Is it possible to return a new iphone?

Well, I want to buy a new iphone 5 but I don't know if I should get one considering the fact that a new iphone 5s will come out in September. My iphone 4s fell down in the sink and is completely broken and I just want a new iphone 5. If I buy one now is it possible to exchange it? And what do you think, is buying an iphone 5 worth it?

Apple products come with a 14-day return policy; after that, there are no exchanges or refunds unless there's a manufacturer defect.
If you don't want to buy a new phone now, then I would suggest buying a second-hand phone.

Personally I prefer Android devices like the Samsung Galaxy S4 and Google Nexus 4. Android has a lot more features than iOS.