Tech giant Apple, Inc. (NASDAQ:AAPL) recently released the iPad 3 that is packed with amazing specs and features and will be sold at the price of $499. But some tablets are cheaper alternatives to Apple's latest tech toy.

The new iOS device features a screen size of 9.7-inch screen, which doubles the resolution (2048x1536) to a high-definition "Retina" display. The iPad 3 is equipped with a more powerful processor with its new 1.5GHz dual-core A5X chip with quad-core graphics processing. This will enable the device to use more demanding apps, software and games.

The new iPad has 5-megapixel rear camera inferior of the iPhone 4S'. However, Apple added a backlit sensor and hybrid infrared filter for better colour reproduction. The voice dictation for hands-free use of the device will be able to recognise Australian accent.

The prime selling point of the device is its 4G capabilities that is faster than current mobile network. Unfortunately, this is found incompatible with Telstra's 4G as it uses a different frequency compared to the 4G networks based in the United States.

Apple retained its tablet price of $499 despite the drastic improvements done in the device. Although the tablet is fairly price, there are some consumers who cannot afford the pricey tablet. Some people cannot afford the hefty price tag of the new Apple device. See slideshow for some of the cheaper tablets that can be an alternative to Apple's new device.

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