Speculations and expectations are always high when Apple plans to launch new additions and this time techie world is full of leaks, reports and images about the low-cost iPhone along with the iPhone 5S and iOS 7.

Numerous reports have been doing rounds about the low-cost iPhone and Apple’s focus on mid-range smartphone market.  The multiple colors of the iPhone with their alluring price tag would force consumers to consider the same over similarly priced Android smartphones.

According to a new report, the new iPhone is made up of plastic with a polycarbonate material for its case similar to the casing of Nokia’s Lumia smartphones. It will sport a 4-inch display with no confirmation of Retina Display. The design of the same is expected to be similar to the original iPod where a second microphone has been added to the device and is right next to the headphone port. The speakers with 4 circular holes have been redesigned to resemble the new cellular signals of iOS 7.

The video from the report shows the budget iPhone but with an announcement of budget Android smartphone using the same exact design of the budget iPhone. So, should we take this report seriously or wait for September to see it ourselves.