Apple Inc. (Nasdaq:AAPL) budget iPhone, now dubbed as iPhone 5C, comes with cheaper specs and less high-end iPhone features, that it was definitely cheap, quality wise, and expensive, after all, at a rumoured price of $300. Not to mention its cheap neon green plastic housing courtesy of a photo leaked which is making rounds at social media today. "C" may stand for cheap quality (not price related) rather than colour as rumoured.

According to A research note presented to investors by Jaffray analyst Gene Munster, Apple Inc. is also balancing, and thinking twice maybe, if the rumoured iPhone 5C will be powered by iOS 7. Without the iOS7, it will be impossible for the device to have the most on-demand apps today, Siri.

Mr Munster's predictions on iPhone 5C were akin to rumours already circulating around social media and forums: colourful but plastic and light casing, 4-inch display screen and mid-range internal software. However, Mr Munster made a bolder prediction when he claimed that since the iPhone 5C will be available on much less software feature, the voice-recogniSing Siri will not be available with the device - much to the disappointment of the waiting Apple users.

Mr Munster based his prediction on the analysis that the iPhone 5C specifications will be similar to that of iPhone 4 by which Siri was never automatically provided, unless a jailbreak was done. Even if the iPhone 5C is only to be released on September, as rumour has it, it is considered as a device in the same level with iPhone 4 and below models. This means that iPhone 5C will not meet all required software for Siri to be available.

Mr Munster also predicted that the iPhone 5C will be priced at $300 as compared to the originally rumoured $400. He said that due to photo leaks showing the plastic body housing, the estimated price was lowered from the previous estimate.

Meanwhile, a report from extemetech.com on iPhone 5C hardware and software specs presented different information to that of Mr Munster.

According to the Web site, iPhone 5C's spec will be similar to that of the iPhone 5 - dual core, tri-core GPU, 8-megapixel camera - and that iPhone 5C will run iOS 7.