Just when we thought that the iPad Mini is the low cost and miniature version of Apple's iPad, speculations arise that Apple may release a much cheaper iPad Mini.

According to analyst Glen Yeung of Citigroup, a cheaper version of iPad Mini will be released just in time for the holiday season. The cheaper iPad Mini is different from the rumoured iPad Mini 2, which is also set for release later this year.

The reason Glen gives for a holiday season cheap iPad Mini release is that Apple would want to maintain market share in a niche that is currently being dominated by low cost Android tablets developed by a plethora of manufacturers. Glen believes this tablet will be priced around $200 to $250 and will offer a similar screen resolution with a "cheaper mechanical design."

Currently, a lot of cheap Android tablets are crowding the market and lure consumers of its friendly price tag that ranges around $200 to $250. The original iPad Mini costs around $300.

IBTimes AU previously reported that tech giant Apple is offering 15 to 17 percent discounts on the fourth-gen iPad and iPad Mini. However, the discounts are only offered on the refurbished iPad 4 and iPad Mini and have been done in an attempt to push sales of the refurbished Apple products.

With the new price reduction in place, consumers can now pick up the 16GB and 32GB variants of the Wi-Fi iPad mini for $249 and $359, respectively, which is a discount of 15 and 16 percent. If the 64GB version of the Wi-Fi iPad mini has taken your fancy, then be prepared to shell out $346, which is a 17 percent discount.

On the other hand, you can avail a discount of 16 percent on the 16GB and 32GB variants of the iPad 4, which now cost $419 and $499, respectively. If you are looking for more storage, then the 64GB version would be more up your alley and will cost $579 amounting to 17 percent discount.

Apple also offers a year-long warranty and a new battery on the refurbished iPads to attract consumers in buying the refurbished units.

It is speculated that Apple will introduce the next generation of iPads in September. This is supported by Apple's CEO Tim Cook statement that no devices will be released until later this year.

"Our teams are hard at work on some amazing new hardware, software, and services that we can't wait to introduce this fall and throughout 2014," Cook said.

According to rumours, iPad Mini 2 is speculated to feature a screen with a resolution of 2048 x 1536. This is almost four times the resolution of the present iPad Mini and is equal to the fourth generation iPad which was released along with the iPad Mini last year. AU Optronics has been rumoured to be making displays for the iPad Mini 2.

Other specs include a more powerful dual core A7 processor and a 7.9 inch screen. It will also feature a 10-hour battery life, a FaceTime HD camera, and an iSight camera with 1080 pixels HD video recording. Apple is also trying to reduce the thickness of the iPad Mini 2 by using the Sharp's IGZO (indium gallium zinc oxide) technology in its screens.