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Apple takes a bite out of iPhone's price

You can now get get a brand spankin' new iPhone for the price of a refurbished one, or $99.

Apple announced Monday it has cut the entry price for an iPhone (8 gigabytes) by $100 to $99 while unveiling its newest model, the 3G S ($199 for 16 gigabytes and $299 for 32).

Just think. Only two years ago, all you eager beavers out there had to shell out a whopping $499 for a measly 4-gigabyte version of the iPhone.

But this is nothing new. Apple is famous for introducing a hot new toy at a steep price (iPod, anyone?). But eventually the price goes down, down, down, like clockwork.

Accompanying Photos

JEFF CHIU (Associated Press)

Photo Caption: Philip Schiller, Apple's senior vice president for worldwide product marketing, explains the voice control features regarding the iPhone 3GS.

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