Sleep/Wake button stuck .Offered a replacement for £119

So today I went to the Apple store with my out of warrenty iPhone 4 with an unrepsonive/stuck sleep wake button they looked at it and within 30 seconds said that I would need a replacement phone at the cost of £119. I said I would go away and think about it and I've got some questions that I'd like to ask .
1.Do I get to keep my faulty iPhone ? (I'm assuming I won't but I might be wrong)
2.Could I pay more than £119 to upgrade to the iPhone 4S but not the full price if so how much ?
Thanks Tom

ThomasEvans wrote:
1.Do I get to keep my faulty iPhone ? (I'm assuming I won't but I might be wrong)
2.Could I pay more than £119 to upgrade to the iPhone 4S but not the full price if so how much ?
No to both questions. It's an exchange program. It's like for like. Same model, colour, and GB that you hand in.

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