Ebay has released a new app for the iPhone/iPod touch. The eBay Instant Sale app provides a simple way to get cash for your old electronics or recycle them for free.

With Instant Sale, you’ll receive an immediate cash offer for your laptops, phones, tablets, PDAs, cameras, and more. Once you accept the offer, you’ll send your item using a free shipping label sent to you via email. Then, within five business days, you’ll receive your cash via Paypal.

The free app works as follows:

First, search the app for the item you are selling.

Next, indicate what type of condition the item is in.

For example, indicate whether your device is in Poor, Fair, Good, or Excellent condition.

Next, hit the “Calculate Offer” button.

You’ll then see your offer, which you can accept or not.

Once you accept the offer, you’ll be emailed the shipping label along with directions.

Just days later, you’ll receive you cash.

Really, it’s that simple.

eBay Instant Sale

eBay Instant Sale

As an added bonus, the eBay Instant Sale app makes it easy to determine the price of your existing iPhone (yeah, the one you’re using to find deals). This feature will certainly come in handy for many as Apple is set to release the iPhone 5 in the coming weeks, don’t you think?

For example, my 32 GB iPhone 4 model is worth $340, which is a great deal in my opinion.

You can also recycle your old items, if that is your preference.

The auction site’s entry into the growing trade-in market isn’t that surprising. It joins Amazon, Gazelle and other sites that have been offering similar services for a while now. However, eBay is the first to provide a electronics trade-in app.

The eBay Instant Sale app is available now in the App Store.