The Apple launch and keynote event is just a few hours away and rumors have it that Apple will be releasing two new iPhones: the budget-friendly iPhone 5C and the successor to the current iPhone, the iPhone 5S. While design, specs and features have already been talked about - with leaked details and images swirling the net - one of the most important factors has yet to be confirmed: the price.

When Apple released he iPhone 5 in September of last year, the new phone was tagged at $199 for a 16GB with a carrier contract. The 32GB iPhone 5 was sold at $299, and the 64GB at $399 - both with a carrier subscription. The contract-free iPhone 5 was sold at $649.

Now, several experts have made their predictions on how much the new iPhones will go. According to several reports, the iPhone 5C will likely be retailed between $399 and $499. Notably, the iPhone 5S may keep its price tag as that of the iPhone 5. Sammy The Walrus IV of the Business Insider predicts that the iPhone 5S with contract will start at the same price range of $199, and will include the champagne color option for the new smartphone. He also notes that the non-carrier iPhone 5S may be retailed at $650 as well - the same as the iPhone 5 when it was released in 2012.

GottaBeMobile echoed the same price range. The site believes the phone will retain its starting price of $199 with a carrier contract. The report also noted that the initial offering of the 5S will be cheaper than the new Samsung Galaxy Note 3.

The budget iPhone 5C is expected to be Apple's first take on the lower cost smartphone market, while the iPhone 5S is reported to be packed with a 12-megapixel camera, a dual core A7 processor and a finger scanner.