A new report claims that Apple's expected iPhone SE 4 will remain the lowest-cost model, but its price could rise anywhere up to $500.

Shoppers in the U.K can pick up the iPhone 16, iPhone 16 Pro and iPhone 16 Pro Max for less today. At roughly 5% off for all handsets, the price drops aren’t huge, but this is one of the few discounts Apple’s flagship range has seen since they were launched in September.

According to reports, Apple intends to switch to its 5G modem with the iPhone SE 4, allowing the company to keep the price sub-$500. It's not just cost-cutting; Apple's use of its own hardware would enable the company to optimize its devices for maximum performance and battery life, as it did with Apple Silicon.

The iPhone SE 4 sounds like an incredible upgrade, but how much will it cost? According to one new report, not nearly as much as we feared.

Apple’s budget-friendly iPhone SE is rumored to be getting a significant update soon. The iPhone SE 4 is anticipated to debut early next year, succeeding the iPhone SE (2022) as its refreshed version.