Apple's new iPad makes the old one look fat and ugly. Photo Jon Snyder / Wired.com

Owners of the first-gen iPad are rushing to sell their tablets, according to online gadget-buyer Gazelle. In the hour after the new iPad 2 was announced yesterday, the company bought over 2,000 used iPads. This compares to 1,200 iPhones which Gazelle bought during the entire first day after the iPhone 4 was announced last summer.

Clearly the new iPad’s features –- a thinner, lighter body and a pair of cameras — are enough to make people want to ditch their ugly, fat old iPads and upgrade to the newer model.

Gazelle buys pretty much any used gadget. You answer a few questions on the site about its condition, and whether it still has its cables and charger, and Gazelle will give you a price. If you agree, the company sends you a box, and you send it back with the gadget inside. Your gadget is checked, and you get the money. Gazelle sells stuff on via its Ebay store.

Yesterday, before the gold rush, these were the iPad prices, which I received in an e-mail from Gazelle:

16GB Wi-Fi: $375

16GB Wi-Fi+3G: $446

32GB Wi-Fi: $437

32GB Wi-Fi+3G: $522

64GB Wi-Fi: $463

64GB Wi-Fi+3G: $595

Now, thanks to a glut of sellers, those prices have dropped. Today, your 16GB Wi-Fi iPad will get you just $300. I ran my 64GB Wi-Fi+3G through the Gazelle estimate-ometer and it will get me $510. These drops are made worse by the fact that Apple has knocked $100 off the price of the original iPad to keep them selling until the new models ship.

Will I be buying the new iPad? Probably. I’m rather taken by the fancy new magnetic case, and the cameras, despite being less than a single measly megapixel, are going to be great for taking notes and calling my parents. It’s just a shame that the Boston-based Gazelle won’t accept items from overseas.

Gazelle [Gazelle]

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