Now that Apple has unveiled and announced a release date for its much-anticipated iPhone release, InformationWeek reported five things to consider before purchasing the new 5C or 5S models.

Before asking yourself the real questions that go into buying a new phone, any user will notice the new diversity of the new iPhones. First, the fact that there are two being released simultaneously; one is plastic and cheaper, the other metal and more expensive.

With the type of investment of money and time (if you're purchasing a phone with a contract), these are important to consider when the new iPhones hit stores on Sept. 20.

1.     Are you eligible for an upgrade?

This is important because it drastically changes the price and could alter your perspective. If you are eligible for an upgrade now, the iPhone 5C will cost you $99 for a 16GB model and $199 for a 5S model of the same capacity. Without a contract, you would be paying about $650 for a 16GB 5S. If your next upgrade is not for several months, or a year, it might be worthwhile to wait for Apple to come out with an iPhone 6.

2.     Can you get anything back for your old phone?

Apple stores nationwide launched their own trade-in program for old iPhones. If you already have an iPhone and are eligible for an upgrade, this is extremely worthwhile because the Apple store, or the other retailers offering trade-ins, can potentially give you enough to cover the cost of the new one. If you do not have an iPhone and want to trade in your Blackberry, Android or Windows phone for the 5S or 5C, fear not, because many retailers who will take old iPhones will also take other ones too, just be sure not to try to get an Apple store to take your old Samsung Galaxy.

3.     How much of an upgrade is the new iPhone?

After all else, this is likely to be the deciding factor, because there is always plenty of fanfare around the release of a new iPhone, but what matter at the end of the day is what is so special about it. In Apple's own side-by-side comparison, the iPhone 5S/5C actually has the same photo/video camera capabilities as the 4S does (8-megapixels and 1080p video). The screen is also half-an-inch bigger than the 4S and is slightly lighter, but the big difference is the chip and fingerprint recogntion. The iPhone 5C is equipped with an A6 processor and the 5S has an A7, with 64-bit architecture and fingerprint reader on the home button that can unlock your phone and make purchases in iTunes and the App Store. What this comes down to is memory and speed. If you like your iPhone 4S' camera and think its plenty fast, there is not much else the 5S can give you that the iOS upgrade will not.

CLICK HERE for a side-by-side comparison with other non-Apple smartphones.

4.     Are most of the cool new features just because of iOS 7?

The upcoming iOS 7 upgrade will come two days before the iPhone release and could help you make your decision. If you have an iPhone 4, 4S or 5, you will be eligible for iOS 7. Apple has marketed iOS 7 pretty much as the best and most dramatic mobile operating system update it has ever done. With it, users can expect better battery life, faster processing (all the things you would expect them to promise) and also some cool software additions. For one, Apple is launching its iRadio program, similar to Pandora, with iOS 7 and is also bringing iPhoto and iMovie to the iPhone. These features are NOT exclusive to the iPhone 5C/5S.

5.     What if I have a Blackberry/Android/Windows phone and want an iPhone?

This is not as painful as you might think and is just a matter of preference. If you ditch your Blackberry/Android/Windows phone for an iPhone, you can always go back at the end of your contract or trade it back in after 30 days, which is the usual return policy.