iPhone 8 might be cheaper than we thought

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Apple's upcoming iPhone 8 is going to be jam-packed with all sorts of advanced technologies and compelling new features. Of course, the most obvious change will be the iPhone 8's brand new form factor. Seeing as how the iPhone form factor hasn't really changed at all since the iPhone 6 and iPhone 6s Plus were released in 2014, the iPhone 8 will finally provide users with a fresh new design.

Hardly a secret at this point, the iPhone 8 will feature an edgeless OLED display wherein the entire front face of the device will be the display. As for the home button and the Touch ID sensor, rumor has it that Apple has figured out a way to embed these into the display itself. The end result is that the iPhone 8 will essentially look like one giant piece of glass, which, interestingly enough, has long been Jony Ive's vision of an ideal iPhone design.

The new form factor aside, it's widely believed that the iPhone 8 will incorporate a number of additional camera modules on both the front and back. On the front, the iPhone 8 will reportedly support advanced facial recognition functionality. And on the back, Apple's camera modules will offer support for augmented reality, a technology that Tim Cook hasn't exactly been shy about championing over the past few months.

Additionally, the list of new iPhone 8 features to look forward to is long, with wireless charging and more storage options being just two of many examples. Now seeing as how the iPhone 8 will be the most advanced iPhone we've ever seen, and given that the device will incorporate some cutting edge and innovative features and technologies, it's no secret that Apple will price the iPhone 8 rather high.

The good news, though, is that the iPhone 8 may not be as pricey as we initially assumed. Amid reports that the entry-level iPhone 8 model will start at $1,000, a more recent note from UBS analyst Steven Milunovich relays that Apple's next-gen iPhone will be a tad more wallet-friendly. In a research note obtained by Business Insider, Milunovich opines that the low-end iPhone 8 may start in the $870 range, meaning that it may cost about as much as Apple's upper-tier iPhone 7 Plus.

UBS analyst Steven Milunovich believes the iPhone 8 will start at $870, and an upgraded model with 256GB of space in this scenario would cost $1,070, he wrote in a note distributed to clients on Monday.

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Milunovich also forecasts that the redesigned iPhone, which is rumored to feature a glass case, wireless charging, and an edge-to-edge screen, will make up 45% of sales next year. Many believe Apple is preparing two updated models of the current iPhone 7 and iPhone 7 Plus in addition to the redesigned iPhone 8.

If this report is accurate, this should bode well for the tens of millions of current iPhone owners interested in upgrading. And sure, while the iPhone 8 may still be the most expensive iPhone release we've seen to date, it's important to remember that Apple m.o has long been selling products at a premium.

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