Apple's Budget iPhone: Price, Rumors, and What to Expect From iPhone 5c

Apple's will be realising an innovative "budget" iPhone, the iPhone 5c, during today's release event at 1pm ET (live streaming here).

America's tech giant is hoping to edge out competition from companies like Samsung that are outperforming with global smartphone sales. Here's what to expect from Apple's latest iPhone lite model.

The iPhone 5C is rumored to be a lower-cost option, at $99 on contract, or around $500 off contract, compared to Apple's other upcoming product, the updated iPhone 5s that could come in at $199 on contract that can run upwards of $800 off contract.

The new budget iPhone is set to arrive with a plastic shell in multiple colors, predicted to include yellow, red, and green.  The array of bright color options for the iPhone 5C will help differentiate the device from the metallic colors expected to be available for the iPhone 5s.

Some rumors predict the cheaper iPhone may even be available in innovative, flexible "liquid metal," to help make the phones scratch-resistant and durable.

(Source: WeiPhone)

The budget iPhone could be a game change for Apple, that has been strugling to edge out global competitors.

In the latest last count, Samsung shipped between 72 million and 76 million smartphones last quarter, while its iPhone competitor came in at a mere 31.2 million units. Still, Apple has retained its lead in overall mobile traffic across all devices, including the iPod music player and iPad tablet devices. A cheaper option may help Apple edge Samsung out of its lead.

Writing in the New York Times' "Bits Blog," Nick Bilton claims the newest unveiling could "make or break" the company that has seen competitors gain momentum in the global smartphone market.