Refreshed internals, lower price point possible.
Low-Cost iPhone '5C' May Include 8-Megapixel Camera
While the low-cost iPhone will potentially incorporate the 8-megapixel camera of the iPhone 5, Apple's iPhone 5S is expected to get an upgraded 12-megapixel camera that will offer improved low light photography.
Though the 5C is labeled as the low-cost iPhone, it appears that it will share other characteristics with Apple's existing iPhone 5 and upcoming iPhone 5S, offering some of the same components in a cheaper polycarbonate shell. Using similar parts prevents Apple from having to source new materials and rumors have suggested that the iPhone 5C could even be intended to serve as a replacement for the iPhone 5.
Based on leaked specs and purported casing images, the iPhone 5C is expected to feature a plastic shell in multiple bright colors. The case design appears to be more rounded than the existing iPhone 5 and it is expected to be slightly taller and larger to accommodate the thicker plastic shell, as seen in renderings commissioned by MacRumors last month.
According to the most recent report, the iPhone 5C is expected to launch in early September, alongside Apple's upcoming iPhone 5S. Estimates have suggested that it could be priced between $450 and $550, which would likely lower the price to $99 or below with carrier subsidies.