If you've been holding off upgrading to a new iPhone, your perseverance is about to pay off. Best Buy has just announced a significant discount on all iPhone 5 and iPhone 4S models through the start of the new year.

The 16 GB, 32 GB and 64 GB versions of the iPhone 5 are selling for $149, $249 and $349, respectively, after a $50 discount. You're also able to snag a $49 16 GB iPhone 4S, with a 32 GB and 64 GB version of Apple's older handset for $149 and $199, respectively.

Bear in mind that you'll have to sign up for a new two-year contract in order to qualify for the discount. Best Buy is honoring the offer through January 5, 2013, for in-store purchases and January 2, 2013, for online orders.