Following Tuesday’s announcement of the iPad Mini and new new iPad (iPad 4), it appears that Apple fans are cashing in their current new iPads (iPad 3) in anticipation of purchasing the latest and greatest version.

A Wall Street Journal MarketWatch report shows that tech device resale websites Gazelle and NextWorth reported huge surges in listings in the run-up to Apple’s event. Gazelle stated that it saw a 700% spike in devices put up for sale on Tuesday, with half of those listings coming in the hours leading up to the event. It also stated that the 32GB Wi-Fi model of the iPad 3 is the most traded-in device on its site. NextWorth told MarketWatch that trade-ins for iPads increased 1,000% on Tuesday.

Though it appears many consumers will be upgrading to the new new iPad, that doesn’t mean they are happy about it. Tuesday’s announcement came only seven months after the release of the iPad 3, which upset customers who assumed they would have the best version of the iPad for at least one year. A survey released this week showed that nearly half (45%) of current U.S. iPad owners are “disgruntled” with the timing of the new new iPad announcement.

It’s fairly amazing that Apple now has a large number of people hooked on a yearly upgrade cycle for multiple, very expensive devices. It’s almost unfathomable that the company could make a twice-yearly upgrade cycle work and keep its fans happy.