Forget the iPhone X Apple could launch a new iPhone with a bigger screen this year for as little as $550

jony ive and tim cook iphone x launch event

Last year, Apple launched its first $1,000 phone.

The iPhone X is not only Apple's most expensive phone, but also its most advanced model. It featured a screen that stretched across the entire device, and advanced front-sensors that lets the phone scan your face to keep it secure.

But as soon as September, you might not need to pay $999 to get these features. Several reliable sources — including Bloomberg, Wall Street Journal, Morgan Stanley, and KGI Securities — have said they expect Apple to release a lower-cost iPhone this year.

KGI Securities said in a note seen by Business Insider on Wednesday that it could be priced between $550 and $650. Apple launches new iPhones in September, so that's when it could come out.

Here's what we know about the most important iPhone Apple could launch this year:

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