it has never been used.

For WiFi 16GB devices that show slight wear, ship with their power adapter and original cables, and have no engravings, the price is $240 - a good deal, considering that iPad 2 with the same wireless and storage options costs $499.

Gazelle promises to those who trade in their iPad that all data will be removed from the tablet “to ensure your complete privacy and peace of mind.”

Needless to point out, it is the user’s job to make sure they’ve wiped out all their data before trading in their iPad.

Also worth pointing out, Gazelle inspects the device upon its arrival. Once the company determines the customer has described its condition accordingly, a ‘credit’ is offered to them for use with certain retailers.

In other words, customers cannot send in their iPads to actually receive the money in cash. Instead, customers can use the credit being offered to them to ease on the price of the iPad 2.

The iPad 2 becomes available today, both as an online purchase through Apple’s store, and as a physical purchase at the company’s brick and mortar establishments, as well as through various retailers and authorized resellers.