Iphone 4 16 GB vs Ipod Touch 5 32 GB?

So a guy wants to exchange his Ipod for my Iphone 4, which is 3 years old. THe iPod is a year and a half and looks great, just like my phone.
Which is better? Your opinions?
If i get the ipod touch i will use it as a smartphone and carry a old phone with my + the ipod

If you want to carry 2 devices, why not? Go for it then.

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