Apple might soon roll out low-cost iPhone. Here's how much it could cost.
Apple said last week that 'worldwide iPhone supply will be temporarily constrained' due to coronavirus
Apple could roll out its new low-cost iPhone at an event at the end of March, Front Page Tech analyst and YouTuber Jon Prosser has revealed, though there are still questions about how much the coronavirus outbreak will hurt production.
The new low-cost iPhone model will give help Apple meet consumer demand for quality products that don't break the bank.
"[Sources] told me that the prices are going to look like this: $399 for the 64 [gigabyte] model, and then for the 124GB model, that'll be $450," Prosser said in the video, reminding media to take this information 'with a grain of salt.'"
Rumors about the cheaper iPhone first surfaced in October when TF Securities analyst Ming-Chi Kuo, who has previously made accurate predictions on upcoming iPhone models, said in a note obtained by CNBC that customers should expect Apple to begin producing a low-cost iPhone in the first quarter of 2020.
But Apple said last week that "worldwide iPhone supply will be temporarily constrained" as coronavirus impacts its manufacturing efforts in China. While none of Apple's production facilities are located in Hubei province, the epicenter of the outbreak, the manufacturing sites have been slow to return to normal operations.
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Speculation again began surfacing around February when people familiar with the matter told Bloomberg that Apple fans could expect production to begin in March.
This new, low-cost smartphone could be available to buyers as soon as April, sources told Prosser, if everything goes well.
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Social media users initially dubbed the model the SE2 after Apple's first low-cost iPhone, the SE, which was released in March 2016. Others have nicknamed it iPhone 9 since because Apple skipped its ninth model between the iPhone 8 and iPhone X.
But Prosser says the model may simply be called "iPhone" or "iPhone 2020," according to his sources.
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Apple's latest model, the iPhone 11, is retailing for about $700, but customers who trade in an old iPhone can get it for $450. Customers also have the option of making monthly phone payments rather than paying for it all at once, according to Apple.
The iPhone 8, which is Apple's cheapest phone to date, currently sells for $450. That price can be reduced to $350, however, for customers willing to trade in old phones for a discount, according to Apple's website.
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FOX Business' Thomas Barrabi contributed to this report.