With the recent announcement that Verizon will begin selling Apple’s crazy popular iPhone 4, the question now is, do you jump on it now or wait until June when Apple will likely release the iPhone 5 (which, if your paying attention, a new iPhone has been released every June since it’s inception in 2007).

If, like myself, you’re one of the millions of Verizon customers that have been on the edge of your seat since the Verizon iPhone rumors began a couple of years ago, you have a very strong urge to be one of the lucky existing customers that can begin purchasing on Feb 3. The question is, judging on Apple’s past releases, more than likely that shiny, new iPhone could be obsolete in just 5 months.

The rumors about the iPhone 5 are rampant, everything from dual-core processors, 1080p HD video (with output connectivity!), improved battery life (using solar says one source) and other improvements make it seem the wait will be well worth it.

Verizons iPhone does have some improvements over the AT&T versions such as better antenna design and Hotspot connectivity (nice). Along with Verizons vast 3G coverage, it makes it a big temptation. But even if one was able to recoup most of the $199 or $299 you spend on the phone, once you’ve bought the iPhone 4 you are locked into a 2 year contract that will require you to purchase the iPhone 5 for full price if you must have it.

I think it comes down to money really. If you purchase the iPhone 4 now for $299 (16GB) and must have the iPhone 5 when it’s released, you could sell your iPhone 4 for at least $250 or more, then apply that to the likely full price of $699, you end up paying almost $500 overall for the phone, but at least you scratch that itch now and have your cake then eat it in June too. Of course this only is good if you really don’t care about the costs and just need that Phone now.

Personally, since getting the Verizon phone at $299 (or $199) will get you locked into a 2 year contract which toward the end of that you will be at best 2 versions behind, I think waiting until June is the best option, the iPhone 5 won’t nullify the 4 completely, but the 6 probably will. Waiting for the iPhone 5 in June, then being able to be eligible for iPhone 7 (or whatever it’s called) when it comes is a no brainer.

That’s me though, if anyone reads this (this is my first ) please share any comments or suggestions, we still have almost 2 weeks to decide, I want it so bad but I really don’t want to be mad when the iPhone 5 comes out and makes my still shiny iPhone 4 seem like my current now-seems-crappy-and-old BlackBerry.