With only a few days before September -- the rumored release month of the new Apple devices -- consumers are looking to see if their dollars are enough to get them a new iPhone. According to experts, one of the company's new smartphones could be priced at just $399.

Over the past months, rumors of Apple releasing two new iPhones have continued to swirl. Moreover, according to the reports, the Cupertino-based tech giant will be releasing a new low-cost iPhone. Dubbed the iPhone 5C, the phone will reportedly feature a plastic back cover that will come in several colors -- thus, the letter "C" for Color.

However, it's the price that has people buzzing about this new device. Apple has always been known for releasing high-end gadgets, but this one -- if reports are true -- will be a first for the company.

According to a report by Forbes, Katy Huberty of Morgan Stanley, and Steve Milunoich of UBS both estimate the new low-cost smartphone will retail for $399. Both base their estimates on revenue and earnings estimates for Apple.

Notably, a KGI analyst also estimated the phone to be priced in between £230 ($360) and £320 ($499). Analyst Ming-chi Kuo told T3 that the iPhone 5C will most likely replace the iPhone 5, and the 4S will be the new entry level iPhone -- making the iPhone 4S the true budget phone.

"iPhone 5C to replace iPhone 5, while iPhone 4S goes on. We've learned that the iPhone 5 line will be terminated from 4Q13, while the iPhone 4S line will carry on," Ming-chi told the tech website. "From this, we infer that iPhone 5C is launched to replace iPhone 5. In other words, the 5C model will be positioned as midrange. We forecast its retail price to be US$400-$500 (£230-£320)."

While Apple has still yet to confirm rumors, Katy Huuberty already notes that Apple would be releasing over 20 million of units of the iPhone 5C in China alone.