Finally, customers with a tight budget have something to look forward to from Apple. The company seems to be taking the hint from the market for the demand for more affordable smartphones. Given the difficult economic situation in many countries across the world and the saturated high end smartphone market it was only a matter of time for Apple to roll out a cheaper iPhone. But companies do have a different sense as to what they think is "cheaper."

Apple has been traditionally been seen as a premium brand. The company will be taking a bold and risky decision if it plans to launch the iPhone 5C as a budget phone. If the iPhone 5C is going to replace the iPhone 4S, it could be priced at around $300 to $400 but if it is going to be a mid range phone to replace the iPhone 5, it could be priced at $400 to $500. The price is still a little steep but considering the features the user gets it would be an excellent buy.

The phone is rumoured to come with 4 inch screen, Retina display, iOS 7 operating system, A6 processor, an 8 MP camera with autofocus and LED flash.

Apple has to make some adjustments in order to bring the price of the phone down. To do that the phone is rumoured to offer the phone in a plastic body. Flash memory reduced to 4GB or 8GB. Siri, the "intelligent assistant" could be dropped and the graphics and the screen may not be what the Apple fans are used to.

On the flip side customers get a great smartphone with an Apple brand name. The plastic body allows Apple to offer the phone in multiple vibrant colours.

The phone is expected to be launched on 10 Sept and all the rumours and speculation will end on that day. In the meanwhile fans have been teased with a leaked photo or video of the upcoming phones. Apple is expected to launch it's soon to be flagship smartphone iPhone 5S along with the 5C in the event. This is expected to be followed with the iPad 5 and iPad Mini 2 launch, which is expected to be within weeks after the 10 Sept event.