iPhone Mini Coming Soon!

Phone users on tighter budgets have been shunning the iPhones in favor of less expensive models which run on Google's Android software and could face a lot more competition what with Nokia teaming up with Microsoft.

So, in a bid to further strengthen its hold on the smartphone market and also slow down Google's progress as the biggest software provider with its Android platform, Apple is working on a new version of the iPhone which will be smaller and cheaper than the current iterations of the iPhone.

According to sources at Apple, the company already has a prototype which is projected to cost as little as $200 without a contract, compared with the latest iPhone at $625.

It is not the first time that Apple has offered customers cheaper alternatives of their products.

In 2004, when sales of the original iPod music player were at $299 and more, the company introduced the $249 iPod Mini, which became a bestseller.

Apple is hoping for the same success for the, dare I say, iPhone Mini. Would you buy one?