iPhone 5C; Apple's new colorful and cheap iPhone?

More rumors point to a lower cost iPhone, dubbed the iPhone 5C, coming to stores later this fall

Is the cat out of the bag? Rumors of a lower cost iPhone have been making the rounds for quite some time now, and with fall steadily approaching, we now have more solid evidence which points to Apple's iPhone plans come September or October.

A few days ago, a photo emerge purporting to depict iPhone cases emblazoned with the name "iPhone 5C." While the authenticity of the boxes were called into question -- it turns out it was likely photoshopped -- some sources claim that the iPhone 5C is indeed the correct name.

While everything regarding Apple rumors is, by its very nature, speculative, iPhone 5C would make sense as the moniker for Apple's low cost iPhone. Even more so because it's also been rumored that Apple's lower cost iPhone will come in an assortment of colors, mimicking Apple's famed strategy with the iPod Mini.

What's more, you might have also noticed that iPhone 5C cases began popping up on Amazon this past weekend as well, before being removed shortly thereafter.

And as if we needed even more evidence, a labor report coming out of China this past Monday included a blurb from a factory worker which noted that he was working on a "scaled back, less expensive version of the iPhone."

Today’s work is to paste protective film on the iPhone’s plastic back cover to prevent it from being scratched on assembly lines. This iPhone model with a plastic cover will soon be released on the market by Apple. The task is pretty easy, and I was able to work independently after a five-minute instruction from a veteran employee. It took around a minute to paste protective film on one rear cover. The new cell phone has not yet been put into mass production, so quantity is not as important. This makes our job more slow paced than in departments that have begun mass production schedules.

Apple's lower cost iPhone will likely launch alongside the next-gen iPhone 5S, both of which will likely hit store shelves sometime in October. It will be interesting to see what a lower cost iPhone does for Apple in the long run. Apple certainly loves its high margins, and to that end, the low cost iPhone will be comprised of cheaper materials so that Apple can theoretically earn more of a return on them than they currently do with older devices like the iPhone 4.

As for the iPhone 5S, one of its key selling features may be the inclusion of a fingerprint authorization sensor. It remains to be seen, however, whether such a sensor would only be used as a passcode type security feature or if it will be hooked up with NFC to enable mobile transactions. Another iPhone 5S feature to look forward to is a rumored 12 megapixel camera.

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