If you’ve given up on the white model and have been waiting for a good deal on the iPhone 4, your wait may now be over -- and in the unlikeliest of places, your local RadioShack.

AppleInsider is reporting that nationwide retailer RadioShack, often known for overpriced electronics and accessories, is amping up its street cred by offering $50 off the iPhone 4 for one week only, complete with a trade-in incentive that could get you the device for as low as $250.

“The one week sale, which began Saturday morning and runs through December 11th, lops $50 off all current iPhone models, meaning customers new to AT&T or eligible for upgrade pricing can take home an iPhone 3GS for $50, a 16GB iPhone 4 for $150, or a 32GB iPhone 4 for $250,” AppleInsider reports.

The deal doesn’t stop there -- thanks to the company’s “Trade and Save” program, customers can also get a $75 credit towards a new phone when trading in an iPhone 3G, or $125 credit for trading in an iPhone 3GS. Such credits are given in the form of RadioShack gift cards, which can then be used for your new device purchase.

When combined with the $50 discount, the trade-in program can score you a $299 iPhone 4 32GB for a mere $125, or the $199 iPhone 4 16GB for only $25 -- of course, before the usual taxes and activation fees, and a 2-year AT&T agreement is also required.

The only catch is that trade-in devices have to be in working condition -- RadioShack previously based the value of handsets on their physical condition, but the credits now apply to any device that is “fully functional” and doesn’t have a cracked screen.

Should be a busy week at RadioShack for the iPhone 4, and you can find your local store by using the company’s store locator here.

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(Image courtesy of AppleInsider)