Since Apple released the first iPhone, they have been the hottest commodity on the market. Just about everyone wants one. But, if you don't have $400 or more, that probably won't happen. Well it looks like by the end of this year that could all change.

The tech giant has been toying with the idea of cheaper iPhone's for years, but the continual release of bigger and better phones put that on the very back burner. It is now reported that the low budget iPhone could be released by the end of 2013.

The phone will resemble the standard iPhone, but will be made with a cheaper body. It is likely that these new phones will be made of polycarbonate plastic instead of aluminum like the current iPhone 5. It's possible that other parts of the phone will be made the same or be created from re-used iPhone pieces.

Now, the plan and release of these phone are not set in stone. Apple bosses could decide that this would hurt the company, and not help it. Keep an eye out for an official announcement.