IPhone 8 Price: New rumors suggest Apple’s 2017 device could start at $1,200

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Earlier this year, it was reported that the starting price for the iPhone 8, Apple’s upcoming handset said to mark the 10-year anniversary of the iPhone, would have a retail value of about $1,000. The price made headlines, but it wasn’t that outlandish for a premium iPhone with a fancy new OLED display. Besides, the 256GB version of the iPhone 7 Plus is already close to that price, at around $969.

Now, CNBC reported, citing Apple watcher and developer John Gruber, the iPhone 8 (which is also being called iPhone X or iPhone Edition) may start around $1,200.

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According to Gruber, high demand and supply constraints will be why the entry-level device will have such a high cost.

“It sounds to me like the OLED iPhone is a phone which Apple can’t make 40 million of per quarter, at least not today,” Gruber said in his podcast. “And if that’s true, that means it should be more expensive. Not should in any moral sense, but simply because that’s how the principle of supply and demand works. When supply is constrained and demand is high, prices go higher. The higher prices alleviate demand.”

As per Gruber’s estimates, the basic model of the iPhone 8 — the version with 64GB storage — could retail anywhere from $1,199 to $1,249. He places the 256GB model at $1,299 or $1,399. Adding merit to Gruber’s prediction is Goldman Sachs, which anticipates that the iPhone 8 will retail for more than $1,000.

A customer sets up his new iPhone 7 Plus, right, as he switches from the iPhone 6.
A customer sets up his new iPhone 7 Plus, right, as he switches from the iPhone 6. Kiichiro Sato/AP

Let’s talk iPhone 8 specs. What would consumers get for that price? Current rumors hint that the 5.8-inch smartphone will feature a glass and stainless steel body and a nearly “bezel-less” OLED display. Additionally, it’s rumored to come with a better battery life and wireless charging. Most recently, Bloomberg reported Apple is experimenting with 3-D face-scanning technology that can “log in, authenticate payments and launch secure apps by scanning their face.”