The iPhone 12 will be the first iPhone with 5G, but those on a limited budget may want to purchase the iPhone 11 this fall instead.

According to a new leak from the Twitter account @iAppleTimes, the iPhone 11 will drop in price to $549 when the iPhone 12 launches. This is a significant discount compared to the current price of $699.

The iPhone 12 is expected to feature a powerful new A14 Bionic processor, OLED display, and a sleeker design with flatter sides in addition to 5G. However, the iPhone 11 remains the best phone you can buy right now, thanks to its great camera and long battery life. Also, the A13 Bionic chip in the iPhone 11 beats any Android phone, including the new $1,300 Samsung Galaxy Note 20 Ultra.

Apple analyst and Front Page Tech host Jon Prosser leaked the prices of all four 5G-equipped iPhone 12 models in May and said the 5.4-inch iPhone 12 would start at $649. 6.1-inch iPhone 12 Max is $749, so you would pay a $50 premium for 5G over a similarly sized iPhone 11 at full price.

If this new leak proves accurate, the iPhone 11 will be $100 cheaper than the iPhone 12 and could become one of the best-selling phones this holiday season as shoppers look for bargains amid the continuing craze.

@iAppleTimes also claims that Apple will discontinue the iPhone XR and iPhone 11 Pro models after the iPhone 12 launches. discontinuing the iPhone XR makes sense since that model was launched in 2018. However, it would be an unusual move to discard the iPhone 11 Pro just one year after its launch.

There is a wild card in all this, and that is the possibility of a cheaper iPhone 12: In June, another leaker called @omegaleaks announced that a 4G-only version of the 5.4-inch iPhone 12 would start at $549 and a larger 6.1 inch iPhone 12 Max would start at $649, he said.

Wedbush Securities analyst Daniel Ives also said that Apple is preparing a "fifth model" of the iPhone 12 in June at a lower price, but did not reveal the price at that time.

Our estimate is that the iPhone 12 will start selling for $649, or $699 in most parts of the world, which could make a discounted iPhone 11 a very attractive purchase this fall. Apple is expected to unveil the iPhone 12 at an event this September or October, and we expect pricing details to be revealed soon.