Should i trade my ipad 3 for an iphone 5?

My friend offered to exchange his white factory unlocked iphone 5 16 gb with my ipad 3 16 gb Wi-Fi only + 50 dollars, is that a good deal?

My oppinion is no. The new iphone 6 is coming out in September.

It depends what condition it is in and how bad you need a phone compared to ipad.

Depends from what you use it for. Ipads are more for sitting cozy on a cough or for when your computer is too big for you to travel with to say, Spain. Iphones are more like "everyday stuff", which could mean taking it with you to when you're going somewhere, and just can't stay away from minecraft for half an hour or when there's a oh so beautiful sunset on the beach. I'd recommend you to make a list of this you do (or would like to do) every week or day, and then consider if you can do it better with an ipad or iphone.
Plan B:
There are way better smartphones than the iphone 5 for a smaller price!(considering screen size, that is a fact!)
I could give you a list of 10 right away!
so if you can't deside, take the iphone and sell it (or trade it) for a better phablet (all smartphones with a screen bigger than 4 inches are considered a phablet)
hope I could help!