Apple is expected to unveil it's latest iPhone at a special event September 10, that could also see them release a budget or plastic versions to target the lower end of the market.
All Things D reports:
"The launch comes at an important time for Apple, which continues to make a lot of money from the iPhone but has seen its global market share dip amid a growing wave of lower-cost Android devices as well as an intense battle with archrival Samsung. One of the key questions is whether Apple adopts a new tactic to address the mid-range of the smartphone market. Historically, Apple has gone after those customers by offering its year-old and two-year-old models for $100 and $200 less than a new iPhone. However, there has been a great deal of talk that the company will debut a new lower-cost iPhone alongside whatever update it has in store for the current iPhone 5."