The iPhone 5 release date is fast approaching and the internet is abuzz with news, speculation and trivia. Apple is also speculated to release a new budget iPhone called "iPhone 5C" but the company has not made any announcements to confirm or deny it. Apple is expected to launch its new products at an event on Sept 10.

Meanwhile pictures and videos of the expected products to be launched are getting leaked on the internet. A new YouTube video has now emerged which claims to be the iPhone 5C. The video only shows the backs cover of the iPhone which is in a bright lemon yellow color. Which the maker of the video is seen picking up from a set of other iPhones neatly lined up next to each other.

The new iPhone seems to have lesser width and a little longer than the other iPhones. The material used is plastic and has a metallic shine to it on the surface. Some analysts had predicted that the cheaper iPhone 5C would be made from plastic. The phone also appears to be a little thicker than its predecessors. Many of the smartphone manufacturers today are striving to make their phone as slim as possible. The debate was whether to have a bigger screen or not. Many of the analysts and users stick by the notion of "slim is beautiful." The iPhone 5C seems to mark a departure from that mindset.

The iPhone 5C is expected to be the least expensive iPhone in the Apples's stable of smartphones. The price is expected to be lower than $ 300.

The phone is expected to come with a host of features like retina display, finger print scanner. It is not known what features Apple is going to sacrifice in order to make the phone more affordable. Most analysts agree that Siri could be abandoned to accomplish the price objective. In terms of hardware the phone is expected to come with a 8 MP rear camera, 1 GB RAM and in variants of 8, 16, 32 and 64 GB of memory. The phone is expected to run on IOS 7.

With the iPhone 5 release date fast approaching users can expect to see more leaks and speculation in the coming days.