There’s a nice little theory involving the naming of the first budget iPhone. It appears that our source belies that the handset may be called iPhone 5S in the end, with “S” standing for “Small”, while the iPhone 6 will be the main entry in the series next year.

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The budget iPhone is pictured this time in light green, after leaking in a variety of colors and we also get a couple of prices associated with this model. The device was also seen in the likes of red, blue, white, yellow and more and rumors say that the facade of the handset will always be white. This phone is smaller by 2 or 3 mm compared to the iPhone 5 and the specs are pretty much the same.

The rumored prices of the cheap iPhone are $349 for the 16 GB unit, $449 for the 32 GB unit and $549 for the 64 GB version. This is pretty close to the idea of a “budget” handset, but pretty far from the high end smartphones you can get from China for the same prices. My first thought would be Xiaomi, that’s certainly a better deal…

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