EBay had been offering some pretty strong prices for “Instant Sale” trade-ins of the iPad 2.

Just last week we reported that they were paying as much as $500 for the 64 GB 3G AT&T version of the iPad 2. Their instant sale offer has now dropped by $50 and is $450.

The same iPad 2 model configured for Verizon had an instant sale value of $485 last week, but is now $440.

iPad-2The 16 GB Wi-Fi iPad 2 had an instant sale value of $320 last week. Now it’s just $130 – ouch! The 32 GB Wi-Fi version’s instant sale value was $375, and is now $145. The 64 GB Wi-Fi version’s instant sale value was $445, now it’s $165 – double and triple ouch!

EBay’s “Instant Sale” program is different than their online auctions. It’s a system in which users can go to eBay’s “Instant Sale” site and get a firm quote on the item they are trading in and then send it to eBay and be paid.